Savage Canac Corporation and Nova Scotia Power Incorporated (Nspi) Reach Definitive Agreement


Salt Lake City, Utah, February 10, 2005 Savage Companies of Salt Lake City, Utah (Savage) announces that, through its wholly-owned subsidiary Savage CANAC Corporation of St. Laurent, Quebec, it has entered into a definitive agreement with Nova Scotia Power Incorporated (NSPI) to operate NSPIs Pt. Tupper Marine Terminal on a long term basis. The Pt. Tupper Marine Terminal is located in Port Hawkesbury, Nova Scotia, on the Strait of Canso on Cape Breton Island, and is adjacent to the utilitys Pt. Tupper Generating Station. Savage, through the Pt. Tupper Marine Terminal, will serve both the Pt. Tupper Generating Station, as well as the Trenton Generating Station with coal and petroleum coke vessel offloading, solid fuel management services and delivery of solid fuel. It is anticipated that Savage will receive and handle in excess of one million metric tons of solid fuel annually at the Terminal, which was recently built and commissioned by NSPI.


Nova Scotia Power (NSPI) supplies over 95% of the provinces electric generation, transmission and distribution. NSPI owns and operates 2,286 megawatts of generating capacity from coal, oil, natural gas, hydro, tidal and wind power. The Company is committed to producing safe, reliable and sustainable electric power to its 460,000 residential, commercial and industrial customers in Nova Scotia. NSPI is a wholly-owned subsidiary of Emera, a growing, regional energy company with 570,000 customers and $4.0 billion in assets.


Savage, a North American leader in providing services to its customers in electric power generation, oil refining, chemicals, coal production, and the Class I railroads, sees this opportunity to extend its 58-year tradition and legacy of service by expanding its marine and coal/coke service arena. The Company owns and/or operates large bulk terminals for coal and petroleum coke customers with vessel-loading ports in Los Angeles, California and Port Arthur, Texas, as well as major coal storage and loading group-train terminals in Utah and California. Operating the joint-venture housing the largest liquid-sulphur transportation and logistics system in the US, Savage owns and manages vessels, barges and terminals on the US Gulf Coast in support of oil refiners, gas processors and fertilizer producers. Further, Savage provides in-plant operating services for large utility concerns at various power plants, industrial rail switching for over 30 chemical and other industrial concerns throughout North America, and manages the coal moving logistics for customers with its fleet of over 1500 railcars. Through its transportation and material management operations, the Company moves over 60 million tons of customer products each year. Savage operates in 29 US States and three Canadian Provinces.


Savages President and CEO, Allen B. Alexander stated that we are extremely excited to make this strategic move to serve Nova Scotia Power and become a part of the business landscape of the Maritimes. Nova Scotia Power is well recognized throughout Canada as an efficient and high-quality power producer, and the Pt. Tupper Plant that we will serve is known to be among the most efficient plants in all of North America. We want to continue our legacy of providing Best Value-No Worry service to customers, and seeking Creative Solutions in materials management, transportation systems and facility operations services. Our people are enthused about the prospect of working with a quality-based organization like Nova Scotia Power.


NSPIs Chief Operating Officer, Ralph Tedesco said This agreement allows Nova Scotia Power to maintain its focus on its core electricity business, while at the same time working with a partner that shares our values and expertise in safety and the environment.