UPDATE: Primary Energy Slips After Signing New Long-Term Contract for its Portside Energy Facility

Primary Energy Recycling Corporation (PRI.TO), a clean energy company that generates revenue from capturing and recycling recoverable heat and byproduct fuels from industrial processes, slipped almost 1% from yesterday's $4.16 close after saying late Tuesday that it has finalized a long-term contract for energy services for its Portside Energy facility.

The company said that under the terms of the agreement, it will further improve the Portside facility's overall efficiency through the implementation of a boiler turndown project and the installation of a condensing economizer, both of which are expected to be completed in 2012 at a total cost between US$6.5 and US$8.5 million.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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