Maxim Power Corp. Announces 2014 Third Quarter Financial and Operating Results

SALE OF MAXIM POWER (B.C.) INC.

On July 17, 2014, MAXIM closed the sale of its wholly-owned subsidiary, Maxim Power (B.C.) Inc. ("Maxim BC") to Village Farms International, Inc. Maxim BC owns and operates the Vancouver Landfill Power Project, a 7.4 MW electrical and 9.1 MW thermal energy landfill gas cogeneration project in Delta, BC. Proceeds from the sale are $5.2 million and will be utilized for strategic corporate purposes. This transaction concludes the sale of MAXIM's investments in British Columbia, with the sale of MAXIM's other B.C. asset, the Hartland Generating Facility, in 2013. The sale of these two investments resulted in a net gain of $105 thousand.

COMAX FRANCE S.A.S. ("COMAX") CAPITAL PROGRAM

COMAX has secured debt financing of $6.4 million (4.5 million Euro) for three of its five 2014 renovation projects. The terms of the loans are favorable with leverage ranging from 80% to 89% of the project investment and fixed interest rates ranging from 3.0% to 4.5%. MAXIM anticipates securing the debt financing for the remaining projects in the fourth quarter. Total 2014 capital expenditures related to the renovation program in COMAX are anticipated to be $13.7 million (9.7 million Euro) of which $11.7 million (8.3 million Euro) will be financed with debt. COMAX has deferred two additional renovation projects, originally included in the 2014 renovation program scope, to early 2015.

GROWTH INITIATIVES

Summit Coal Limited Partnership ("SUMMIT")

SUMMIT is MAXIM's development initiative located north of Grande Cache, Alberta that owns metallurgical coal leases for Mine 14 ("M14") and Mine 16S ("M16S"). This initiative is construction ready and is the most advanced metallurgical coal mine development project in North America.

Current estimates for M14 are 18.9 million tonnes of low-mid volatile metallurgical coal reserves with a mine life of 17 years based on the NI 43-101 Technical Report filed on SEDAR on March 21, 2013. M16S is located 30 kilometers northwest of M14 and represents 1,792 hectares or 29% of SUMMIT's total area of coal leases. A NI 43-101 Technical Report has not been prepared for the Mine 16S property. The coal quality of M14 has been tested by numerous potential buyers and independent labs and is a very coveted mid to low volatility coking coal with other attributes which are best-in-class.

The Corporation considers the advancement of the M14 and M16S development projects strategic for MAXIM primarily because of the value of metallurgical coal and partially due to Milner's ability to utilize lower quality fuels to produce electricity. The Corporation expects that the long-run average price forecast for metallurgical coal will allow for the economically viable development of SUMMIT.

Deerland Peaking Station ("D1")

MAXIM is actively pursuing commercial arrangements that will allow for the full-scale construction of the 190 MW D1 Station. MAXIM had previously received regulatory approvals to construct and operate D1 and has entered into an agreement to secure firm natural gas transportation services. The D1 site is located near Bruderheim in Alberta's Industrial Heartland, and it is in close proximity to the entry point of the proposed Gateway pipeline and adjacent to the existing Deerland high voltage substation.

Milner Expansion ("M2")

On June 4, 2014, the AUC approved MAXIM's application to convert the fuel source for the M2 project from coal to natural gas and to increase the generating capacity of the proposed expansion from 500 MW to 520 MW. The M2 facility would be adjacent to the existing 150 MW Milner generating facility. The existing infrastructure at the Milner site allows MAXIM to leverage benefits including electrical connection, fuel delivery, water licenses and a skilled operations team.

Buffalo Atlee ("B1")

MAXIM acquired the B1 Power Project, situated near Brooks, Alberta, through an amalgamation with EarthFirst Canada Inc. B1 holds an exploratory Crown land permit with a term of five years, expiring on January 1, 2016. This project has the potential for development of over 200 MW of wind generation capacity. Wind data has been collected on the site for approximately six years and supports project development based on expected new provincial greenhouse gas legislation and/or higher power prices than currently forecasted. As at the date of this press release, MAXIM has entered into lease agreements with private landowners for five sections of land and has also commenced collecting wind data on this site. These new leases would allow MAXIM to construct a 100 MW project at this site. The addition of wind generation to MAXIM's existing portfolio of assets will diversify MAXIM's generation fuel types and provide the potential to offset the impact of expected new provincial greenhouse gas legislation.

Forked River

MAXIM is assessing the feasibility of developing projects on its existing Forked River, NJ site, and its property adjacent to this site, for participation in upcoming PJM capacity auctions.

CONFERENCE CALL FOR Q3 2014 RESULTS

MAXIM will host a conference call for analysts and investors on Monday, November 17, 2014 at 2:00 pm MST. The call will be hosted by John Bobenic, MAXIM's President and Chief Executive Officer, and by Mike Mayder, Senior Vice President, Finance and Chief Financial Officer. To participate in this conference call please dial (877) 223-4471 or (647) 788-4922 in the Toronto area and refer to Maxim Power Corp.'s Q3 Results Call, ID #35542549. It is recommended that participants call at least ten minutes prior to start time.

A recording of the conference call will be available from November 17, 2014 to November 24, 2014. To access the replay, dial (800) 585-8378 or (416) 621-4642 followed by the conference ID 35542549. In addition, the recording will be available commencing November 17, 2014 in the Investor Relations section of MAXIM's website at www.maximpowercorp.com.

About MAXIM

Based in Calgary, Alberta, MAXIM is an independent power producer, which acquires or develops, owns and operates innovative and environmentally responsible power and power related projects. MAXIM currently owns and operates 39 power plants in Alberta, the United States and France, having 777 MW of electric generating capacity. MAXIM trades on the TSX under the symbol "MXG". For more information about MAXIM, visit our website at www.maximpowercorp.com.

Statements in this release which describe MAXIM's intentions, expectations or predictions, or which relate to matters that are not historical facts are forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties which may cause the actual results, performances or achievements of MAXIM to be materially different from any future results, performances or achievements expressed in or implied by such forward-looking statements. MAXIM may update or revise any forward-looking statements, whether as a result of new information, future events or changing market and business conditions and will update such forward-looking statements as required pursuant to applicable securities laws.

Contacts:
Maxim Power Corp.
John R. Bobenic
President and CEO
(403) 750-9300

Maxim Power Corp.
Michael R. Mayder
Senior Vice President, Finance and CFO
(403) 750-9311

www.maximpowercorp.com




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