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These excerpts taken from the MAM 10-K filed Mar 18, 2009. Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of Maine & Maritimes Corporation (“MAM” or the “Company”) and the following wholly-owned subsidiaries and affiliates: Continuing Operations:
Discontinued Operations:
As described later in this document, TMG and all of its subsidiaries were dissolved in the fourth quarter of 2008. The operations of TMGNE ceased August 31, 2007. Substantially all of the assets of TMGC were sold in June 2007. In September 2007, TMGC purchased the shares of Mecel Properties Ltd from Maricor Properties Ltd, to satisfy MAM’s obligation under the June 2006 Maricor Properties Share Agreement. The Mecel building was sold May 30, 2008. Substantially all of the assets of MTI were sold on April 13, 2007, and the legal entity of MTI was dissolved on June 28, 2007. In addition to these wholly-owned subsidiaries, MAM was a 50% owner of Maricor Properties Ltd, (“Maricor Properties”), a Canadian company formerly wholly-owned by MAM, and its wholly-owned Canadian subsidiary Cornwallis Court Developments Ltd. (“Cornwallis”). On March 31, 2008, MAM sold its investment in Maricor Properties to Ashford. MAM was also a 50% owner of Maricor Ashford, an inactive joint venture with Ashford Investments, Inc. (“Ashford”). On September 12, 2007, MAM sold its 50% ownership of Maricor Ashford to Ashford. MAM, a utility holding company organized effective June 30, 2003, owns all of the common stock of the above primary subsidiaries. Primary subsidiaries, including MPS and TMG, own all the common stock of their secondary subsidiaries. MAM is listed on the NYSE Alternext US exchange under the symbol “MAM.” All inter-company transactions between MAM and its subsidiaries have been eliminated in consolidation. Consolidation and Basis of Presentation “Company”) and the following wholly-owned subsidiaries and affiliates: Continuing Operations:
SIZE="2">As described later in this document, TMG and all of its subsidiaries were dissolved in the fourth quarter of 2008. The operations of TMGNE ceased August 31, 2007. Substantially all of the assets of TMGC were sold in June 2007. In formerly wholly-owned by MAM, and its wholly-owned Canadian subsidiary Cornwallis Court Developments Ltd. (“Cornwallis”). On March 31, 2008, MAM sold its investment in Maricor Properties to Ashford. MAM was also a 50% owner of Maricor Ashford, an inactive joint venture with Ashford Investments, Inc. (“Ashford”). On September 12, 2007, MAM sold its 50% ownership of Maricor Ashford to Ashford. subsidiaries, including MPS and TMG, own all the common stock of their secondary subsidiaries. MAM is listed on the NYSE Alternext US exchange under the symbol “MAM.” Approximately 36.2% of the MPS
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Consolidation and Basis of Presentation “Company”) and the following wholly-owned subsidiaries and affiliates: Continuing Operations:
SIZE="2">As described later in this document, TMG and all of its subsidiaries were dissolved in the fourth quarter of 2008. The operations of TMGNE ceased August 31, 2007. Substantially all of the assets of TMGC were sold in June 2007. In formerly wholly-owned by MAM, and its wholly-owned Canadian subsidiary Cornwallis Court Developments Ltd. (“Cornwallis”). On March 31, 2008, MAM sold its investment in Maricor Properties to Ashford. MAM was also a 50% owner of Maricor Ashford, an inactive joint venture with Ashford Investments, Inc. (“Ashford”). On September 12, 2007, MAM sold its 50% ownership of Maricor Ashford to Ashford. subsidiaries, including MPS and TMG, own all the common stock of their secondary subsidiaries. MAM is listed on the NYSE Alternext US exchange under the symbol “MAM.” Approximately 36.2% of the MPS
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These excerpts taken from the MAM 10-K filed Mar 18, 2008. Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of Maine & Maritimes Corporation (“MAM” or the “Company”) and the following wholly-owned subsidiaries and affiliates:
Maricor Technologies, Inc. (“MTI”) was a former wholly-owned subsidiary of MAM. Substantially all of the assets of MTI were sold on April 13, 2007, and the legal entity of MTI was dissolved on June 28, 2007. The activity of MTI through dissolution of the company is reported in discontinued operations. In addition to these wholly-owned subsidiaries, MAM is a 50% owner of Maricor Properties Ltd, (“Maricor Properties”), a Canadian company formerly wholly-owned by MAM, and its wholly-owned Canadian subsidiary Cornwallis Court Developments Ltd. (“Cornwallis”). MAM was also a 50% owner of Maricor Ashford, an inactive joint venture with Ashford Investments, Inc. (“Ashford”). On September 12, 2007, MAM sold its 50% ownership of Maricor Ashford to Ashford. MAM, a utility holding company organized effective June 30, 2003, owns all of the common stock of the above primary subsidiaries. Primary subsidiaries, including MPS and TMG, own all the common stock of their secondary subsidiaries. MAM is listed on the American Stock Exchange (“AMEX”) under the symbol “MAM.” All inter-company transactions between MAM and its subsidiaries have been eliminated in consolidation. Consolidation and Basis of Presentation “Company”) and the following wholly-owned subsidiaries and affiliates:
April 13, 2007, and the legal entity of MTI was dissolved on June 28, 2007. The activity of MTI through dissolution of the company is reported in discontinued operations. formerly wholly-owned by MAM, and its wholly-owned Canadian subsidiary Cornwallis Court Developments Ltd. (“Cornwallis”). MAM was also a 50% owner of Maricor Ashford, an inactive joint venture with Ashford Investments, Inc. (“Ashford”). On September 12, 2007, MAM sold its 50% ownership of Maricor Ashford to Ashford. MAM, a utility holding All inter-company transactions between MAM and its subsidiaries have This excerpt taken from the MAM 10-Q filed Aug 10, 2007. Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of Maine & Maritimes Corporation and the following wholly-owned subsidiaries and affiliates: 1. Maine Public Service Company and its wholly-owned inactive Canadian subsidiary Maine & New Brunswick Electrical Power Company, Ltd (“Me&NB”); 2. The Maricor Group and its wholly-owned United States subsidiary The Maricor Group New England and wholly-owned Canadian subsidiary The Maricor Group, Canada Ltd, classified as discontinued operations. As described later in this document, substantially all of the assets of TMGC were sold in June, 2007. 3. Maricor Technologies, Inc., a wholly-owned United States subsidiary, classified as discontinued operations. MAM divested of MTI’s assets and terminated its operations as of April 13, 2007; and 4. Energy Atlantic, LLC, an inactive subsidiary. MAM is also a 50% owner of Maricor Properties Ltd, a Canadian company formerly wholly-owned by MAM, and its wholly-owned Canadian subsidiaries, Cornwallis Court Developments Ltd and Mecel Properties Ltd. MAM retained 100% “economic ownership” of Mecel with the sale of 50% of the rest of Maricor Properties in June 2006. MAM is a 50% owner of Maricor Ashford Ltd, a joint venture with Ashford Investments Inc. MAM is not the primary beneficiary of Maricor Properties under FIN 46(R), and, therefore, its investment in Maricor Properties, excluding Mecel, is accounted for under the equity method in these financial statements. Because MAM remained primary beneficiary of Mecel, this entity is consolidated in these financial statements. MAM, a utility holding company organized effective June 30, 2003, owns all of the common stock of the above primary subsidiaries. Primary subsidiaries, including MPS, TMG, and Maricor Properties Ltd own all the common stock of their secondary subsidiaries. MAM is listed on the American Stock Exchange (“AMEX”) under the symbol “MAM.” All inter-company transactions between MAM and its subsidiaries have been eliminated in consolidation. This excerpt taken from the MAM 10-Q filed May 8, 2007. Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of Maine & Maritimes Corporation (the “Company” or “MAM”) and the following wholly-owned subsidiaries and affiliates: 1. Maine Public Service Company (“MPS”) and its wholly-owned inactive Canadian subsidiary Maine & New Brunswick Electrical Power Company, Ltd; 2. The Maricor Group and its wholly-owned United States subsidiary The Maricor Group New England and wholly-owned Canadian subsidiary The Maricor Group, Canada Ltd, classified as discontinued operations; 3. Maricor Technologies, Inc., a wholly-owned United States subsidiary, classified as discontinued operations; and 4. Energy Atlantic, LLC, an inactive subsidiary. MAM is also a 50% owner of Maricor Properties Ltd, a Canadian company formerly wholly-owned by MAM, and its wholly-owned Canadian subsidiaries, Cornwallis Court Developments Ltd and Mecel Properties Ltd. MAM retained 100% “economic ownership” of Mecel with the sale of 50% of the rest of Maricor Properties in June 2006. MAM is a 50% owner of Maricor Ashford Ltd, a joint venture with Ashford Investments Inc. MAM is not the primary beneficiary of Maricor Properties under FIN 46(R), and, therefore, its investment in Maricor Properties, excluding Mecel, is accounted for under the equity method in these financial statements. Because MAM remained primary beneficiary of Mecel, this entity is consolidated in these financial statements. MAM, a utility holding company organized effective June 30, 2003, owns all of the common stock of the above primary subsidiaries. Primary subsidiaries, including MPS, TMG, and Maricor Properties Ltd own all the common stock of their secondary subsidiaries. MAM is listed on the American Stock Exchange (“AMEX”) under the symbol “MAM.” All inter-company transactions between MAM and its subsidiaries have been eliminated in consolidation. This excerpt taken from the MAM 10-K filed Mar 16, 2007. Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of Maine & Maritimes Corporation (the “Company” or “MAM”) and the following wholly-owned subsidiaries and affiliates: 1. Maine Public Service Company (“MPS”) and its wholly-owned inactive Canadian subsidiary Maine & New Brunswick Electrical Power Company, Ltd; 2. The Maricor Group and its wholly-owned United States subsidiary The Maricor Group New England and wholly-owned Canadian subsidiary The Maricor Group, Canada Ltd, classified as discontinued operations; 3. Maricor Technologies, Inc., a wholly-owned United States subsidiary, classified as discontinued operations; and 4. Energy Atlantic, LLC, an inactive subsidiary. MAM is also a 50% owner of Maricor Properties Ltd, a Canadian company formerly wholly-owned by MAM, and its wholly-owned Canadian subsidiaries, Cornwallis Court Developments Ltd and Mecel Properties Ltd. MAM retained 100% “economic ownership” of Mecel with the sale of 50% of the rest of Maricor Properties in June 2006. Maricor Properties is a 50% owner of Maricor Ashford Ltd, a joint venture with Ashford Investments Ltd. MAM is not the primary beneficiary of Maricor Properties under FIN 46(R), and, therefore, its investment in Maricor Properties, excluding Mecel, is accounted for under the equity method in these financial statements. Because MAM remained primary beneficiary of Mecel, this entity is consolidated in these financial statements. MAM, a utility holding company organized effective June 30, 2003, owns all of the common stock of the above primary subsidiaries. Primary subsidiaries, including MPS, TMG, and Maricor Properties Ltd own all the common stock of their secondary subsidiaries. MAM is listed on the American Stock Exchange (“AMEX”) under the symbol “MAM.” All inter-company transactions between MAM and its direct and indirect subsidiaries have been eliminated in consolidation. This excerpt taken from the MAM 10-Q filed Nov 13, 2006. Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of Maine & Maritimes Corporation (the “Company” or “MAM”) and the following wholly-owned subsidiaries and affiliates: 1. Maine Public Service Company and its wholly-owned inactive Canadian subsidiary Maine & New Brunswick Electrical Power Company, Ltd; 2. The Maricor Group and its wholly-owned United States subsidiary The Maricor Group New England and wholly-owned Canadian subsidiary The Maricor Group, Canada Ltd; 3. Maricor Technologies, Inc., a wholly-owned United States subsidiary; and 4. Energy Atlantic, LLC, an inactive subsidiary.
MAM, a holding company organized effective June 30, 2003, owns all of the common stock of the above subsidiaries. MAM is listed on the American Stock Exchange (“AMEX”) under the symbol MAM. MAM is also a 50% owner of Maricor Properties Ltd, a Canadian company formerly wholly-owned by MAM, and its wholly-owned Canadian subsidiaries, Cornwallis Court Developments Ltd and Mecel Properties Ltd. Maricor Properties is a 50% owner of Maricor Ashford Ltd, a joint venture with Ashford Investments Ltd. All intercompany transactions between MAM and its direct and indirect subsidiaries have been eliminated in consolidation. This excerpt taken from the MAM 10-Q filed Aug 11, 2006. Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of Maine & Maritimes Corporation (the “Company” or “MAM”) and the following wholly-owned subsidiaries and affiliates: 1. Maine Public Service Company (“MPS”) and its wholly-owned inactive Canadian subsidiary Maine & New Brunswick Electrical Power Company, Ltd (“Me&NB”); 2. The Maricor Group (“TMG”) and its wholly-owned United States subsidiary The Maricor Group New England (“TMGNE”) and TMG’s wholly-owned Canadian subsidiary The Maricor Group, Canada Ltd (“TMGC”); 3. Maricor Technologies, Inc. (“MTI”), a U.S. wholly-owned subsidiary; and 4. Energy Atlantic, LLC (“EA”), an inactive subsidiary. MAM, a holding company organized effective June 30, 2003, owns all of the common stock of the above subsidiaries. MAM is listed on the American Stock Exchange (“AMEX”) under the symbol MAM. MAM is also a 50% owner of Maricor Properties Ltd (“Maricor Properties”), a Canadian company formerly wholly-owned by MAM, and its wholly-owned Canadian subsidiaries, Cornwallis Court Developments Ltd (“Cornwallis”) and Mecel Properties Ltd (“Mecel”). Maricor Properties is a 50% owner of Maricor Ashford Ltd, a joint venture with Ashford Investments Ltd. All intercompany transactions between MAM and its direct and indirect subsidiaries have been eliminated in consolidation. This excerpt taken from the MAM 10-Q filed May 11, 2006. Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of Maine & Maritimes Corporation (the “Company” or “MAM”) and the following wholly-owned subsidiaries and affiliates: 1. Maine Public Service Company (“MPS”) and its wholly-owned inactive Canadian subsidiary Maine & New Brunswick Electrical Power Company, Ltd (“Me&NB”); 2. The Maricor Group (“TMG”, formerly known as Maine & Maritimes Energy Services) and its wholly-owned United States subsidiary The Maricor Group New England (“TMGNE”, formerly known as RES Engineering, Inc.) and TMG’s wholly-owned Canadian subsidiary The Maricor Group, Canada Ltd (“TMGC,” formerly Maricor Ltd); 3. Maricor Properties Ltd (“Maricor Properties”), a Canadian subsidiary and its wholly-owned Canadian subsidiaries, Cornwallis Court Developments Ltd (“Cornwallis”) and Mecel Properties Ltd (“Mecel”), as well as a 50% owner of Maricor Ashford Ltd; 4. Maricor Technologies, Inc. (“MTI”), a U.S. wholly-owned subsidiary; and 5. Energy Atlantic, LLC (“EA”), an inactive subsidiary. MAM, a holding company organized effective June 30, 2003, owns all of the common stock of the above subsidiaries. MAM is listed on the American Stock Exchange (“AMEX”) under the symbol MAM. The Maricor Group and The Maricor Group, Canada Ltd were organized on November 6, 2003, and November 12, 2003, respectively. On June 15, 2004, The Maricor Group acquired RES Engineering Inc. (now The Maricor Group, New England), a Massachusetts corporation providing mechanical and electrical engineering services located in Hudson, Massachusetts with an additional office in Boston, Massachusetts. In separate transactions, The Maricor Group, Canada Ltd acquired Eastcan Consultants, Inc. (“Eastcan”), a New Brunswick, Canada corporation and its subsidiaries and affiliates effective December 1, 2003; and Morris & Richard Consulting Engineers, Ltd. (“M&R”), a Nova Scotia, Canada corporation and its subsidiaries and affiliates effective June 1, 2004. Both companies were mechanical and electrical engineering firms with principal places of business located in New Brunswick and Nova Scotia, Canada respectively. Eastcan and M&R were amalgamated into a single Canadian entity, The Maricor Group, Canada Ltd which is a wholly-owned subsidiary of The Maricor Group. Maricor Properties Ltd was organized on June 1, 2004, in connection with the M&R acquisition, and was the entity that acquired, through the amalgamation of the M&R subsidiaries and affiliates, Mecel Properties Limited, a Nova Scotia, Canada corporation. The Mecel real estate (an office building located in Halifax, Nova Scotia) is currently occupied and used as the principal place of business of the The Maricor Group, Canada Ltd’s Nova Scotia division. On August 13, 2004, Maricor Properties Ltd completed the acquisition of a multi-tenant mid-rise office facility at 77 Vaughan Harvey Boulevard in the downtown area of Moncton, New Brunswick, Canada (the “Vaughan Harvey Property”) from Sun Life Assurance Company of Canada (“Sun Life”). Maricor Properties Ltd has undertaken significant renovations of the office complex, particularly related to mechanical and electrical systems, as well as certain exterior and interior renovations. Mechanical and electrical engineering services in connection with the renovations were provided by The Maricor Group, Canada Ltd. The Maricor Group, Canada Ltd’s New Brunswick division relocated its principal operations in the facility during the fourth quarter of 2004. On February 22, 2005, the Company announced the formation of Maricor Technologies, Inc. (“MTI”), a wholly-owned, technology-based subsidiary. Concurrently, MTI acquired lifecycle asset management and capital budget planning software assets that complement MAM’s U.S. and Canadian engineering and facilities lifecycle asset management services companies. MTI is headquartered in Presque Isle, Maine, with offices in Portland, Maine. All inter-company transactions between MAM and its direct and indirect subsidiaries have been eliminated in consolidation. This excerpt taken from the MAM 10-K filed Mar 24, 2006. Consolidation and Basis of Presentation The accompanying consolidated financial statements include the accounts of Maine & Maritimes Corporation (the "Company" or "MAM") and the following wholly-owned subsidiaries and affiliates:
MAM, a utility holding company organized effective June 30, 2003, owns all of the common stock of the above primary subsidiaries. Primary subsidiaries, including MPS, TMG, and Maricor Properties Ltd own all the common stock of their secondary subsidiaries. MAM is listed on the American Stock Exchange ("AMEX") under the symbol MAM. Maine Public Service Company is a regulated electric transmission and distribution utility serving all of Aroostook County and a portion of Penobscot County in northern Maine. Since March 1, 2000, the date retail electric competition in Maine commenced, customers in MPS's service territory have been purchasing energy from suppliers other than MPS. This energy comes from Competitive Electricity Suppliers ("CES") or, if customers are unable or do not wish to choose a competitive supplier, the Standard Offer Service ("SOS") provider. SOS providers are determined through a bid process conducted by the Maine Public Utilities Commission ("MPUC"). MPS provides the transportation through its transmission and distribution wires infrastructure. Its service area covers approximately 3,600 square miles, with a population of 72,000. The utility is regulated by the Federal Energy Regulatory Commission ("FERC") and the Maine Public Utilities Commission ("MPUC"). MPS is headquartered in Presque Isle, Maine. The Maricor Group and The Maricor Group, Canada Ltd were organized on November 6, 2003, and November 12, 2003, respectively. On June 15, 2004, The Maricor Group acquired RES Engineering Inc. (now The Maricor Group New England), a Massachusetts corporation providing mechanical and electrical engineering services located in Boston, Massachusetts. In separate transactions, The Maricor Group, Canada Ltd acquired Eastcan Consultants, Inc. ("Eastcan"), a New Brunswick, Canada corporation and its subsidiaries and affiliates effective December 1, 2003; and Morris & Richard Consulting Engineers, Ltd. ("M&R"), a Nova Scotia, Canada corporation and its subsidiaries and affiliates effective June 1, 2004. Both companies are mechanical and electrical engineering firms with principal places of business located in New Brunswick and Nova Scotia, Canada respectively. Except for TMGNE, the subsidiaries and affiliates of each acquired company were 51 amalgamated into a single entity, The Maricor Group, Canada Ltd (formerly Maricor, Ltd) which is a wholly-owned subsidiary of The Maricor Group. Maricor Properties Ltd was organized on June 1, 2004, in connection with the M&R acquisition, and was the entity that acquired, through the amalgamation of the M&R subsidiaries and affiliates, Mecel Properties Limited, a Nova Scotia, Canada corporation. The Mecel real estate (an office building located in Halifax, Nova Scotia) is currently occupied and used as the principal place of business of the Morris & Richard division of The Maricor Group, Canada Ltd. On August 13, 2004, Maricor Properties Ltd completed the acquisition of a multi-tenant mid-rise office facility at 77 Vaughan Harvey Boulevard in the downtown area of Moncton, New Brunswick, Canada (the "Vaughan Harvey Property") from Sun Life Assurance Company of Canada ("Sun Life"). Maricor Properties Ltd has undertaken significant renovations of the office complex, particularly related to mechanical and electrical systems, as well as certain exterior and interior renovations. Mechanical and electrical engineering services in connection with the renovations were provided by The Maricor Group, Canada Ltd. The Maricor Group, Canada Ltd's Moncton office, relocated to the facility during the fourth quarter of 2004. On August 12, 2005, Maricor Properties Ltd entered into an agreement with Ashford Investments, Inc. to form a joint venture named Maricor Ashford Ltd. Maricor Ashford Ltd will become the development and redevelopment arm of Maricor Properties, also with plans to migrate to the offering of facility management services, leveraging the current capabilities of Ashford Investments, Inc., Maricor Technologies, and The Maricor Group, Canada Ltd. On October 7, 2005 Maricor Properties Ltd acquired Cornwallis Court Developments Ltd, the owner of the J. Angus MacDonald Building located in Halifax, Nova Scotia, Canada, a 60,000 square foot office facility constructed in or about 1992 and currently leased primarily to various Canadian governmental agencies. On February 22, 2005, the Company announced the formation of Maricor Technologies, Inc., a wholly-owned, software technology-based subsidiary. Concurrently, MTI acquired lifecycle asset management and capital budget planning software assets that complements MAM's U.S. and Canadian engineering and facilities lifecycle asset management services companies. MTI is expanding its technology platform to address capital performance management and asset governance software needs. MTI is headquartered in Presque Isle, Maine, with an office in Portland, Maine. All inter-company transactions between MAM and its direct and indirect subsidiaries have been eliminated in consolidation. This excerpt taken from the MAM 10-K filed Mar 24, 2005. Consolidation and Basis of Presentation
The accompanying consolidated financial statements include the accounts of Maine & Maritimes Corporation (the “Company” or “MAM”) and the following wholly-owned subsidiaries and affiliates:
MAM, a holding company organized effective June 30, 2003, owns all of the common stock of MPS. All of the shares of MPS common stock were converted into an equal number of shares of MAM common stock, which are listed on the American Stock Exchange (“AMEX”) under the symbol MAM. The reorganization was approved by MPS’s shareholders at its annual meeting on May 30, 2003. The U.S. Securities and Exchange Commission (“SEC”) had previously accepted MAM’s S-4A Registration Statement for registration and other appropriate state and federal regulatory agencies issued the necessary approvals on various dates in 2003. Amounts shown for 2002 and the first six months of 2003 were reported by MPS.
The Maricor Group (formerly known as Maine & Maritimes Energy Services) and Maricor were organized on November 6, 2003, and November 12, 2003, respectively. On June 15, 2004, The Maricor Group acquired RES Engineering Inc., a Massachusetts corporation providing mechanical and electrical engineering services located in Hudson, Massachusetts with an additional office in Boston, Massachusetts. In separate transactions, Maricor acquired Eastcan Consultants, Inc. (“Eastcan”), a New Brunswick, Canada corporation and its subsidiaries and affiliates effective December 1, 2003; and Morris & Richard Consulting Engineers, Ltd. (“M&R”), a Nova Scotia, Canada corporation and its subsidiaries and affiliates effective June 1, 2004. Both companies are mechanical and electrical engineering firms with principal places of business located in New Brunswick and Nova Scotia, Canada respectively. Except for RES, the subsidiaries and affiliates of each acquired company were amalgamated into a single entity, The Maricor Group, Canada (formerly Maricor, Ltd) which is a wholly-owned subsidiary of The Maricor Group.
Maricor Properties Ltd was organized on June 1, 2004, in connection with the M&R acquisition, and was the entity that acquired, through the amalgamation of the M&R subsidiaries and affiliates, Mecel Properties Limited, a Nova Scotia, Canada corporation. The Mecel real estate (an office building located in Halifax, Nova Scotia) is currently occupied and used as the principal place of business by Morris & Richard Consulting Engineers, a division of The Maricor Group, Canada. On August 13, 2004, Maricor Properties Ltd completed the acquisition of a multi-tenant mid-rise office facility at 77 Vaughan Harvey Boulevard in the downtown area of Moncton, New Brunswick, Canada (the “Vaughan Harvey Property”) from Sun Life Assurance Company of Canada (“Sun Life”). Maricor Properties Ltd is undertaking significant renovations of the office complex,
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Table of Contentsparticularly related to mechanical and electrical systems, as well as certain exterior and interior renovations. Mechanical and electrical engineering services in connection with the renovations are being provided by the Eastcan division of The Maricor Group, Canada. The Maricor Group, Canada’s Eastcan division relocated to the facility during the fourth quarter of 2004.
All inter-company transactions between MAM and its direct and indirect subsidiaries have been eliminated in consolidation.
The financial statements of the Company were prepared in accordance with generally accepted accounting principles in the United States of America.
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