Mirant Announces Investor Communications Plan

Jun 16, 2006, 01:00 ET from Mirant Corporation

    ATLANTA, June 16 /PRNewswire-FirstCall/ -- Mirant Corporation (NYSE:  
 MIR) today announced a continuation of communications with shareholders
 including one-on-one meetings to be held in New York and Boston late next
     Mirant Chairman and Chief Executive Officer Edward R. Muller said, "The
 discussions we have had with shareholders over the past several weeks have
 been beneficial and played a role in the decision to withdraw our NRG
 acquisition proposal. The NRG proposal was unique in its value creation for
 shareholders; however, our analysis of other company acquisitions shows
 that they would not create value and, as a result, are not being
     "We reiterate that progress continues in the efforts to recapitalize
 our business in the Philippines. We expect to close the transaction in
     "We always value communication with our shareholders and look forward
 to a productive dialogue in the coming weeks and months regarding the
 creation of shareholder value."
     The meetings will be held in New York on Wednesday, June 21st and
 Thursday, June 22nd and in Boston on Friday, June 23rd and will include as
 many large shareholders as possible.
     Mirant is a competitive energy company that produces and sells
 electricity in the United States, the Caribbean, and the Philippines.
 Mirant owns or leases approximately 17,300 megawatts of electric generating
 capacity globally. The company operates an asset management and energy
 marketing organization from its headquarters in Atlanta. For more
 information, please visit http://www.mirant.com .
     Some of the statements included herein involve forward-looking
 information. Mirant cautions that these statements involve known and
 unknown risks and that there can be no assurance that such results will
 occur. There are various important factors that could cause actual results
 to differ materially from those indicated in the forward-looking
 statements, such as, but not limited to, legislative and regulatory
 initiatives regarding deregulation, regulation or restructuring of the
 electric utility industry; changes in state, federal and other regulations
 (including rate regulations); changes in, or changes in the application of,
 environmental and other laws and regulations to which Mirant and its
 subsidiaries and affiliates are or could become subject; the failure of
 Mirant's assets to perform as expected; Mirant's pursuit of potential
 business strategies, including the acquisition of additional assets or the
 disposition or alternative utilization of existing assets; changes in
 market conditions, including developments in energy and commodity supply,
 demand, volume and pricing or the extent and timing of the entry of
 additional competition in the markets of Mirant's subsidiaries and
 affiliates; increased margin requirements, market volatility or other
 market conditions that could increase Mirant's obligations to post
 collateral beyond amounts which are expected; Mirant's inability to access
 effectively the over- the-counter and exchange-based commodity markets or
 changes in commodity market liquidity or other commodity market conditions,
 which may affect Mirant's ability to engage in asset management and
 proprietary trading activities as expected; Mirant's inability to enter
 into intermediate and long-term contracts to sell power and procure fuel,
 including its transportation, on terms and prices acceptable to Mirant;
 weather and other natural phenomena, including hurricanes and earthquakes;
 war, terrorist activities or the occurrence of a catastrophic loss;
 environmental regulations that restrict Mirant's ability to operate its
 business; deterioration in the financial condition of Mirant's customers or
 counterparties and the resulting failure to pay amounts owed to Mirant or
 to perform obligations or services due to Mirant; the disposition of the
 pending litigation described in Mirant's Form 10-K for the year ended
 December 31, 2005, and Form 10-Q for the quarter ended March 31, 2006,
 filed with the Securities and Exchange Commission; political factors that
 affect Mirant's international operations, such as political instability,
 local security concerns, tax increases, expropriation of property,
 cancellation of contract rights and environmental regulations; the
 inability of Mirant's operating subsidiaries to generate sufficient cash
 flow and Mirant's inability to access that cash flow to enable Mirant to
 make debt service and other payments; the resolution of claims and
 obligations that were not resolved during Mirant's Chapter 11 proceedings
 that may have a material adverse effect on Mirant's results of operations
 and other factors discussed in Mirant's Form 10-K for the year ended
 December 31, 2005, and its Form 10-Q for the quarter ended March 31, 2006.

SOURCE Mirant Corporation