- (NYSE: TYG) Tortoise Energy Infrastructure Corp.
- (NYSE: NTG) Tortoise Midstream Energy Fund, Inc.
- (NYSE: TTP) Tortoise Pipeline & Energy Fund, Inc.
- (NYSE: NDP) Tortoise Energy Independence Fund, Inc.
- (NYSE: TPZ) Tortoise Power & Energy Infrastructure Fund, Inc.
- (NYSE: TEAF) Ecofin Sustainable and Social Impact Term Fund
LEAWOOD, Kan. – Sept. 11, 2009 – Tortoise Capital Advisors, L.L.C., (Tortoise) today announced that, at a special meeting held today, stockholders of Tortoise North American Energy Corp. (TYN) and Tortoise Gas and Oil Corp. (TGO) approved the reorganization of TGO into TYN. The reorganization is expected to be concluded on or about Sept. 14, 2009. As a result of the reorganization, TYN will acquire substantially all of the assets and liabilities of TGO in exchange for common shares of TYN. TYN common shares, which are NYSE listed and freely transferrable, will be distributed to TGO stockholders in exchange for their shares of TGO common stock. The reorganization will occur based on the relative net asset values of TYN and TGO.
After the completion of the reorganization, TYN will continue to operate as a registered, non-diversified, closed-end investment company with the investment objective of providing stockholders a high level of total return with an emphasis on current income or distributions. TYN will seek to achieve that objective by investing in equity and debt securities of energy companies, including energy infrastructure, oil and gas exploitation and production, shipping and propane MLPs.
About Tortoise Capital Advisors
Tortoise is an investment manager specializing in listed energy infrastructure, such as pipeline and power companies. As of Aug. 31, 2009, Tortoise had approximately $2.3 billion of assets under management in five NYSE-listed investment companies and private accounts. For more information, visit the web site at www.tortoiseadvisors.com.
Safe Harbor Statement
This communication is not intended to, and shall not, constitute an offer to purchase or sell shares of any the Tortoise funds, including TYN, the surviving fund in the reorganization. Investors should consider the investment objectives, risks, charges and expenses of their fund(s) carefully and consider in its entirety the joint proxy statement/prospectus relating to the reorganization which contains important information regarding the investment objectives and policies, risks, charges, expenses and other important information about TYN.
This press release contains certain statements that may include "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements, other than statements of historical fact, included herein are "forward-looking statements." Although TYN, TGO and Tortoise believe that the expectations reflected in these forward-looking statements are reasonable, they do involve assumptions, risks and uncertainties, and these expectations may prove to be incorrect. Actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the company's reports that are filed with the Securities and Exchange Commission. You should not place undue reliance on these forward-looking statements, which speak only as of the date of this press release. Other than as required by law, TYN, TGO and Tortoise do not assume a duty to update this forward-looking statement.
Contact information: Tortoise Capital Advisors, LLC, Pam Kearney, Investor Relations, (866) 362-9331, email@example.com