UNITED
STATES
SECURITIES
AND EXCHANGE COMMISSION
Washington,
D.C. 20549
FORM
6-K
Report
of Foreign Private Issuer Pursuant to Rule 13a-16 or 15d-16 under the
Securities
Exchange Act of 1934
For
the month of
February
2005
Commission
File Number 0-29586
EnerNorth
Industries Inc.
(formerly:
Energy Power Systems Limited)
(Address
of Principal executive offices)
2
Adelaide Street West, Suite 301, Toronto, Ontario, M5H 1L6,
Canada
(Address
of principal executive offices)
Indicate
by check mark whether the registrant files or will file annual reports under
cover of Form 20-F or Form 40-F:
Form
20-F
X
Form
40-F
Indicate
by check mark if the registrant is submitting the Form 6-K in paper as permitted
by Regulation S-T Rule 101(b)(7):
Yes
No
X
Indicate
by check mark whether the registrant by furnishing the information contained in
this Form is also thereby furnishing the information to the Commission pursuant
to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes
No
X
If
"Yes" is marked, indicate below the file number assigned to the registrant in
connection with Rule 12g3- 2(b):
82-
_________
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the registrant has
duly caused this report to be signed on its behalf by the undersigned, thereunto
duly authorized.
EnerNorth
Industries Inc.
(formerly: Energy Power
Systems Limited)
Date:
February 8, 2005
By:____"Sandra
J. Hall"____ ______
Sandra J.
Hall,
President,
Secretary & Director
EnerNorth
Industries Inc.
News
Release
Toronto,
Canada - February 7, 2005 - EnerNorth
Industries Inc.
(AMEX: ENY & Frankfurt Stock Exchange: EPW1) (www.enernorth.com)
("EnerNorth" or the "Company") announces that it has completed the sale of its
wholly owned subsidiary, M&M Engineering Limited ("M&M") to Spectrum
Sciences & Software Holdings Corp. for cash proceeds of Cdn. $7,361,999.
The sale
transaction was closed in escrow on February 1, 2005 pending completion of
certain closing conditions that were satisfied on February 4, 2005. Under the
terms of the Purchase and Sale Agreement, the parties agreed that M&M would
have working capital of not less than Cdn $3,800,000 at closing and accordingly
$250,000 is held in escrow for up to 30 days pending completion of the working
capital calculation of M&M at February 1, 2005. The transaction is a
purchase of 100% of the common shares and 100% of the preferred shares of
M&M held by EnerNorth. Prior to closing, EnerNorth retracted preferred
shares of M&M for Cdn $1,000,000 cash. EnerNorth received shareholder
approval for the transaction at a special meeting of shareholders held on
January 26, 2005.
Management
of EnerNorth plans to apply the proceeds from the sale of M&M to expand its
existing portfolio of oil and gas properties and production and for general
corporate development.
About
EnerNorth Industries Inc.
EnerNorth
is a junior oil and gas company carrying out operations through production,
development and exploration primarily in Alberta, Canada.
There
are approximately 4.06 million shares issued and outstanding in the capital of
the Company.
For
further information contact:
Scott
T. Hargreaves, CA, CFA
Chief
Financial Officer
Telephone:
(416) 861-1484
www.enernorth.com
Certain
statements contained herein constitute "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform
Act"), which reflect the Company’s current expectations regarding the future
results of operations, performance and achievements of the Company. The Company
has tried, wherever possible, to identify these forward-looking statements by,
among other things, using words such as "anticipate," "believe," "estimate,"
"expect" and similar expressions. These statements reflect the current beliefs
of management of the Company, and are based on current available information.
Accordingly, these statements are subject to known and unknown risks,
uncertainties and other factors which could cause the actual results,
performance or achievements of the Company to differ materially from those
expressed in, or implied by, these statements. (See the Company’s Annual
Information Form and Annual Form 20 F for Risk Factors.) The Company is not
obligated to update or revise these "forward-looking" statements to reflect new
events or circumstances.
Suite
301, 2 Adelaide Street West, Toronto, Ontario, M5H 1L6, Telephone: 416 861-1484,
Facsimile: 416 861-9623 www.enernorth.com