Company officials cite three primary factors driving the positive financialperformance: l) corporate-wide cost control, 2) revenues from MAM UtilityServices Group (MAM USG), and 3) deferred costs at Maine Public Service(MPS) related to a proposed bulk transmission line investment. The solidfinancial performance is led by MPS. According to MAM President and CEOBrent M. Boyles, "Even though electricity consumption has declined in theMPS service territory because of the overall economy, cost of energy, andconservation efforts, we believe usage will not continue to decline at thesame rate. Despite revenues being off, financial performance at theutility, in terms of net income, remains positive for this quarter."

Boyles reports the MPC transmission line project is progressing. In earlyOctober, MPS signed a Joint Development Agreement with Central Maine PowerCompany, laying the groundwork for cost-sharing and decision-making termsof the development phase of a proposed 345 kV transmission line, as well asthe structure of a Joint Ownership Agreement that will follow when theproject is approved.

Statistical Highlights:Unaudited(dollars in thousands except per share amounts)                                 Three Months Ended     Nine Months Ended                                    September 30,         September 30,                                   2008       2007       2008       2007                                ---------- ---------  ---------  ---------Regulated Operating Revenues    $    7,805 $   8,016  $  26,485  $  26,882Unregulated Operating Revenues       4,463         -      7,837          -                                ---------- ---------  ---------  ---------Total Operating Revenues        $   12,268 $   8,016  $  34,322  $  26,882                                ========== =========  =========  =========Income (Loss) from Continuing Operations Allocable to Common Shareholders                   $      128 $    (362) $   2,047  $   1,384Income (Loss) from Discontinued Operations                              1      (108)       (20)      (881)                                ---------- ---------  ---------  ---------Total Consolidated Net (Loss) Income                         $      129 $    (470) $   2,027  $     503                                ========== =========  =========  =========Basic Income (Loss) per Common Share from Continuing Operations                     $     0.08 $   (0.22) $    1.22  $    0.83Basic Loss per Common Share from Discontinued Operations            -     (0.06)     (0.01)     (0.53)                                ---------- ---------  ---------  ---------Total Basic Income (Loss) per Common Share                   $     0.08 $   (0.28) $    1.21  $    0.30                                ========== =========  =========  =========Diluted Income (Loss) per Common Share from Continuing Operations                     $     0.08 $   (0.22) $    1.22  $    0.83Diluted Loss per Common Share from Discontinued Operations            -     (0.06)     (0.01)     (0.53)                                ---------- ---------  ---------  ---------Total Diluted Income (Loss) per Common Share                   $     0.08 $   (0.28) $    1.21  $    0.30                                ========== =========  =========  =========Average Shares Outstanding       1,678,249 1,677,430  1,678,069  1,667,147                                ---------- ---------  ---------  ---------

About Maine & Maritimes Corporation: Maine & Maritimes Corporation (AMEX: MAM) (NYSE Alternext U.S.: MAM) is the parent company of Maine PublicService Company, a regulated electric transmission and distribution utilityserving approximately 36,000 electricity customer accounts in NorthernMaine. MAM is also the parent company of MAM Utility Services Group, anunregulated corporation that provides electrical services includingtransmission line and substation design and construction. Corporateheadquarters are located in Presque Isle, Maine, and the corporate websiteis www.maineandmaritimes.com.

Cautionary Statement Regarding Forward-Looking Information

Except for historical information, all other information provided in thisnews release consists of "forward-looking statements" within the meaning ofthe Private Securities Litigation Reform Act of 1995. Although Maine &Maritimes Corporation ("MAM") believes that in making such statements itsexpectations are based on reasonable assumptions, any such statementsinvolve uncertainties and risks that may cause actual results to differmaterially from those projected, anticipated or implied. MAM cautions thatthere are certain factors that can cause actual results to differmaterially from forward-looking information that has been provided,including, without limitation, potential changes in applicable laws andregulations, potential changes in Management, its ability to raisenecessary operating and growth capital, increased interest costs, itsability to execute its business plans in a timely and efficient manner,potential costs and difficulties related to integration of potentialacquired businesses, the loss of customers and other factors that are moredetailed in MAM's filings with the Securities and Exchange Commission.

MAM-E = Earnings Release