Commerce Energy Group Announces Sale of Investment in Turbocorp B.V.
July 29 2005 - 5:53PM
PR Newswire (US)
Commerce Energy Group Announces Sale of Investment in Turbocorp
B.V. COSTA MESA, Calif., July 29 /PRNewswire-FirstCall/ -- Commerce
Energy Group, Inc. (AMEX:EGR), the largest non utility-affiliated
retail energy marketer in the U.S., announced today the Company has
sold its entire stock holdings in Turbocorp B.V. to Shandong ApS
for $2 million in cash. The Company held a minority interest in
Turbocorp B.V., which it acquired as a part of the dissolution of
its Summit Energy investment. The Company had determined in fiscal
2004 that minority investments were not core to its strategies. The
Company continues to hold minority interests in Encorp, Inc. and
Power Efficiency Corporation, the remaining two entities from the
dissolved Summit Energy. Turbocorp B.V. is a Dutch holding company
with investments in the oil-free centrifugal compression industry.
Shandong ApS is a private equity investment company and is the
majority owner of Turbocorp B.V. About Commerce Energy Group, Inc.
Commerce Energy Group, Inc. (AMEX:EGR) is a holding company with
operations under wholly owned subsidiaries Commerce Energy, Inc.,
Skipping Stone, Inc. and Utilihost, Inc. Commerce Energy, Inc. is a
FERC licensed unregulated retail marketer of natural gas and
electricity to homeowners, commercial and industrial consumers, and
institutional customers in nine states. Skipping Stone is an energy
consulting firm serving utilities, pipelines, merchant trading and
technology companies. Utilihost provides outsourced energy
transaction and data management services for municipalities,
government facilities, power generators and energy merchant
customers. For more information, visit
http://www.commerceenergygroup.com/. Forward-Looking Statements:
Certain statements contained within this press release including,
without limitation, statements containing the words "believe,"
"anticipate," "expect," "estimate," "await," "continue," "intend,"
"plan" and similar expressions are forward-looking statements that
involve risks and uncertainties. These forward-looking statements
are not guarantees of future performance and involve certain risks,
uncertainties and assumptions that are difficult to predict. Actual
outcomes and results may differ materially from what is expressed
in, or implied by, such forward-looking statements. The risks and
uncertainties that could cause actual results to differ materially
from those expressed in, or implied by, the forward-looking
statements include, but are not limited to, the volatility of the
energy market, competition, Commerce Energy's ability to
successfully integrate newly-acquired businesses, operating
hazards, uninsured risks, changes in energy-related state
legislation, failure of performance by suppliers and transmitters,
uncertainties relating to litigation, changes in general economic
conditions, increased or unexpected competition, and other matters
disclosed in Commerce Energy's filings with the Securities and
Exchange Commission. Further, Commerce Energy undertakes no
obligation to release publicly any revisions to these
forward-looking statements that may be made to reflect events or
circumstances after the date hereof or to reflect the occurrence of
unanticipated events. DATASOURCE: Commerce Energy Group, Inc.
CONTACT: Investor Relations, Verna Ray of Commerce Energy Group,
+1-281-902-5127, Web site: http://www.commerceenergygroup.com/
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