Commerce Energy Group Announces Appointment of New Director
August 29 2005 - 5:15PM
PR Newswire (US)
Company Regains Compliance With the AMEX Rules COSTA MESA, Calif.,
Aug. 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's board of
directors has appointed Mr. Gary J. Hessenauer as a director of the
Company, effective August 29, 2005. Mr. Hessenauer was also
appointed as a member of the Compensation Committee. Hessenauer
will serve as a Class I director and will complete the term
expiring at the annual meeting to be held after completion of the
fiscal year ending July 31, 2007. "We are extremely pleased to
welcome Mr. Hessenauer to our board of directors," said Robert C.
Perkins, Chairman of the Board of Commerce Energy Group. "Mr.
Hessenauer brings valuable industry experience and leadership to
the board, and we look forward to his contributions." Since 2003,
Mr. Hessenauer has advised three technology start-ups affiliated
with California's Tech Coast Venture Network, an organization
dedicated to assisting and educating early stage growth companies.
From 2002 to 2003, Mr. Hessenauer served as President and Chief
Executive Officer of Sixth Dimension, an emerging Internet and
software technology company. From 2000 to 2001, he served as Senior
Vice President of Sempra Energy Solutions, a large distributor of
natural gas and electricity that is listed on the New York Stock
Exchange. Prior to that, he served in management positions with a
number of public and private companies, including Vice President,
Marketing and Sales at Edison International, a distributor of
electricity, from 1996 to 1997. Mr. Hessenauer holds a B.S. Degree
in Mechanical Engineering from the United States Naval Academy and
is a graduate of Stanford University's executive business program.
As a result of the appointment of Mr. Hessenauer to the board, the
Company is in compliance with Section 802(a) of the AMEX Company
Guide, which requires that a majority of directors on the board be
"independent," as that term is defined in the rules of the American
Stock Exchange (the "AMEX"). The board currently consists of seven
members, four of whom are independent under the rules of the AMEX.
About Commerce Energy Group, Inc. Commerce Energy Group, Inc.
(AMEX:EGR) is a holding company doing business through its three
wholly owned operating 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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