Former President and Chief Financial Officer of Commerce Energy Group Termination Status Remains Unchanged
October 13 2005 - 7:40PM
PR Newswire (US)
COSTA MESA, Calif., Oct. 13 /PRNewswire-FirstCall/ -- Commerce
Energy Group, Inc. (AMEX:EGR), the largest non-utility-affiliated
retail energy marketer in the U.S., announced today that its
decision to terminate without cause the employment of Peter
Weigand, President of the Company, and Richard Boughrum, Senior
Vice President and Chief Financial Officer of the Company, remained
without cause in accordance with the terms of their respective
employment agreements, and became effective on October 8, 2005.
Pursuant to the terms of their respective employment agreements,
each of Messrs. Weigand and Boughrum will receive severance
payments equal to his base salary for the remaining term of his
employment agreement (i.e., until April 1, 2007). Mr. Weigand
continues to serve as a director of the Company. About Commerce
Energy Group, Inc. Commerce Energy Group, Inc. (AMEX:EGR) is a
leading independent U.S. electricity and natural gas marketing
company, operating through its wholly-owned subsidiaries, Commerce
Energy, Inc. and Skipping Stone, 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 ten states. Skipping Stone is an energy
consulting firm serving utilities, pipelines, merchant trading and
technology companies. For more information, visit
http://www.commerceenergygroup.com/. DATASOURCE: Commerce Energy
Group, Inc. CONTACT: Verna Ray, Investor Relations of Commerce
Energy Group, Inc., +1-281-902-5127, Web site:
http://www.commerceenergygroup.com/
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