Commerce Energy Group Reaches Settlement With Saline and Ogundiji
December 27 2004 - 4:52PM
PR Newswire (US)
Commerce Energy Group Reaches Settlement With Saline and Ogundiji
COSTA MESA, Calif., Dec. 27 /PRNewswire-FirstCall/ -- Commerce
Energy Group, Inc. (AMEX:EGR) a leading U.S. electricity service
provider, announces that a full and comprehensive settlement
agreement has been reached with former Director, Joseph P. Saline,
and shareholder Joseph Ogundiji. The settlement effectively ends
all the various legal actions between the parties that began in
2001 without requiring either party to admit fault and with both
parties acknowledging that the resulting agreement is in the best
interest of the shareholders. The agreement acknowledges and
validates both Mr. Saline's and Mr. Ogundiji's shares in common
stock in Commerce Energy Group and provides for a $1.2 million
settlement payment. "We are pleased to have reached settlement with
Mr. Saline and Mr. Ogundiji and to put an end to the ongoing
disputes. This allows the company to better allocate resources,
significantly reduce ongoing legal expenditures, and focus on
growing our business for the benefit of all our shareholders," said
Commerce President, Peter Weigand. About Commerce Energy Group,
Inc. Commerce Energy Group, Inc. is a provider of energy products
and services to homeowners, commercial and industrial consumers,
utilities, governments and energy asset owners. Operating since
1998 as Commonwealth Energy Corporation, Commerce Energy Group now
operates through its subsidiaries including Commonwealth Energy
Corporation, which holds FERC and state licenses for retail and
wholesale energy commodities and is a retail electricity provider
to homes and businesses in California, Michigan, Pennsylvania and
New Jersey under the brand name "electricAmerica;" Skipping Stone,
an energy consulting firm; and utiliHost, an outsourcing services
and technology provider. For more information visit
http://www.commerceenergy.com/. DATASOURCE: Commerce Energy Group
CONTACT: investor relations, Verna Ray of Commerce Energy Group,
+1-714-259-2500, Web site: http://www.commerceenergy.com/
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