Energy, Inc. Announces Results of 2009 Annual Meeting of Shareholders
13 November 2009 - 11:38PM
PR Newswire (US)
GREAT FALLS, Mont., Nov. 13 /PRNewswire-FirstCall/ -- Energy, Inc.
(NASDAQ:EGAS), a natural gas utility and energy marketing company,
announced that, at the Company's annual meeting of shareholders
held earlier today, shareholders elected all of the Company's
nominees to the Board of Directors to hold office until the next
annual meeting of shareholders. These directors are Ian J. Abrams,
W.E. 'Gene' Argo, Gregory J. Osborne, Richard M. Osborne, James R.
Smail, Thomas J. Smith, James E. Sprague and Michael T. Victor. In
addition, the Company's shareholders voted to approve the issuance
of up to 1,998,830 shares of the Company's common stock pursuant to
the previously announced merger agreements to acquire Lightning
Pipeline Co., Inc., Great Plains Natural Gas Company, Brainard Gas
Corp., and Great Plains Land Development Company, LTD.
(collectively, the "Acquired Companies"). The Acquired Companies,
through their subsidiaries, are natural gas utility companies with
approximately 22,581 customers in Northeastern Ohio and Western
Pennsylvania. In the mergers, the Company will issue up to
1,998,830 shares of the Company's common stock in exchange for all
of the capital stock and membership units of the Acquired
Companies. The Company has received approvals from all regulatory
agencies for the mergers of the Acquired Companies. The Company
expects to consummate the mergers in the fourth quarter of 2009.
About Energy, Inc. Energy, Inc. is the parent company of Energy
West, Incorporated, which distributes and sells natural gas to
end-use residential, commercial, and industrial customers. It
distributes approximately 26 billion cubic feet of natural gas to
approximately 38,500 customers through regulated utilities
operating in Montana, Wyoming, North Carolina and Maine. The
Company markets approximately 2.3 billion cubic feet of natural gas
to commercial and industrial customers in Montana and Wyoming on an
unregulated basis. The Company also has a majority ownership
interest in 160 natural gas producing wells and gas gathering
assets. In addition, the Company owns the Shoshone interstate and
the Glacier gathering pipelines located in Montana and Wyoming. The
Company's Montana public utility was originally incorporated in
1909 and is headquartered in Great Falls, Montana. Safe Harbor
Regarding Forward-Looking Statements The Company is including the
following cautionary statement in this release to make applicable
and to take advantage of the safe harbor provisions of the Private
Securities Litigation Reform Act of 1995 for any forward-looking
statements made by, or on behalf of, Energy, Inc. Forward-looking
statements are all statements other than statements of historical
fact, including, without limitation, those that are identified by
the use of the words "anticipates," "estimates," "expects,"
"intends," "plans," "predicts," "believes" and similar expressions.
Such statements are inherently subject to a variety of risks and
uncertainties that could cause actual results to differ materially
from those expressed. Factors that may affect forward-looking
statements and the Company's business generally include but are not
limited to the Company's continued ability to make dividend
payments, the Company's ability to implement its business plan, the
Company's ability to consummate its pending acquisitions and to
successfully integrate the operations of the Acquired Companies;
fluctuating energy commodity prices, the possibility that
regulators may not permit the Company to pass through all of its
increased costs to its customers, changes in the utility regulatory
environment, wholesale and retail competition, weather conditions,
litigation risks, risks associated with contracts accounted for as
derivatives and various other matters, many of which are beyond the
Company's control, the risk factors and cautionary statements made
in the Company's public filings with the Securities and Exchange
Commission, and other factors that the Company is currently unable
to identify or quantify, but may exist in the future. Energy, Inc.
expressly undertakes no obligation to update or revise any
forward-looking statement contained herein to reflect any change in
Energy, Inc.'s expectations with regard thereto or any change in
events, conditions or circumstances on which any such statement is
based. For additional information or clarification regarding
Energy, Inc., please contact: Kevin Degenstein, President and Chief
Operating Officer. The Company's toll-free number is (800)
570-5688. The Company's web site is http://www.ewst.com/. The
Company's address is 1 First Avenue South, Great Falls, Montana
59401. DATASOURCE: Energy, Inc. CONTACT: Kevin Degenstein,
President and Chief Operating Officer of Energy, Inc.,
1-800-570-5688 Web Site: http://www.energywest.com/
http://www.ewst.com/
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