WILKES BARRE, Pa., May 6 /PRNewswire/ -- The Annual Meeting of Shareowners
of Pennsylvania Enterprises, Inc. (PEI) (NYSE: PNT) was held at the Company's
corporate headquarters, One PEI Center, Wilkes-Barre, PA. Over three hundred
shareowners assembled to reelect its Board of Directors and hear details of
the Company's plans for increased competition in the energy industry,
utilization of its assets and continued growth of its subsidiaries.
Thomas F. Karam, President and CEO of PEI, told the assembled shareowners,
"PEI has spent the past twelve months not only transforming and positioning
our Company for the competitive environment created by choice, but also
improving our year-end 1997 financial position to one which was quite strong.
Our efforts last year were rewarded with a 24% increase in revenues and 4%
customer growth." He added, "The future of PEI, which we believe is bright,
begins today with renewed commitment to those key areas in our Company of
regulated and nonregulated energy, utility construction and real estate, where
now, execution is key. We believe that, unlike many gas and electric
utilities who must seek to acquire or develop the necessary assets to succeed
in a diversified, competitive energy market, PEI already has most of the
assets in place."
PEI has diversified into new energy products and services, including
non-energy related products. PG Energy PowerPlus, the principal nonregulated
subsidiary of PEI, sells electricity to customers as a part of Pennsylvania's
Customer Choice Pilot Program. PG Energy PowerPlus also markets security and
monitoring services for homes and businesses through an alliance with Triple A
Protection. Security systems are the first non-energy related product being
offered by the Company.
Shareowners were given details of the parent Company's newest subsidiary,
PEI Power Corporation. The 25 megawatt cogeneration facility located in
Archbald, PA, is scheduled to become operational this summer. Karam
commented, "The generation of electric power, in addition to the marketing of
electricity, is proof of PEI's commitment to become a complete energy
company."
Karam said, "Diversification by our nonutility subsidiaries and growth by
the Company's regulated subsidiaries, PG Energy and Honesdale Gas Company,
will be combined with the other assets of PEI, including our landholdings, to
maximize the value of our Company and help it compete and succeed in the
highly competitive energy industry."
At the Meeting, PEI shareowners reelected the following eleven member
Board of Directors: Kenneth L. Pollock, Chairman of the Board of PEI, owner
of Susquehanna Coal Company and Ken L. Pollock, Inc., Nanticoke; William D.
Davis, Vice Chairman of the Board of PEI and Former Chairman, Commonwealth
Bank Division of Meridian Bank, Williamsport; Thomas F. Karam, President and
CEO of PEI and PG Energy; Robert J. Keating, Former Chairman of the Board,
Parodi Industries Inc., Scranton; James A. Ross, Independent Financial
Consultant, Scranton; John D. McCarthy, Chairman and CEO of McCarthy Tire
Service Company and President of McCarthy Realty, Inc., Wilkes-Barre; Ronald
W. Simms, President and CEO of Petroleum Service Company, Inc., Wilkes-Barre;
Kenneth M. Pollock, President and CEO of Intercoastal Management, Inc. and
Vice President of HUD, Inc., doing business as Emerald Anthracite II,
Nanticoke; John D. McCarthy, Jr., President of McCarthy Tire Service,
Wilkes-Barre; Paul R. Freeman, Controller HUD, Inc., doing business as Emerald
Anthracite II, Nanticoke; Richard A. Rose, Jr., President of Petroleum Sales
Company, Inc., and Vice President of Petroleum Service Company, Inc.,
Wilkes-Barre.
At the organizational meeting of the Board of Directors, held after the
annual meeting, Kenneth L. Pollock, Thomas F. Karam and other existing
officers of PEI were reelected to their respective positions. In addition,
all directors and officers of PG Energy, PEI's principal subsidiary, were
reelected to their respective positions.
PEI is a holding company with regulated and nonregulated subsidiaries.
The regulated group consists of PG Energy and its subsidiary, Honesdale Gas
Company, which together provide natural gas to approximately 150,000 customers
in thirteen counties in northeastern and central Pennsylvania. The
nonregulated group consists of PEI Power Corporation, Theta Land Corporation
and PG Energy Services and its subsidiary, Keystone Pipeline Services, Inc.
PG Energy Services markets energy and energy products in a 26-county area
throughout central and northeastern Pennsylvania under the name PG Energy
PowerPlus.
PEI news releases are available 24 hours a day by fax machine or by
visiting the Company website at http://www.pnt.com. To receive a faxed copy
of their news release, call 1-800-758-5804 on a touch tone phone and use PEI's
ID No. 684209. Follow the prompted instructions to receive a copy of their
most recent news release or a menu of their latest news releases. Company
news will be faxed to you immediately without charge.
SOURCE Pennsylvania Enterprises, Inc.
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Related links:
http://www.pnt.com
Company News On-Call: http://www.prnewswire.com or
fax, 800-758-5804, ext. 684209
CONTACT:
Albert G. Fereck of Pennsylvania Enterprises,
717-829-8756
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