Unitil Ends Equity Investment in Enermetrix
Hampton, NH (April 11, 2002) - Unitil Corporation (AMEX: UTL) (www.unitil.com) announced today that it had reached agreement with Enermetrix.com Inc. (Enermetrix) and several of its shareholders to sell its approximately 8% equity ownership back to Enermetrix for cash and enhanced commercial considerations. Unitil Corporation will realize over $3 million in cash from the disposition of its investment and associated tax benefits, as well as improved commercial terms.
"This agreement allows Unitil Corporation to recover a significant portion of its original investment in Enermetrix while enhancing our license and commercial rights to continue using the Enermetrix retail energy exchange technology platform and software," said Bob Schoenberger, Unitil Chairman and Chief Executive Officer. "It will also allow us to focus on the growth of our wholly owned subsidiary, Usource, providing energy brokering services to customers throughout the Northeast."
Commercial terms included a renewed and upgraded license, improved brokerage fee sharing formula and software upgrades.
This transaction will not have any material financial impact on Unitil's operating results.
Unitil Corporation is a public utility holding company with subsidiaries providing electric service in New Hampshire, electric and gas service in Massachusetts and energy services throughout the Northeast. Its subsidiaries include Concord Electric Company, Exeter & Hampton Electric Company, Fitchburg Gas and Electric Light Company, Unitil Power Corp., Unitil Realty Corp., Unitil Service Corp. and its unregulated business unit Unitil Resources, Inc. Usource L.L.C. is a subsidiary of Unitil Resources, Inc. The Usource product line is available at www.usourceonline.com.
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