BROOKLYN UNION EXPLORES OPTIONS ON COGENERATION UNIT; Maximizing Shareholder Value is Goal.BROOKLYN, N.Y.--(BUSINESS WIRE)--August 21, 1994--Brooklyn Union announced today that it is exploring ways to maximize the value of Gas Energy Inc. (GEI GEI - A German software engineering company. ), its wholly-owned, cogeneration subsidiary. Brooklyn Union has engaged UBS UBS Union Bank of Switzerland UBS United Bible Societies UBS United Blood Services UBS United Buying Service UBS Used Bookstore UBS University Business Services UBS Universal Building Society (UK) UBS Ulaanbaatar Broadcasting System Securities Inc. as its financial advisor to assist in the review. UBS's work will include a strategic analysis of methods of maximizing shareholder value, including a possible merger or sale of the business, or enhancement and retention of all or parts of the business. GEI develops, finances, owns and operates cogeneration and energy infrastructure projects in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and abroad, and also provides fuel management and consulting services Noun 1. consulting service - service provided by a professional advisor (e.g., a lawyer or doctor or CPA etc.) service - work done by one person or group that benefits another; "budget separately for goods and services" . GEI owns interests in four gas-fired cogeneration facilities, which are located in the Northeast United States and have a total generating capacity of 369 megawatts. GEI has additional projects under development in the U.S., Europe and the Middle East. Robert B. Catell, president and chief executive officer of Brooklyn Union, said, "We think that the deregulation Deregulation The reduction or elimination of government power in a particular industry, usually enacted to create more competition within the industry. Notes: Traditional areas that have been deregulated are the telephone and airline industries. in the electric industry has added to the value of existing, efficient operations like GEI, which has focused primarily on developing inside-the-fence projects that do not rely heavily on sales to the local grid. GEI has a proven track record of successful plant development, as well as ongoing plant operation and fuel management. We have engaged UBS to aid us in exploring ways in which to maximize the benefits to our shareholders from the value of this profitable business." Brooklyn Union distributes natural gas in the New York City New York City: see New York, city. New York City City (pop., 2000: 8,008,278), southeastern New York, at the mouth of the Hudson River. The largest city in the U.S. boroughs of Brooklyn and Staten Island Staten Island (1990 pop. 378,977), 59 sq mi (160 sq km), SE N.Y., in New York Bay, SW of Manhattan, forming Richmond co. of New York state and the borough of Staten Island of New York City. and in two-thirds of the borough of Queens, and serves the growing energy needs of 4 million residents. Brooklyn Union has energy-related investments in gas exploration, production and marketing in the United States and Canada, as well as energy services in the United States, including cogeneration projects, pipeline transportation and gas storage. Other news on Brooklyn Union can be accessed through the World Wide Web at http://www.bug.com CONTACT: Brooklyn Union Jan Childress, 718/403-3382 |
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