Consumers Gas Energy Inc.: IPL Energy Inc. Announces Agreement to Purchase Cornwall Electric.CORNWALL, ONTARIO--(BUSINESS WIRE)--Oct. 8, 1997--Consumers Gas Energy (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). , ME, VSE See DOS/VSE. VSE - Virtual Storage Extended CGT CGT Capital Gains Tax CGT Confédération Générale du Travail (French Labor Union) CGT Confederación General del Trabajo (Spanish: Federation of Trade Unions) .PR.G.) Consumers Gas Energy Inc., a wholly-owned subsidiary of IPL (Initial Program Load) Same as boot. 1. IPL - Information Processing Language. 2. IPL - Internet Public Library. 3. IPL - Initial Program Load. 4. IPL - Initial Program Loader. Energy Inc., today announced that Cornwall City Council has approved an agreement to sell the city's electric utility, Cornwall Electric, to Consumers Gas Energy Inc., subject to a definitive agreement of sale. Under the terms of an agreement reached late last month, Consumers Gas Energy Inc. will purchase the utility from the city for $68 million. The utility's head office will remain in Cornwall with continued citizen representation on the board of directors. There will be no reduction in employment or employee benefits. Cornwall Electric serves 25,000 residential and business customers in Cornwall and the surrounding area. R.D. Munkley, Chief Operating Officer Chief Operating Officer (COO) The officer of a firm responsible for day-to-day management, usually the president or an executive vice-president. of Consumers Gas Energy Inc., said: "We are delighted that Council has approved the agreement. We believe this represents a win/win situation for the City of Cornwall and Consumers Gas Energy Inc. We look forward to working with Cornwall Electric management in the coming months to continue to provide Cornwall residents with safe, reliable power at the lowest possible cost." Consumers Gas Energy Inc. is an Ontario based company with total assets of approximately $4.5 billion. Through operating subsidiaries it provides natural gas distribution services to 1.3 million customers in Ontario, Quebec and New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of State. In April of 1996, the Regional Municipality of York confirmed Consumers as its private sector partner for provision of water supply within the district. In April of 1997, a new subsidiary, Consumersfirst, was launched to provide tailor-made energy choices and related products and services to Ontario customers and beyond, including both natural gas and electricity. In July of 1997, Consumers joined a strategic alliance with Hydro Quebec and Gaz de France Gaz de France (GDF) is a French company which produces, transports and sells natural gas around the world and especially in France which is its main market, but also Belgium, the United Kingdom, Germany and other European countries. to meet the energy needs of customers in Quebec, the Maritimes and the U.S. Northeast. The acquisition of Cornwall Electric compliments the strategy of Consumers Gas Energy Inc. to expand beyond natural gas distribution into other complementary distribution services such as electricity supply and water supply. IPL Energy Inc. is a North American North American named after North America. North American blastomycosis see North American blastomycosis. North American cattle tick see boophilusannulatus. leader in energy delivery and services, operating the world's longest crude oil and liquids pipeline system, and Canada's largest natural gas distribution company. IPL Energy's common shares trade on the Toronto and Montreal stock exchanges in Canada under the symbol "IPL". In the United States the shares trade on the NASDAW under "IPPIF". CONTACT: IPL Energy Inc. Frank Ternan, 403/ 686-3268 (Residence) 403/ 231-4848 (FAX) E-mail: frank_ternan@notes.ipl.ca Internet: www.iplenergy.com or Consumers Gas Energy Inc. Jamie Robinson, 416/ 498-2982 (Business) 416/ 498-2983 (FAX) |
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