DPL Gas Unit Sale Receives SEC Approval.Business Editors DAYTON, Ohio--(BUSINESS WIRE)--Oct. 5, 2000 DPL (Digital PowerLine) An earlier technology for transmitting a 1 Mbps data signal over electric power lines from Nortel Networks. It was developed in the late 1990s, but later abandoned due to implementation difficulties. See broadband over power lines. Inc. (NYSE NYSE See: New York Stock Exchange :DPL) announced today that the U.S. Securities and Exchange Commission (SEC) approved the sale of its retail natural gas distribution business unit to Vectren Corporation. The SEC action completes the federal and state regulatory approval process and clears the way for closing the sale on October 31, 2000. DPL previously announced the sale of the gas business unit to Vectren in December of 1999 for $425 million in cash. "We look forward to completing this transaction as it is an integral part of our overall generation expansion focus," said Allen Hill, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of DPL Inc. DPL will invest the after-tax proceeds from the sale to continue its regional merchant generation expansion, finance in part other business unit capital needs, continue its stock buyback Stock buyback A corporation's purchase of its own outstanding stock, usually in order to raise the company's earnings per share. stock buyback See buyback. program, and reduce any outstanding short-term debt Short-term debt Debt obligations, recorded as current liabilities, requiring payment within the year. . DPL Inc. is a diversified regional merchant energy company. DPL's principal subsidiaries include DPL Energy and The Dayton Power and Light Company (DP&L). DPL Energy operates 3,500 megawatts of generation capacity and markets wholesale energy throughout the eastern half of the United States. DP&L provides electric services to 500,000 retail customers in West Central Ohio. DPL Inc., through its subsidiaries, has ranked among the top ten energy companies in generation efficiency and productivity for the last ten years. This press release may contain certain forward-looking statements regarding plans and expectations for the future. Investors are cautioned that actual outcomes may vary materially from those projected due to various factors beyond DPL's control. Such matters are described in the Company's 1999 Annual Report and Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. and Form 10-Q for the quarter ending June 30, 2000. |
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