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BOSTON--(BUSINESS WIRE)--May 3, 1995-- Eastern Utilities Associates (EUA) today announced that its EUA Cogenex Corp. subsidiary had finalized acquisition of Highland Energy Group, Inc., of Boulder, Colo., following approval by the Securities and Exchange Commission. It was the second acquisition completed by EUA Cogenex this year.

Terms were not announced.

"EUA Cogenex is our most active energy-related subsidiary," said Donald G. Pardus, Chairman and Chief Executive Officer. "This acquisition is an impor tant addition to our continuing effort to grow Cogenex in a controlled fash ion."

Highland's stated mission is to "help clients dramatically improve their bottom line while also improving the collective environmental bottom line." Acquisition by EUA Cogenex provides Highland Energy with "greater access to capital, enabling it to finance and guarantee a larger number of energy servic es programs," says Tom Stoner, President.

"Acquisition of Highland Energy enhances EUA's commitment to protecting our environment," Pardus added.

The acquisition makes Highland Energy one of the first companies backed by socially responsible venture capital firms to earn a return for its investors. Highland's financial support has included HFG Expansion Fund of Massachusetts as lead investor; the Calvert Group of Washington; and U.S. Trust. Artemis Joukowsky, HFG Expansion's Chairman, said: "In Highland Energy Group, we are able to reap both a financial and environmental reward, which is the goal of our limited partners."

In business since 1990, Highland Energy has successfully completed energy efficiency projects in eleven states. The company has demand-side management contracts with utilities in Texas, North Carolina and Colorado for energy efficiency projects worth more than $25 million.

EUA Cogenex earlier this year had completed acquisition of EUA Citizens Conservation Services, which provides energy management services to the multi-family and subsidized housing market.

EUA Cogenex Corp. installs and maintains energy conservation and cogeneration systems in municipal, commercial and industrial buildings. It is EUA's energy management and cogeneration subsidiary.

EUA is a Boston-based diversified energy services company whose shares are traded on the New York and Pacific Stock Exchanges. Subsidiaries in addition to EUA Cogenex are Blackstone Valley Electric Co., Eastern Edison Co., Newport Electric Corp., EUA Energy Investment Corp., EUA Ocean State Corp., EUA Service Corp., and Montaup Electric Co. Together, the companies are known as the EUA System.

CONTACT: Eastern Utilities Associates, Boston

Clifford J. Hebert, Jr., 617/357-9590
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Publication:Business Wire
Date:May 3, 1995
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