WHITE PLAINS, N.Y., June 16, 2003 — U.S. Energy Systems Inc., a provider of customer-focused energy solutions, announced the reorganization of its accounting department and the appointment of Thomas J. Noonan as Vice President and Chief Accounting Officer (CAO). Frank Fitzgerald, the previous CAO, will assume the position of Vice President and Treasurer.
With the implementation of new accounting rules arising from the Sarbanes- Oxley Act, the Audit Committee of U.S. Energy’s Board of Directors has initiated a plan to further strengthen the financial reporting and internal audit controls of the Company, a move that has led to the reorganization of the accounting department. U.S. Energy’s appointment of Noonan, a senior industry-related accounting manager with strong financial reporting and systems experience, is expected to achieve the Company’s objectives in that area. The accounting department reorganization follows a consolidation of the accounting systems of U.S. Energy’s core business units at the Company’s headquarters in White Plains.
Noonan, 54, joins U.S. Energy from Consolidated Edison Company of New York, Inc., where he has spent the last 32 years of his professional accounting career. He has held numerous titles including Assistant Controller of Corporate Accounting, Department Manager – Finance and Budgets of Central Operations, and most recently, Director of Corporate Treasury Operations.
During his tenure, Noonan was promoted several times and was actively involved in all aspects of Con Ed’s accounting, budgeting, treasury, finance and regulatory reporting functions. He also served as a member of the General Accounting and Accounting Standards Committees of the Edison Electric Institute at varying intervals between 1983 to 1998. Noonan graduated from Pace University with a BBA in accounting and also completed advanced management programs at Duke University and Massachusetts Institute of Technology.
Goran Mornhed, President and Chief Executive Officer, stated, “We are pleased to welcome Tom to U.S. Energy. We believe his industry background and experience will greatly enhance the senior management team at the Company.”
Fitzgerald, 42, will work closely with Noonan and be responsible for all treasury operations as well as assisting the Company in various strategic initiatives. Fitzgerald joined U.S. Energy in March 2002 as Corporate Controller and was promoted to CAO and Treasurer when the previous CFO retired in mid 2002.
Fitzgerald, a certified public accountant, has leadership experience in auditing, accounting rules and regulations, SEC reporting and FASB compliance, including substantial dealings with various regulatory oversight bodies. From 1999 until he joined U.S. Energy, he served as a senior audit manager at Ernst & Young LLP, and previously for 13 years in various capacities at Verizon Communications, Inc.
Mornhed stated, “We thank Frank for overseeing the consolidation of the accounting department to White Plains. In his new role, Frank will continue to contribute to the long-term success of the Company.”
About U.S. Energy Systems, Inc.
U.S. Energy Systems, Inc., based in White Plains, NY, is a customer- focused provider of energy outsourcing services for large, retail customers, including industrial, commercial and institutional end users. USEY owns and operates 35 energy projects in North America and Western Europe, totaling the equivalent of 264 megawatts, and using combined heat and power (CHP) technology and renewable fuels. U.S. Energy Systems has formed a number of strategic business partnerships with companies, including Cinergy Solutions, a subsidiary of Cinergy Corp. (NYSE: CIN – News), which is a strategic investor and joint venture partner, and Arthur J. Gallagher & Co. (NYSE: AJG – News), an international insurance brokerage company ( www.usenergysystems.com ).