COSTA MESA, Calif., Dec. 28, 2004 (PRNewswire-FirstCall) — Commerce Energy Group, Inc. a leading U.S. electricity service provider, announces that a full and comprehensive settlement agreement has been reached with former Director, Joseph P. Saline, and shareholder Joseph Ogundiji.
The settlement effectively ends all the various legal actions between the parties that began in 2001 without requiring either party to admit fault and with both parties acknowledging that the resulting agreement is in the best interest of the shareholders. The agreement acknowledges and validates both Mr. Saline’s and Mr. Ogundiji’s shares in common stock in Commerce Energy Group and provides for a $1.2 million settlement payment.
“We are pleased to have reached settlement with Mr. Saline and Mr. Ogundiji and to put an end to the ongoing disputes. This allows the company to better allocate resources, significantly reduce ongoing legal expenditures, and focus on growing our business for the benefit of all our shareholders,” said Commerce President, Peter Weigand.
About Commerce Energy Group, Inc. [ www.CommerceEnergy.com ]
Commerce Energy Group, Inc. is a provider of energy products and services to homeowners, commercial and industrial consumers, utilities, governments and energy asset owners. Operating since 1998 as Commonwealth Energy Corporation, Commerce Energy Group now operates through its subsidiaries including Commonwealth Energy Corporation, which holds FERC and state licenses for retail and wholesale energy commodities and is a retail electricity provider to homes and businesses in California, Michigan, Pennsylvania and New Jersey under the brand name “electricAmerica;” Skipping Stone, an energy consulting firm; and utiliHost, an outsourcing services and technology provider.