TUSTIN, Calif., April 8, 2004 — Commonwealth Energy Corporation, a diversified energy services company, announced that it has merged with Skipping Stone, Inc. Skipping Stone is now a wholly owned subsidiary of Commonwealth Energy and will continue to operate as an independent entity.
“The acquisition of Skipping Stone is a key step in our diversification strategy. Our goal is to offer a diverse set of products and services to the energy community for the benefit of our customers and our shareholders. Skipping Stone’s years of experience in working on a wide variety of energy projects for more than 200 energy companies will significantly expand our customer offerings. This transaction validates the implementation of our strategic plan and is the first step in differentiating Commonwealth from our competition,” said Ian Carter, Chairman and Chief Executive Officer for Commonwealth Energy.
As a part of the transaction, Peter Weigand, founder of Skipping Stone, has been named President of Commonwealth Energy and Commerce Energy Group, Inc. Weigand will also remain the President of Skipping Stone. Weigand assures that,
“Skipping Stone clients will see no change in the daily operation of the company. Clients will continue to receive the full range of services on which they have come to rely over the past eight years. Additionally, the existing Commonwealth Energy outsourced services offerings will enable customers to expand the relationship into new areas.”
Commonwealth Energy’s Board of Directors previously announced its plan to reorganize the Company into a holding company structure on November 20, 2003. The reorganization, under the name “Commerce Energy Group, Incorporated,” must be approved by Commonwealth Energy’s shareholders.
Commerce Energy Group filed a Registration on Form S-4 with the Securities and Exchange Commission, which has not yet been declared effective. If the Registration Statement is declared effective, notices of the special meeting and a joint proxy statement/prospectus describing the reorganization proposal will be promptly delivered to Commonwealth Energy’s shareholders. If the reorganization is approved, Commonwealth Energy will transfer Skipping Stone to Commerce Energy Group prior to the consummation of the reorganization and Skipping Stone will become a subsidiary of Commerce Energy Group, Inc.
About Commonwealth Energy Corp.
Headquartered in Tustin, CA, Commonwealth Energy is a holding company with subsidiaries engaged in retail electricity sales under the brand name “electricAmerica”, back-office outsourced services, and energy efficiency products and services. Commonwealth Energy is licensed by the Federal Energy Regulatory Commission as a power marketer. More information on the company is available at www.CommonwealthEnergy.com.
About Skipping Stone, Inc.
Skipping Stone, Inc., is an energy consulting and technology firm founded by innovative business leaders from within the energy industry. Skipping Stone’ s proven professionals serve the energy marketplace with a broad mix of products and services that assist companies from initial business planning through full implementation to success. More information on the company is available at www.SkippingStone.com.