SANTA CLARA, Calif., April 4, 2002 — APX, a provider of transaction processing services for the electric power industry, announced that Kyushu Electric Power Co. Inc. of Fukuoka, Japan, has made a $10 million investment in the company.
“We are pleased to welcome Kyushu Electric Power, one of the largest Japanese utility companies, as an investor in APX,” said John Yurkanin, APX president and CEO. “Our power market services have become the industry standard in several regions, and Kyushu Electric Power’s investment supports our expansion of services that streamline infrastructure and expand market access.”
Kyushu Electric Power will serve as an adviser to the APX board of directors. In investing in APX, Kyushu Electric Power joins nine other world-class energy industry and trading corporations from the U.S., Canada, and Japan.
About Kyushu Electric Power:
Kyushu Electric Power is listed on the first sections of the Tokyo, Osaka, and Fukuoka stock exchanges. The company delivers more than 75 million megawatt hours annually to the 13 million people in Japan’s Kyushu region, encompassing the southwest area of Japan’s four main islands and more than 1,400 small islands. Kyushu Electric Power was formed in 1951, when the reorganization of Japan’s power industry created nine new power companies engaged in power generation, transmission, and distribution. More information is available at www.kyuden.co.jp.
About APX Inc.:
An independent transaction processing agent for wholesale electric power markets, APX processes more than 500 million megawatt hours per year for approximately 200 client companies in North America and Europe. Services include trading platforms and brokerages, scheduling, clearing, settlement, and market infrastructure systems. A privately held company, APX has its main office in Santa Clara, Calif., and regional offices in: Connecticut; Houston, Texas; London, England; Oslo, Norway; and Stavanger, Norway. More information is available at www.apx.com.