Phalcon purchases three Xcelecom companies

Farmington, CT, Jan. 15, 2007 — Phalcon Ltd. announced that it has acquired Connecticut-based McPhee Electric Ltd., Maryland-based J.E. Richards Electric Inc., and New Jersey-based JBL Electric Inc.

“The companies have gone through ownership changes before and each time the companies have become stronger. Richards, JBL, and McPhee have worked well together in the past and McPhee and Richards are currently working together along with Truland Systems Corporation on the $800 million Gaylord National Harbor Project in Oxon Hill, MD,” said Michael McPhee, CEO of Phalcon and president of McPhee.

The newly formed Phalcon Ltd. purchased the electrical contracting firms from Xcelecom Inc., a wholly owned subsidiary of UIL Holdings Corp. UIL had announced a strategy to divest its unregulated businesses in April 2006.

JBL is an electrical infrastructure contractor providing services to utilities and communications companies in the northern New Jersey market place. J.E. Richards Electric specializes in commercial electrical construction centered in the Maryland, Washington, D.C, and Virginia markets. McPhee Electric provides electrical construction, design assistance, testing and preventive maintenance, VDV, cellular tower construction, and substation construction services with offices in Farmington and Stratford, CT and Boston, MA.

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