Propane Explosion And Fire At Able Energy Newton, NJ Facility
Rockaway, New Jersey (March 27, 2003) - On March 14, Able Energy experienced an explosion and fire at its Newton, New Jersey facility that resulted in the destruction of an office building on the site, as well as damage to 18 company vehicles and neighboring properties. Fortunately, due to the immediate response by employees at the site, a quick evacuation of all personnel occurred prior to the explosion, preventing any serious injuries.
The preliminary results of the company's investigation indicate that the explosion was an accident that occurred as a result of a combination of human error and mechanical malfunction. An employee of Able Propane L.L.C., was loading a delivery truck with propane and failed to follow company operating procedures. State, county and local officials are continuing their inspections of the site, the equipment, and interviewing employees involved.
The company was able to resume operations the following morning from other company facilities, avoiding any interruption of service to customers. Based upon current loss information, the company believes that the amount of its insurance coverage is sufficient to cover its potential liabilities for losses and damage.
Final clean-up of the site is underway and scheduled to conclude next week. Future plans for the Newton facility have not yet been determined.
Able is a holding company for five operating subsidiaries that are engaged in the retail sales, distribution, and provision of services to customers using home heating oil, fuel oil, and propane gas. In addition, Able provides complete HVAC sales, installation, maintenance, and repair. Able's common stock is traded on the Nasdaq SmallCap Market under the Symbol "ABLE" and on the Boston Stock Exchange under the Symbol "AEI".
This press release contains certain forward-looking statements, including those regarding Able Energy, Inc. and its subsidiaries' expectations, intentions, strategies and beliefs pertaining to future performance. All statements contained herein are based upon information available to Able's management as of the date hereof, and actual results may vary based upon future events, both within and without Able management's control.
Contact Information: John Vrabel, johnv@ableenergy.com (973) 625-1012