Notice of DCA Violations
Rockaway, New Jersey (April 5, 2003) - Following an explosion and fire that occurred at the Able Energy facility in Newton, NJ on March 14, and through the subsequent clean-up efforts, Able Energy has cooperated fully with all local, state and federal agencies in their investigations into the cause of this accident.
On April 3, 2003 Able Energy received a Notice of Violation from the New Jersey Department of Community Affairs ("DCA") citing a total of 13 violations to the New Jersey Administrative Code, Liquefied Petroleum Gas. Twelve of the violations were assessed a penalty of $500 each. One of the violations, regarding the liquid transfer from one truck to another truck, was assessed a penalty of $408,000.
The DCA document is currently under review by counsel. Based upon initial review, the company disagrees with many of the findings of the report and disputes many of the allegations. The company intends to contest the DCA Notice of Violation and the assessed penalties.
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