Able Energy Sells Propane Subsidiary
Rockaway, New Jersey (March 3, 2004) -- Able Energy, Inc. today announced that it has completed the sale of all of its assets of its operating subsidiary, Able Propane Co., LLC ("Able Propane") to Liberty Propane, L.P. ("Liberty") from Overland Park, Ks. Liberty has purchased the assets of Able Propane and is now operating the propane company located in Rockaway, New Jersey. Liberty is a limited partnership that was formed in 2003 to acquire and operate retail propane distribution companies.
"The sale of our propane division permits us to focus on the continued growth of our core heating oil business, stated Able Energy CEO Tim Harrington. Able Energy intends to use the proceeds to improve its financial position by reducing our debt and improving our working capital position. We will also seek targeted expansion opportunities in the heating oil business."
Liberty offers a superior level of customer service and expertise throughout its network of companies, providing propane for many uses including home heating, water heating, cooking and commercial purposes. Liberty owns companies in multiple regions of the United States and is currently seeking additional acquisition opportunities.
The statements contained in this Press Release contain certain forward-looking statements, including statements regarding Able and its subsidiaries expectations, intentions, strategies and beliefs regarding the future. 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.
For information contact:
Timothy Harrington, Chief Executive Officer
(973) 625-1012