Able Energy Affiliates with All American Plazas
Able Energy, Inc. today announced that All American Plazas Inc. has purchased a controlling interest in Able Energy from Able's principal stockholder. Headquartered in Northwest New Jersey, Able Energy is a leading provider of home heating oil as well as diesel fuel to homes and businesses in Northwest New Jersey. All American Plazas Inc. of Myerstown, Pennsylvania owns and operates interstate travel plazas in four Northeastern states and has annual revenues in excess of $125 mm.
Commenting on these results, Timothy Harrington, Able's Chief Executive Officer, stated, "We are excited about the possibilities that this combination brings to our new organization. In the future, we hope this will permit the expansion into new home heating oil markets for Able Energy as well as give All American Plazas an increased market opportunity to expand their diesel sales to truck fleets using Able's marketing expertise. The new combination will also give both companies' greater buying power in the oil market.
Able is a holding company for five operating subsidiaries which are engaged in the retail distribution of, and the provision of services relating to, home heating oil and diesel fuel, in addition, Able provides complete HVAC installation 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".
Safe Harbor Statement Under the Private Securities Litigation Act of 1995 -- With the exception of historical information, the matters discussed in this press release are forward-looking statements that involve a number of risks and uncertainties. The actual future results of Able could differ significantly from those statements. Factors that could cause actual results to differ materially include risks and uncertainties such as the inability to finance the company's operations or expansion, inability to hire and retain qualified personnel, changes in the general economic climate, including rising interest rates, fuel rates and unanticipated events such as terrorist activities. In some cases, you can identify forward-looking statements by terminology such as "may," "will," "should," "expect," "plan," "anticipate," "believe," "estimate," "predict," "potential" or "continue," the negative of such terms, or other comparable terminology. These statements are only predictions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements. For further risk factors see the risk factors associated with our Company, review our SEC filings.