Able Energy, Inc., Recognizes Recent Stock Appreciation
Rockaway, New Jersey (March 9, 2005) – Able Energy, Inc. (“Able”) wants this opportunity to address the recent drastic appreciation of the price of its common stock as well as the unprecedented trading volume the stock has experienced. Management is excited about these recent developments and is gratified that the market has recognized the inherent value of the company. However, other than information, which has been previously publicly released by Able, management is not aware of any other circumstance, which they can attribute to the increased stock price. On March 4, 2005, the Company announced its intention to acquire All American Plazas, Inc., (‘All American”) a privately held company headquartered in Myerstown, Pennsylvania. All American is currently owned by the same entity that has recently purchased a 50% interest in Able. All American Plazas owns and operates interstate travel plazas in four Northeastern States. As announced last week, it is contemplated that the acquisition will be finalized with the shareholders of All American Plazas, who may accept newly issued restricted common shares of Able Energy, Inc. stock in exchange for all of the issued and outstanding common stock of All American Plazas. If the acquisition is finalized, Able will acquire the All American Plazas shares for a purchase price of approximately $30 million, through the issuance of Able common stock. If the acquisition is completed, All American Plazas will be a wholly owned operating subsidiary of Able.
In addition, Able already announced the addition of two new members to its board of directors effective as of February 28, 2005. Joining the Able board is Alan E. Richards, who has served as the President of Sorrento Enterprises Incorporated, a forensic accounting firm, from its inception in 1979 to the present. Mr. Richards brings a diverse background and 25 plus years experience in financial services including work with government agencies such as the United States Internal Revenue Service. Mr. Richards is a graduate of Iona College with a BBA in Finance. Also joining the Able board is Stephen Chalk. From 1981 to the present, Mr. Chalk has served as the President of the Pilgrim Corporation, where he has obtained a strong background in financial management, as well as over 25 years of hotel, resort, restaurant, and real estate development experience. Mr. Chalk is a graduate of Philadelphia University with a BS in Engineering and Design. Mr. Richards and Mr. Chalk replace James Purcaro who resigned from the board. With the departure of Mr. Purcaro and Mr. Harrington, each of whom resigned as of February 24, 2005, and the addition of its two new members, the board remains at five members.
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, diesel fuel, kerosene, and 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”.
The Private Securities Litigation Reform Act of 1995 provides a "Safe harbor" for forward-looking statements. Certain of the statements contained herein, which are not historical facts, are forward-looking statements with respect to events, the occurrence of which involved risks and uncertainties. These forward-looking statements may be impacted, either positively or negatively, by various factors. Information concerning potential factors that could affect the company is detailed from time to time in the company's reports filed with the Securities and Exchange Commission.
For information contact Christopher P. Westad, President (973) 625-1012