PORT HURON, Mich., Oct. 10 /PRNewswire-FirstCall/ -- SEMCO ENERGY, Inc.
(NYSE: SEN) announced today that Cap Rock Holding Corporation received a final
order granting regulatory approval from the Regulatory Commission of Alaska
(RCA) required for its acquisition of SEMCO ENERGY. With this action, all
shareholder and required regulatory approvals for the proposed transaction
have been obtained. The closing of the transaction, which remains subject to
contractual conditions applicable to both SEMCO ENERGY and Cap Rock, is
expected to occur in early November 2007.
"We are pleased to have completed the regulatory review process and look
forward to closing the transaction in the early-November timeframe," said
Donald W. Thomason, Chairman of the Board of Directors of SEMCO ENERGY.
George A. Schreiber, Jr., President and Chief Executive Officer of SEMCO
ENERGY, said, "The RCA thoroughly reviewed the proposed share exchange, and I
am very pleased that it found the proposed transaction to be in the public
SEMCO ENERGY shareholders will be mailed information detailing the process
and timeline for redeeming their stock certificates following the closing.
About SEMCO ENERGY, Inc.
SEMCO ENERGY, Inc. distributes natural gas to more than 400,000 customers
combined in Michigan, as SEMCO ENERGY GAS COMPANY, and in Alaska, as ENSTAR
Natural Gas Company. It also owns and operates businesses involved in propane
distribution, intrastate pipelines and natural gas storage in various regions
of the United States.
ABOUT CAP ROCK HOLDING CORPORATION
Cap Rock Holding Corporation, through its regulated subsidiary Cap Rock
Energy Corporation, transmits and distributes power to residential and
commercial customers in 28 counties in the State of Texas. Cap Rock owns no
generation facilities and instead purchases power wholesale through long-term
power supply contracts.
The following is a "Safe-Harbor" statement under the Private Securities
Litigation Reform Act of 1995. This release contains forward-looking
statements that involve risks and uncertainties. Statements that are not
historic facts, including statements about the Company's outlook, beliefs,
plans, goals and expectations, are forward-looking statements. Factors that
may impact forward-looking statements include, but are not limited to, the
effects of weather, the economic climate, competition, commodity prices,
changing conditions in the capital markets, regulatory approval processes,
success in obtaining new business, success in defending claims against the
Company, and other risks detailed from time to time in the Company's
Securities and Exchange Commission filings.
SOURCE SEMCO ENERGY, Inc.
CONTACT: Analysts, Thomas Connelly, Director of Investor Relations,
248-458-6163, or Media, Timothy Lubbers, Director of Marketing & Corporate
Communications, 810-887-4208, both of SEMCO ENERGY, Inc.