PORT HURON, Mich., July 25 /PRNewswire/ -- The management of SEMCO ENERGY,
Inc. (NYSE: SEN) a diversified energy services and infrastructure holding
company, today announced it is exploring strategic alternatives in an effort
to enhance and maximize shareholder value. These alternatives include
evaluating possible transactions, such as a merger with a strategic partner.
The Company said it has retained the investment banking firm Banc of America
Securities LLC as financial advisor to assist in the review of such
Commenting on the announcement, Chairman, President and CEO, William L.
Johnson said, "SEMCO has grown normalized earnings per share more than 240% in
the last four years and has made significant progress in implementing its
growth strategy. This success has not been reflected in the Company's stock
price. We are also concerned that SEMCO's modest size in the quickly
consolidating utility industry may be impeding our ability to fully execute
our long-term growth strategy."
According to Johnson, the SEMCO ENERGY Board of Directors has requested
that management undertake a review of strategic alternatives.
"SEMCO remains committed to increasing shareholder value while providing
high quality service to the customers and communities we serve," said Johnson.
Management will hold a conference call with the financial community at
10:30 a.m. EDT today. The general public can listen to the conference call
live via the Internet by accessing www.videonewswire.com or
SEMCO ENERGY, Inc. is a diversified energy and infrastructure company that
distributes natural gas to more than 350,000 customers combined in Michigan
and Alaska. The Company also owns and operates businesses involved in gas
engineering and quality assurance services, pipeline construction services,
propane distribution, intrastate pipelines and natural gas storage in various
regions in the United States. In addition, the Company provides information
technology and outsourcing services, specializing in the mid-range computer
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 including, but not limited to,
statements involving revenues and expenses, operating income, returns on
invested assets, regulatory approval processes, success in obtaining new
business, success in integrating acquired businesses, and other risks detailed
from time to time in the Company's Securities and Exchange Commission filings.
SOURCE SEMCO ENERGY, Inc.
Web site: http: //www.semcoenergy.com
CONTACT: Media: Francis R. Lieder, Jr., 810-987-2200, ext. 4186, firstname.lastname@example.org, or Analysts: Seb Coppola, Sr. Vice Pres., CFO, 810-989-4101, both of SEMCO ENERGY, Inc.