PORT HURON, Mich., Jan. 22 /PRNewswire/ -- William L. Johnson, President
and Chief Operating Officer of Southeastern Michigan Gas Enterprises (SEMGE)
(Nasdaq: SMGS), covered recent Company developments at a meeting with
shareholders and brokers on Friday January 17, 1997 in Port Huron, Michigan.
The following topics were covered.
The name of the Company will be changed to SEMCO ENERGY, Inc., pending the
approval of shareholders at their Annual Meeting in April. Johnson stated
that the name change would provide a more marketable brand identity to
customers and reduce confusion among regulators, suppliers and vendors.
A long-term incentive plan will also be presented to shareholders in
April. The plan provides for stock options and other stock based awards for
key management and directors if and when financial targets are met. The plan
is designed to retain key management and directors and provide incentives
which will increase shareholder value.
The Board of Directors has approved a Shareholder Rights Plan subject to
shareholder action in April. The Plan requires the approval of shareholders
in April for the authorization of additional preference stock.
Johnson reported that the Company continues to explore the acquisition of
businesses that are related to the Company's core business.
Southeastern Michigan Gas Enterprises is the parent company of Battle
Creek Gas Company, which serves 35,000 customers in 13 cities and towns
including Battle Creek; Michigan Gas Company, which serves 98,000 customers in
six counties in southwestern and western Michigan and seven counties in the
Upper Peninsula; and Southeastern Michigan Gas Company, which serves 95,000
customers in eastern and central Michigan.
SOURCE Southeastern Michigan Gas Enterprises, Inc.
CONTACT: Francis Lieder of SEMGE, 810-987-7900, Ext. 4l86, or fax 810-987-4570