|SEMCO Energy Sells 1.8 Million Shares of Common Stock|
PORT HURON, Mich., Aug. 21 /PRNewswire/ -- SEMCO ENERGY, Inc. (Nasdaq: SMGS) today announced it recently sold 1,820,000 shares of common stock in its recent public offering. Due to strong investor interest, the number of shares sold exceeded the 1,400,000 shares initially committed by the underwriters. The $26.2 million net proceeds from the sale was used to pay down short-term debt.
The stock offering was consistent with the Company's objectives of improved profitability, increased financial strength and enhancing shareholder value, said Chief Financial Officer Robert J. Digan, II. "The successful public offering was a major step in our efforts to improve the financial flexibility of the Company."
SEMCO ENERGY is an energy-focused holding company. It has three
subsidiaries: 1) SEMCO ENERGY GAS COMPANY distributes regulated natural gas to
240,000 customers in Michigan's Upper and Lower Peninsula; 2) SEMCO ENERGY
SERVICES markets gas and related services and 3) SEMCO ENERGY VENTURES
operates and acquires companies involved in natural gas pipeline and
distribution system construction, construction engineering and propane
|"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding SEMCO Energy's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.|