Commerce Energy Names C. Douglas Mitchell Chief Financial Officer
17 Julio 2008 - 3:05PM
Business Wire
Commerce Energy Group, Inc. (AMEX:EGR), a leading U.S. electricity
and natural gas marketing company, today announced the appointment
of C. Douglas Mitchell as its chief financial officer. Mitchell,
57, had been the company�s interim CFO since January 2008. �Doug
has done an outstanding job during his interim role at Commerce,
giving us an opportunity to work closely together during a critical
transition period,� said Gregory L. Craig, who was named chairman
and chief executive officer in February of this year. �His
understanding of our business, experience working with our
management team and breadth of financial acumen make him a natural
fit for this position.� For the past six months, Mitchell had been
serving Commerce in his role as a partner at Tatum LLC, an
executive services firm providing CFOs and other professionals on
an interim, outsourced basis. Prior to joining Commerce, at Tatum,
Mitchell also held interim CFO positions at Nexiant, Inc., a
provider of inventory management products; Borland Software
Corporation; and eTelecare Global Solutions, Inc., a multi-national
call center. In his position as CFO of Commerce, Mitchell will
retain his partnership interest in Tatum. Previously a senior audit
manager at Coopers & Lybrand, Mitchell also served as senior
vice president of Geneva Corporation, a merger and an acquisition
firm, and was part of the successful turnaround team at Del Taco,
Inc. He earned a Bachelor of Science degree in business
administration from the University of Southern California and is a
Certified Public Accountant. �I am delighted to continue as part of
the senior management team at this important time in the company�s
development,� Mitchell said. �I believe that Commerce has
outstanding potential, and I look forward to continue to contribute
to the efforts of a management team that is focused on executing a
turnaround strategy and restoring growth momentum.� About Commerce
Energy Group Commerce Energy Group is a leading independent U.S.
electricity and natural gas marketing company. Its principal
operating subsidiary, Commerce Energy, Inc., is licensed by the
Federal Energy Regulatory Commission and by state regulatory
agencies as an unregulated retail marketer of natural gas and
electricity and serves homeowners, commercial and industrial
consumers and institutional customers. For more information, visit
www.CommerceEnergy.com. Forward-Looking Statements Except for
historical information contained in this release, including those
of Mr. Mitchell, may constitute forward-looking statements
regarding the company�s assumptions, projections, expectations,
targets, intentions or beliefs about future events. Words or
phrases such as �anticipates,� �believes,� �estimates,� �expects,�
�intends,� �plans,� �predicts,� �projects,� �targets,� �will likely
result,� �will continue,� �may,� �could� or similar expressions
identify forward-looking statements. Forward-looking statements are
not guarantees of future performance and involve risks and
uncertainties which could cause actual results or outcomes to
differ materially from those expressed. Commerce Energy Group, Inc.
cautions that while such statements in this news release, whether
express or implied, are made in good faith and the company believes
such statements are based on reasonable assumptions, including
without limitation, management�s examination of historical
operating trends, data contained in records, and other data
available from third parties, the company cannot assure that its
projections will be achieved. In addition to other factors and
matters discussed from time to time in our filings with the U.S.
Securities and Exchange Commission (SEC), some important factors
that could cause actual results or outcomes for Commerce Energy
Group, Inc. or its subsidiaries to differ materially from those
discussed in forward-looking statements include: the success and
effectiveness of the company�s new management plans and strategies;
higher than anticipated attrition of company personnel, the
volatility of the energy markets; higher than expected attrition
of, and/or unforeseen operating difficulties relating to, customer
accounts, competition, operating hazards, uninsured risks, failure
of performance by suppliers and transmitters, changes in general
economic conditions, seasonal weather or force majeure events that
adversely affect electricity or natural gas supply or
infrastructure, decisions by our energy suppliers requiring us to
post additional collateral for our energy purchases, uncertainties
in the capital markets should the company seek to raise additional
equity or debt; uncertainties relating to federal and state
proceedings regarding the 2000-2001 California energy crisis;
accounts receivable collection issues caused by unfavorable changes
in regulations or economic trends, increased or unexpected
competition, adverse state or federal legislation or regulation, or
adverse determinations by regulators, including failure to obtain
regulatory approvals. Any forward-looking statement speaks only as
of the date on which such statement is made, and, except as
required by law, the company undertakes no obligation to update any
forward-looking statement to reflect events or circumstances after
the date on which such statement is made or to reflect the
occurrence of unanticipated events. New factors emerge from time to
time, and it is not possible for management to predict all such
factors.
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