Exhibit 99.1
ENERGY WEST, INCORPORATED ANNOUNCES
ADOPTION OF STOCKHOLDER RIGHTS PLAN
GREAT FALLS, Mont., June 3, 2004/PRNewswire-First Call/--ENERGY WEST,
INCORPORATED (NASDAQ: EWST - News), a natural gas, propane and energy marketing
company serving the Rocky Mountain states, today announced that its board of
directors has adopted a Stockholder Rights Plan. Under the Plan, Rights will be
distributed as a dividend at the rate of one Right for each share of the
company's common stock held by stockholders of record as of the close of
business on June 3, 2004.
The Rights Plan is designed to deter coercive takeover tactics and to prevent an
acquirer from gaining control of the Company without offering a fair and
adequate price and terms to all of the Company's stockholders.
Chairman of the Board, G. Montgomery Mitchell stated, "the board adopted the
Rights Plan to ensure that it has the ability to negotiate on an arm's-length
basis with anyone who might otherwise seek to gain control of the company
without offering an adequate price to all of our stockholders."
Each Right initially will entitle stockholders to buy a fractional share of a
series of preferred stock for $24.00. The Rights generally will be exercisable
only if a person or group acquires beneficial ownership of 15% or more of the
company's common stock or commences a tender or exchange offer upon consummation
of which such person or group would beneficially own 15% or more of the
company's common stock. The Rights Plan also provides that any person or group
owning 15% or more at the time of adoption of the Plan will not cause the Rights
to become exercisable unless such person or group acquires additional common
stock.
A copy of the Stockholder Rights Plan and related documents will be filed with
the Securities and Exchange Commission. The Rights will expire on June 3, 2014.
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Safe Harbor Forward Looking Statement: Energy West is including the following
cautionary statement in the release to make applicable and to take advantage of
the safe harbor provisions of the Private Securities Litigation Reform Act of
1995 for any forward-looking statements made by, or on behalf of Energy West.
Forward-looking statements are all statements other than statements of
historical fact, including without limitation those that are identified by the
use of the words "anticipates," "estimates," "expects," "intends," "plans,"
"predicts," and similar expressions. Such statements are inherently subject to a
variety of risks and uncertainties that could cause actual results to differ
materially from those expressed. Such risks and uncertainties include, among
others, changes in the utility regulatory environment, wholesale and retail
competition, weather conditions, litigation risk, economic conditions and the
competitive environment, particularly in the energy industry, the availability
of capital, the ability to retain key employees, and various other matters, many
of which are beyond Energy West's control. Energy West expressly undertakes no
obligation to update or revise any forward-looking
statement contained herein to reflect any change in Energy West's expectations
with regard thereto or any change in events, conditions, or circumstances on
which any such statement is based.
For additional information or clarification, please contact: JoAnn S. Hogan,
Financial Communications, 1-406-791-7555, jshogan@ewst.com of Energy West,
Incorporated.
Our toll-free number is 1-800-570-5688. Our web address is www.energywest.com.
Our address is P.O. Box 2229, Great Falls MT 59403-2229.
