InvestSource, Inc.: Encore Energy Systems To Merge With BioConversions International

Aug 12, 2008 (M2 PRESSWIRE via COMTEX) -- ITC | Quote | Chart | News | PowerRating -- Stocks in the News: Encore Energy Systems (Pink Sheets: ENCS), ITC Midwest LLC (NYSE: ITC), DPL Inc. (NYSE: DPL), Aqua America, Inc. (NYSE: WTR)

Aug 08, 2008 -- Encore Energy Systems (Pink Sheets: ENCS | Quote | Chart | News | PowerRating) announced today it has executed a Letter of Intent to merge with BioConversions International. BioConversions reports over $17,000,000 in projected sales with net earnings of approximately 12%. Encore Energy Systems will continue as a wholly owned subsidiary of the new combined entity. The Directors and Officers of Encore Energy Systems will resign. Stockholders are anticipated to own 25% of the combined entity. ENCS and EVI shareholders will receive cash-dividends from Encore's royalty agreements and future Encore-related agreements. Shareholders will receive new Preferred Stock paying yearly dividends of cash or common stock upon redemption. The Company intends the proposed merger to provide current and future equity growth to its loyal stockholders. The proposed merger contemplates the spinning-off of the Encore operations to existing Encore and EVI shareholders as soon as practicable. The LOI is subject to customary conditions, funding for the transaction, and expires 15 September 2008. A Press Release will provide details of the LOI, royalty schedule, and the Preferred Stock dividends. The transaction is part of the Company's previously disclosed plans for cost and debt reduction and to expand its business and market scope.

Aug 08, 2008 -- In a decision that will reduce impediments for wind energy development in Iowa and Minnesota, the Federal Energy Regulatory Commission (FERC) has approved a cost allocation proposal from ITC Midwest LLC (NYSE: ITC | Quote | Chart | News | PowerRating) for connecting generators to the electric grid. The decision makes it easier and reduces a cost barrier for generators -- including wind energy developers -- to connect to the high- voltage electric transmission system operated by ITC Midwest in Iowa and Minnesota. In a joint application made with the Midwest Independent Transmission System Operator, Inc. (Midwest ISO) on April 4, 2008, ITC Midwest proposed that it provide 100 percent repayment to generators for the network upgrades needed to reliably interconnect the generators to the ITC Midwest transmission system. Connection to the grid is necessary for generators to sell energy to customers located on the system. Previously, generators interconnecting to the ITC Midwest system were required to ultimately bear half the costs of most network upgrades along with other costs of interconnection. Under the newly-approved policy, generators will be fully reimbursed for the costs of network upgrades necessary to enable their interconnection with the ITC Midwest system, provided the generators meet certain eligibility requirements. FERC approved the application on August 7, 2008, giving it an effective date of December 20, 2007. That is the date that ITC Midwest acquired the electric transmission system from Alliant Energy's Interstate Power and Light Co. subsidiary. "We are very pleased with the decision and FERC's continued support of competitive open markets," said Doug Collins, ITC Midwest executive director. "The decision is consistent with FERC's direction to invest in the nation's electric transmission system to improve reliability and encourage open access to the grid. Given our strong wind profile in Minnesota and Iowa, this decision further encourages development of renewable electricity sources in the ITC Midwest service area."

Aug 08, 2008 -- DPL Inc. (NYSE: DPL | Quote | Chart | News | PowerRating) today announced the filing of a consent decree in the United States District Court for the Southern District of Ohio settling claims brought by the Sierra Club of alleged violations of the Clean Air Act at the Stuart Station plant located in Aberdeen, Ohio. The 2,400 megawatt coal-fired power plant is co-owned by subsidiaries of DPL (35%), Duke Energy (39%), and American Electric Power (26%), with DPL having operating responsibility for the plant. "This settlement is good for the environment, our customers and our shareholders," said Mr. Paul Barbas, DPL president and chief executive officer. "It establishes meaningful and realistic emission targets, allows us to continue to provide our customers with cost-competitive generation, and avoids the expense of further litigation." Under the terms of the settlement, the co-owners of Stuart Station have agreed to certain emission targets related to nitrogen oxides, sulfur dioxide and particulate matter. In addition, the companies have agreed to make energy efficiency and renewable energy commitments that are conditioned on receiving Public Utilities Commission of Ohio approval for the recovery of costs. The companies have also agreed to forfeit 5,500 sulfur dioxide allowances, and provide $200,000 to a third party non-profit organization to establish a solar water heater rebate program. The settlement must be considered and approved by the District Court. A ruling is expected by the end of the third quarter, after the expiration of a 45-day public comment period and a review by the U.S. Environmental Protection Agency and the Department of Justice.

Aug 08, 2008 -- Aqua Wastewater Management, Inc., a commercial and residential wastewater services subsidiary of Aqua America, Inc. (NYSE: WTR) announced today that it has renewed an agreement with Wawa, Inc. to provide grease-removal and septic tank pumping and cleaning services for 172 Wawa stores in Pennsylvania and New Jersey. Under the agreement, Aqua cleans and removes septic and grease waste from the contracted stores. Service includes waste removal, power washing the tank, and jetting the inlet and outlet lines. Aqua also provides 24/7 emergency response to Wawa. "Aqua is proud to serve a regional icon like Wawa," said Aqua Wastewater Management president Anthony J. Donatoni. "We have the resources and expertise Wawa can depend on for wastewater service, and we're gratified that Wawa wants to continue this relationship as much as we do."

Market Wrap for August 8th, 2008

A firm dollar spelled catastrophe for oil prices Friday, and stocks jumped as black gold crumbled. Equities finished near session highs as investors glossed over a woeful earnings report from government-backed mortgage firm Fannie Mae, sending financial and consumer stocks soaring. The Dow closed at 11,734, up 303 points, or 2.7%, Friday, and 3.6% for the week. The S&P 500 gained 30 points, or 2.4%, to 1,296, up 2.9% on the week, and the Nasdaq picked up 58 points, or 2.5%, to 2,414, adding 4.5% over the past five sessions. Crude finished the day at $115.20 a barrel, down $4.82. United States Oil Fund, an exchange-traded vehicle that plays the energy market, lost 3.7%. Friday's rapid descent in oil prices was attributed to a sharp rise in the dollar, which surged against the slumping euro and other foreign currencies. The euro was at $1.5017 in New York, down from $1.5323 Thursday, while the greenback was worth 110.20 yen, up from 109.43. The pound fell to $1.9200, from $1.9427. Stronger demand for the U.S. currency came after the European Central Bank held its benchmark interest rate steady Thursday, acknowledging a weak economic forecast. Fannie Mae was one of the few companies that didn't get a bump from the leap higher, after the mortgage firm recorded a second-quarter loss of $2.3 billion, or $2.54 a share, and slashed its dividend. Shares of Fannie fell 9.1%, while Freddie Mac, which had a similarly disappointing earnings report on Wednesday, was close to squeaking out a gain, up 0.2%. The financial sector was up for the day though, with the Financial Select Sector SPDR gaining 3.1%, while consumer stocks were also among the leaders. Home Depot spiked up 7.7% and Wal-Mart added 1.6%.

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