Cap Rock Energy Corporation Announces Appointment of William West as CEO
March 14 2006 - 12:18PM
PR Newswire (US)
MIDLAND, Texas, March 14 /PRNewswire-FirstCall/ -- Cap Rock Energy
Corporation (AMEX:RKE) today announced that William L. West has
become Chief Executive Officer, effective March 10, 2006. Mr. West,
who was recommended by David W. Pruitt to be his successor, was
appointed President in December 2004. As previously announced, when
David W. Pruitt announced his retirement as CEO in late 2005, Mr.
West was named as his successor. Mr. Pruitt has served as CEO of
the Company from its inception and served in the same capacity for
the Company's predecessor since 1987. He is retiring as CEO after
taking over the leadership of a small electric cooperative and
leading it through some dramatic changes. During Mr. Pruitt's
tenure, the Company acquired three other electric cooperatives, and
changed from being a small electric cooperative to becoming the
first electric cooperative in the United States to convert to a
public stock company and the first electric company in over sixty
years to go public. During this process, the Company paid out
millions of dollars to its former customers who had equity in the
Company while creating millions more in value for those who
invested in the Company, including those former customers who chose
to remain owners of the Company. Mr. Pruitt was a pioneer in
creating successful and innovative management and control systems
in the electric utility industry. As Mr. Pruitt's tenure concludes,
the Company has just received shareholder approval of a transaction
that will take the Company private and provide a significant
premium on the stock price to most shareholders. Mr. Pruitt will
remain Co-Chairman of the Board of Directors of the Company until
the closing of the agreement and plan of share exchange between the
Company and Cap Rock Holding Corporation which was approved by
shareholders March 10, 2006. After such closing, Mr. Pruitt will
serve on the Board of Directors of Cap Rock Holding Corporation and
will also serve as a consultant and advisor to the Company. Mr.
Pruitt stated, "I have been involved in the electric utility
business for thirty-five years and with Cap Rock for twenty of
those years. During my career with the Company, I have had the
pleasure of working with the most progressive and informed Board of
Directors that anyone could ever hope to work with. Through their
willingness to do what is right and not necessarily what is popular
at the time, we were able to build a great Company and reward those
who have invested in our Company and its predecessor. It has been
my honor and privilege during my tenure to work with the hardest
working and most talented group of employees that I have ever been
around. We tried hard to treat employees right and in return they
have turned us into a first class service company that is, in my
opinion, one of the best service companies in the United States.
Any successes we have had have been because of this great group of
employees and our Board. When I took this job twenty years ago, our
rates were close to 30% higher than our competitors and as I retire
as CEO, our residential rates are now cheaper than those same
competitors. That is a compliment to all of our gang. While there
is a sense of pride and success in this position of leadership, I
am placing the Company in great hands. Will West has proven that he
has what it takes to lead this Company in the right direction and
to achieve success beyond my wildest dreams." Russell Jones,
Co-Chairman of the Board stated, "When David started in this
position twenty years ago, we had trouble keeping the lights on.
David turned our company around and built it into an outstanding
electric utility. That is a tribute not only to David's hard work
but also to his leadership ability and the positive effect he has
on those who work for him." "I am honored to be able to continue
the legacy started by David Pruitt," stated William West. "David
leaves me with a Company uniquely positioned to face the challenges
and capitalize upon the exciting opportunities the industry
currently presents, and I am looking forward to leading this great
group of employees into the future." Cap Rock Energy supplies
electricity to over 35,000 meters in counties throughout Texas. Its
corporate office is located in Midland, Texas with service
divisions in Stanton, Colorado City, Brady and Celeste. It also
manages a municipal electric system in the City of Farmersville.
Management believes certain statements in this press release may
constitute "forward-looking statements" within the meaning of the
Private Securities Litigation Reform Act of 1995. These statements
are made on the basis of management's current expectations, views
and assumptions and are subject to uncertainty and changes in
circumstances. Actual results may differ materially from these
expectations, views and assumptions. The foregoing information
should be read in conjunction with Cap Rock Energy's filings with
the Securities and Exchange Commission, including, but not limited
to, reports on forms 10-K and 10-Q. Cap Rock Energy Corporation
does not intend to update or revise these "forward-looking
statements" to reflect current or future events or circumstances.
On November 4, 2005, Cap Rock Energy entered into an agreement and
plan of share exchange with Cap Rock Holding Corporation. Subject
to the terms and conditions set forth in the agreement, Cap Rock
Holding Corporation will acquire all the outstanding shares of Cap
Rock Energy common stock for $21.75 per share. For more
information, please see Cap Rock Energy's public filings with the
Securities and Exchange Commission, which are publicly available at
http://www.sec.gov/ . DATASOURCE: Cap Rock Energy Corporation
CONTACT: Ronnie Lyon, VP-General Counsel of Cap Rock Energy
Corporation, +1-903-813-0377, or
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