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Guelph, Ontario & Birmingham, Alabama – February 5th, 2010 – Energy Source Canada and Interconn Resources today announced the formation of a joint venture company based on Energy Source Canada’s growing reach into the Ontario natural gas market and Interconn’s broad and extensive natural gas experience in the United States. The new venture, called Energy Source Natural Gas Services, will follow the same business model that has led to the success of both companies.
“We are very excited about our partnership with Energy Source,” says Kevin Stump, Chairman and CEO of Interconn Resources. “They are reputable, strong character individuals with a very similar corporate culture as Interconn. We believe the Ontario market will follow the same maturation process as the U.S. leading to consolidation and the demand for service oriented companies." Mr. Stump will be Chairman of the new venture. The new venture will fortify Energy Source’s position providing a strong foundation in this volatile market. The venture will open up new supply chains and give Energy Source Natural Gas Services much greater flexibility to secure the best prices in the market. This will give end users more efficient supply and service choices.
“This new venture will be a big win for those customers eager for change, hoping for a fresh, new alternative to the current limitations in our market,” says Dave Cornies, President of Energy Source Canada. "Our two companies' focus on service plus access to more supply will serve our existing and new customers well." Mr. Cornies will act as President with responsibility for all operations in Ontario.
As Canada moves toward the mature U.S. natural gas market model, the new company will take advantage of Interconn’s broad experience and help prepare us to meet future challenges for our customers. The trading operations of Energy Source Natural Gas Services will be financed via Interconn’s credit facility provided by Fortis Capital Corp., as agent on behalf of itself and Capital One N.A.
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