Able Energy Subsidiary, PriceEnergy Expands Relationship with BJ's Wholesale Club
Wednesday May 31, 4:33 pm ET
ROCKAWAY, N.J.--(BUSINESS WIRE)--May 31, 2006--Able Energy announced today that its e-commerce subsidiary, PriceEnergy and BJ's Wholesale Club have extended their contract to provide home heating oil and related services to BJ's members throughout the Northeast U.S. This industry-leading program was started in 2002 and has grown to over 70 BJ's locations in 8 northeastern states. This agreement extension now paves the way to expand the program to over 100 BJ's locations in the Northeast.
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"We look forward to our continued relationship with BJ's and are excited about the economic potential of this agreement," stated Gregory Frost, Chairman and CEO of Able Energy. "Our new agreement provides the incentive for us to aggressively expand the number of BJ's members we serve while also adding new products and services to the program. This agreement is consistent with our commitment to growing both revenue and profitability in all of our operating subsidiaries."
PriceEnergy operates a fully automated, internet based home heating oil ordering system, complimented by a network of fuel distributors, making PriceEnergy uniquely qualified to provide services to BJ's and other similar channel partners. BJ's Wholesale Club has grown to become the leading warehouse chain in the eastern Unitied States.
Able is a holding company for five operating subsidiaries, which are engaged in the retail distribution of, and the provision of services relating to, home heating oil, diesel fuel, and kerosene. In addition, Able provides complete HVAC installation and repair.
Able's common stock is traded on the NASDAQ Capital Market under the symbol "ABLE" and on the Boston Stock Exchange under the symbol "AEI".
This announcement includes forward-looking statements based on current expectations. Actual results may differ materially. These forward-looking statements involve a number of risks and uncertainties including, but not limited to, the closing of future financing rounds, the possibility of continuing operating losses, the ability to adapt to rapid technological change, the receipt and fulfillment of new orders for current products, the timely introduction and market acceptance of new products and the ability to establish and maintain strategic partner relationships.
Contact:
Able Energy
Christopher P. Westad, 973-625-1012
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Source: Able Energy
