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January 29, 2001
- For Immediate Release
Peabody, MA - LODESTAR Corporation, the world's leading provider of e-Business
software to enable customer choice in the new energy economy, today announced
that it has received $29 million investment from OCM/GFI Power Opportunities
Fund, L.P. (GFI). LODESTAR is using a portion of the investment funds
to repurchase shares, and the balance to accelerate the growth of the
business.
LODESTAR will use the funds to enhance its solutions offerings and global
business opportunities. Specifically, the company will accelerate the
development of new products and services included in its LODESTAR Customer
Choice Suite, which provides flexible, scalable solutions to meet the
challenges of competition in the energy marketplace. LODESTAR recently
announced the Customer Choice Suite for Retail Companies and will continue
to develop suites specifically tailored to meet the unique needs of other
energy market participants. In addition, LODESTAR will drive the national
rollout of the LODESTAR Transaction Management Hub and will draw upon
its domestic success to expand into international markets.
"LODESTAR grew rapidly in 2000 as we expanded our company to help
our clients to transition into new deregulated markets," said Chris
Hamilos, chairman and chief executive officer of LODESTAR. "As this transition
continues, energy companies must implement new information systems and
business processes to handle new opportunities, markets and regulatory
requirements. This investment allows us to accelerate the creation of
solutions that enable energy companies to operate effectively within the
increasingly complex and rapidly changing energy market." Mr. Hamilos
remains the largest single shareholder of LODESTAR Corporation.
"With its unique blend of leading technology and experienced industry
experts, LODESTAR has already established itself as a varsity player in
the multi-billion energy market," said Lawrence Gilson, chairman of GFI.
"The rapid development of competitive wholesale and retail energy markets
is forcing companies to adopt new business practices and overhaul existing
infrastructure. As a result, companies like LODESTAR that combine extensive
industry knowledge and software innovation are perfectly positioned to
provide solutions that meet these new challenges."
LODESTAR clients include Allegheny Power, Entergy Services, Inc.; Arizona
Public Service Company; Reliant Energy, Inc.; Shell Energy Services Company,
LLC; the Electric Reliability Council of Texas; the Midwest ISO; Southern
Company Services, Inc.; The Dayton Power & Light Company; Potomac Electric
Power Company; HydroOttawa and TransAlta Utilities Corporation. Approximately
one-third of the energy provided to U.S. customers is currently using
LODESTAR software.
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