Folsom,
NJ - South Jersey Industries (NYSE: SJI) today
announced that the opening date for its joint-venture project
to construct and operate a thermal energy project to serve
the Echelon Resort on the Las Vegas strip would be later than
anticipated. Earlier today Boyd Gaming announced that, while
remaining fully committed to the Echelon project, it was delaying
construction on the project for nine to twelve months. The
Boyd Gaming release attributed the delay to “a difficult
environment in the capital markets, as well as weak economic
conditions.” The
construction of the thermal energy facility has been on schedule
to date.
“We are disappointed with the announced delay in the
project,” said SJI Chairman & CEO Edward Graham. “However,
based upon Boyd Gaming’s stated commitment to the Echelon
project, we remain confident about its eventual completion,” continued
Graham. Under the terms of the non-recourse project financing
agreements to construct the energy plant, Boyd Gaming has
provided a guaranty of debt service payments for their obligations
until the project achieves certain operating performance
levels.
Forward-Looking Statement
This news release
contains forward-looking statements. All statements other
than statements of historical fact included in this press
release should be considered forward-looking statements made
in good faith by the Company and are intended to qualify
for the safe harbor from liability established by the Private
Securities Litigation Reform Act of 1995. When used in this
press release words such as “anticipate”, “believe”, “expect”, “estimate”, “forecast”, “goal”, “intend”, “objective”, “plan”, “project”, “seek”, “strategy” and
similar expressions are intended to identify forward-looking
statements. Such forward-looking statements are subject to
risks and uncertainties that could cause actual results to
differ materially from those expressed or implied in the
statements. These risks and uncertainties include, but are
not limited to, the following: general economic conditions
on an international, national, state and local level; weather
conditions in our
marketing areas; changes in commodity costs; the timing
of new projects coming online; changes in the availability
of natural gas; “non-routine” or “extraordinary” disruptions
in our distribution system; regulatory, legislative and court
decisions; competition; the availability and cost of capital;
costs and effects of legal proceedings and environmental
liabilities; the failure of customers, suppliers or business
partners to fulfill their contractual obligations; and changes
in business strategies. SJI assumes no duty to update these
statements should actual events differ from expectations.
About South Jersey Industries
South Jersey
Industries (NYSE: SJI) is an energy services holding company
for utility and non-regulated businesses. A member of the
KLD Global Climate 100 Index, SJI offers solutions to global
warming through renewable energy, clean technology and efficiency.
South Jersey Gas, one of the fastest growing natural gas
utilities in the nation, strongly advocates the efficient
use of energy while safely and reliably delivering natural
gas in southern New Jersey. South Jersey Energy Solutions,
the parent of SJI’s non-regulated businesses, provides
innovative, environmentally friendly energy solutions that
help customers control energy costs. South Jersey Energy
acquires and markets natural gas and electricity for retail
customers and offers energy-related services. Marina Energy
develops and operates energy projects including thermal facilities
serving hot and chilled water for casinos, cogeneration facilities
and landfill gas-to-electricity facilities. South Jersey
Resources Group provides wholesale commodity marketing and
risk management services. South Jersey Energy Service Plus
installs, maintains and services heating, air conditioning
and water heating systems, services appliances, installs
solar systems and performs energy audits. For more information
about SJI and its subsidiaries, visit http://www.sjindustries.com.
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