SOURCE: Corning Natural Gas Corp.

August 30, 2007 13:53 ET

Corning Natural Gas' Rights Offering Successfully Completed

CORNING, NY--(Marketwire - August 30, 2007) - Corning Natural Gas Corporation (OTCBB: CNIG), a natural gas distribution company, successfully completed its Rights Offering, raising nearly $5,000,000 in new funds. On July 13th, Corning offered to all its existing shareholders the right to buy stock and warrants in the Company. At the time, Corning had approximately 500,000 shares outstanding. The Company reported that over 300,000 new shares were subscribed, increasing the total shares outstanding to approximately 810,000.

Mike German, President of Corning Natural Gas, stated, "The Company is delighted with the results and the funds raised will allow the Company to invest in upgrading infrastructure as well as retiring debt." Mr. German thanked CNG's shareholders for their vote of confidence in the Company and their continued support. He stated, "The results are at the upper end of our expectations and illustrates the support the Company has among its shareholders."

Overall, shareholders subscribed for a total of 302,632 shares at a value of $4,842,112.00. CNG said that it would forward new stock and warrant certificates to subscribers shortly. "This offering will allow CNG to continue to upgrade its already substantial capital investment in our service territory. The Rights Offering is part of management's plan for providing a safe and reliable gas supply that can meet the changing demands of our customers," said Jerry Sleve, VP Administration.

Forward-Looking Statements

This press release may contain statements that, to the extent they are not recitations of historical facts, constitute "forward-looking statements" within the meaning of the Securities Litigation Reform Act of 1995 (Reform Act). All such forward-looking statements are intended to be subject to the safe harbor protection provided by the Reform Act. A number of important factors affecting Corning's business and financial results could cause actual results to differ materially from those stated in the forward-looking statements.

About Corning Natural Gas

Corning Natural Gas Corporation, headquartered in Corning, New York, was incorporated in 1904. Corning is a local distribution company (LDC) that provides natural gas service to approximately 14,500 customers through nearly 400 miles of pipeline in the Southern Tier of New York State.

Contact Information

  • CONTACT:
    Jerry Sleve
    Vice President - Administration
    Phone: (607) 936-3758 ext. 223
    Fax: (607) 962-2844

    Market News First - News Agent
    Angela Junell
    214-461-3411
    ajunell@MN1.com