Planet Energy Corporation

Planet Energy Corporation

November 15, 2007 08:00 ET

Planet Energy Announces Settlement With Energy Savings Group

TORONTO, ONTARIO--(Marketwire - Nov. 15, 2007) - Planet Energy Corp. ("Planet Energy"), the Ontario-based marketer of long term, fixed price or stable price natural gas and electricity contracts, announced today that it has reached a settlement that resolves the lawsuit filed in British Columbia by a subsidiary of Energy Savings Income Fund ("Energy Savings Group") against Planet Energy (B.C.) Corp. and its principal officers.

According to the terms of the settlement, Planet Energy and Energy Savings Group clarified the scope, term and application of certain non-competition obligations of the principal officers of Planet Energy in connection with their former employment with Energy Savings Group and Planet Energy agreed to temporarily suspend its marketing efforts to residential customers in British Columbia. During the suspension, Planet Energy's existing customers in British Columbia will continue to get the benefit of their fixed price contracts.

As part of the settlement, Energy Savings confirmed that the obligations do not apply to Planet Energy's commercial business. As such Planet Energy will continue to offer long term natural gas and electricity contracts to commercial customers and will also proceed with the development and roll-out of environmentally friendly energy and energy-related products.

Planet Energy

Planet Energy is a 100% Canadian-owned private company. Planet Energy is a supplier of natural gas to residential customers in British Columbia and electricity and natural gas to commercial customers in Ontario, under long term contracts. By fixing the price of natural gas or electricity under its fixed price contracts for a period of up to five years, Planet Energy customers offset their exposure to changes in the price of these essential commodities. Planet Energy's business plans include the development and marketing of environmentally friendly energy and energy related products.

Contact Information

  • Planet Energy Corp.
    Mr. Paul DeVries
    President and CEO
    (289) 360-3000
    Planet Energy Corp.
    Mr. Chris Gaffney
    Executive Vice-President and Chief Legal Officer
    (289) 360-3002