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Exhibit 99.1
News Release
From: Exelon FOR IMMEDIATE RELEASE
Corporate Communications October 20, 2000
P.O. Box 767
Chicago, IL 60690-0767
Contact: Don Kirchoffner
312.394.3001
UNICOM CORPORATION AND PECO ENERGY COMPANY COMPLETE MERGER;
NEWLY MERGED EXELON CORPORATION TO BEGIN PUBLIC TRADING ON
OCTOBER 23, 2000
Chicago and Philadelphia (October 20, 2000) Unicom Corporation and PECO
Energy Company today announced that they have completed their merger and on
October 23, 2000 will begin trading as Exelon Corporation (NYSE: EXC) on
the New York Stock Exchange (NYSE) under the ticker symbol EXC. Exelon will
also be listed on the Chicago and Philadelphia stock exchanges.
The merger of Unicom and PECO Energy creates Exelon, one of the nation's
largest electric utilities, with more than $12 billion in annual revenues.
The company has one of the industry's largest portfolios of electricity
generation capacity, with a nationwide reach and strong positions in the
Midwest and Mid-Atlantic. Exelon distributes electricity and gas to
approximately five million customers in Illinois and Pennsylvania. The
company also has holdings in such competitive businesses as energy,
infrastructure services, energy services and telecommunications. Exelon is
headquartered in Chicago.
Unicom's last quarterly dividend of 40 cents per share is payable November
1, 2000, to Unicom shareholders of record at 5:00 p.m. on October 6, 2000.
In addition, with the completion of the merger on October 20, 2000, Unicom
shareholders of record at the close of business on October 19, 2000 will
receive a pro-rata dividend of $0.0923077 per share, payable within 30 days
after the merger closing. This pro-rata dividend is equivalent to $0.40 per
share for the full quarter, and was calculated at a per-day rate of
$0.004395604 per share over the 21-day period from September 29, 2000
through October 19, 2000.
With the completion of the merger on October 20, 2000, PECO Energy
shareholders of record at the close of business on October 19, 2000 will
receive a pro-rata dividend of $0.1582279 per share, payable December 20,
2000. This pro-rata dividend is equivalent to $0.25 per share for the full
quarter, and was calculated at a per-day rate of $0.003164557 per share
over the 50-day period from August 31, 2000 through October 19, 2000.
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This press release contains certain forward-looking statements within the
meaning of the safe-harbor provisions of the Securities Exchange Act of
1934; these forward-looking statements are subject to various risks and
uncertainties. The factors that could cause actual results to differ
materially from the projections, forecasts, estimates and expectations
discussed herein may include factors that are beyond the company's ability
to control or estimate precisely, such as estimates of future market
conditions, the behavior of other market participants and the actions of
the Federal and State regulators. Other factors include, but are not
limited to, actions in the financial markets, weather conditions, economic
conditions in the company's service territories, fluctuations in
energy-related commodity prices, conversion activity, other marketing
efforts and other uncertainties. Other risk factors are detailed from time
to time in the company's SEC reports. Readers are cautioned not to place
undue reliance on these forward-looking statements, which speak only as of
the date of this press release. The company does not undertake any
obligation to publicly release any revisions to these forward-looking
statements to reflect events or circumstances after the date of this press
release.
IR Contacts:
Eunice Collins, 312.394.8354
Susan Coan, 215.841.5747
