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UTILICORP AND KCPL CHOOSE MAXIM ENERGIES
AS NAME FOR COMBINED COMPANY
Dates Set for Special Shareholders' Meetings
KANSAS CITY, MO, July 1, 1996 -- UtiliCorp United (NYSE: UCU)
and Kansas City Power & Light Company (NYSE: KLT) have chosen Maxim
Energies, Inc. as the name for the new company to be created by
their proposed merger.
In addition, KCPL and UtiliCorp said they have set August 7 and
August 14 as the dates for their respective special shareholder
meetings to vote on the companies' revised merger agreement.
Commenting on the new name, Richard C. Green, Jr., chairman and
chief executive officer of UtiliCorp, said, "We wanted a name that
clearly conveys our commitment to delivering the highest levels of
value and service, as well as our leadership role in redefining our
industry in the newly competitive energy marketplace. We believe
Maxim Energies captures that commitment, as well as our vision to be
a vigorous participant in the global energy marketplace."
"Maxim Energies is a new company for the new era in energy,"
added Drue Jennings, chairman, president and chief executive officer
of KCPL. "The name signifies both scale and scope, and sets a high
standard of achievement through maximum effort, commitment and
innovation."
UtiliCorp and KCPL said they chose to use "Energies" in the
plural because the new company will provide a broad range of
electric, gas and energy-related products and services in both
regulated and unregulated energy businesses. In addition, it
captures the energies of employees working together to provide
comprehensive and innovative energy solutions.
The August 7 KCPL special shareholders' meeting will be held at
10 a.m. CDT at the Hyatt Regency Crown Center in Kansas City. The
August 14 UtiliCorp special shareholders' meeting will be held at 2
p.m. CDT at the Kansas City Convention Center. The revised joint
proxy statement/prospectus for the meetings is being mailed to
shareholders of both companies this week.
- more -
Maxim - 2
UtiliCorp and KCPL said Maxim Energies will be uniquely
positioned to meet the challenges of the changing energy market,
matching KCPL's experience and strength in regulated businesses with
UtiliCorp's experience and strength in unregulated businesses.
Maxim Energies' vision goes far beyond a traditional focus on
cost synergies, size, concentration of assets and the regulated
segment of the utility business. It will add diversified products
and services, enter new markets and be positioned to grow revenues,
income and share value for shareholders.
Over the last 10 years UtiliCorp has successfully diversified
into unregulated businesses. Since 1985, UtiliCorp has increased
assets over 400 percent and has built the industry's first national
brand, EnergyOne(SM), which provides energy solutions to customers
coast to coast.
Kansas City Power & Light Company provides electric power to a
growing and diversified service territory encompassing metropolitan
Kansas City and parts of eastern Kansas and Western Missouri. KCPL
is a low-cost producer and a leader in fuel procurement and plant
technology. KLT Inc., a wholly-owned subsidiary of KCPL, pursues
domestic and international opportunities in non-regulated, primarily
energy-related ventures.
UtiliCorp United is an international electric and gas company
with energy customers and operations across the United States and in
Canada, Great Britain, New Zealand, Australia and Jamaica. In 1995
it launched EnergyOne, the first nationally branded line of products
and services for electric and gas utility customers. UtiliCorp has
grown rapidly over the past decade through utility mergers and
acquisitions and by starting non-regulated energy-related
businesses.
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MEDIA CONTACTS: INVESTOR CONTACTS:
KCPL:
Phyllis Desbien -- 816-556-2903 David Myers -- 816-556-2718
Andrea Bielsker -- 816-556-2595
UtiliCorp:
Jerry Cosley -- 816-467-3677 Ellen Fairchild --816-467-3506
Media Relations -- 816-467-3000 Dale Wolf -- 816-467-3536
