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EXHIBIT 99.(a)(9)
InfrastruX successfully completes UTILX Corporation tender offer
BELLEVUE, WA - July 31, 2000 - InfrastruX Group, Inc., a wholly-owned
subsidiary of Puget Sound Energy (NYSE:PSD), today announced the successful
completion of its tender offer through a subsidiary to acquire all of the
outstanding shares of common stock of UTILX Corporation (NASDAQ: UTLX) at a
purchase price of $6.125 per share in cash. The tender offer expired, as
scheduled, at 12:00 midnight New York City time on Friday, July 28, 2000. Based
on preliminary information received from ChaseMellon Shareholder Services, as
depository, approximately 6.5 million shares (or 87% of the outstanding shares)
of the common stock were validly tendered and accepted for payment. Payment for
such shares will be made promptly and, in the case of shares tendered by
guaranteed delivery procedures, promptly after timely delivery of shares and
required documentation.
InfrastruX will now proceed to acquire the remaining outstanding shares of
common stock of UTILX through a second-step merger in which shares of common
stock not purchased in the tender offer will be converted, upon completion of
the merger, into the right to receive $6.125 per share in cash. InfrastruX and
UTILX entered into a definitive merger agreement on June 28, 2000 whereby a
wholly-owned subsidiary of InfrastruX would acquire all of the outstanding
shares of common stock of UTILX for a cash price of $6.125 per share. UTILX
stockholders who did not tender their shares in the tender offer will shortly be
receiving material in connection with the merger.
UTILX Corporation, founded in 1984, provides specialty services and
products to electric, telecommunications, natural gas, water, sewer and other
utilities in the United States and around the world. The Company's primary
business is installing, replacing and restoring underground cables and pipes.
Installation and replacement services are provided through the Company's
FlowMole and conventional trenching services. The Company also provides its
CableCure service to utility customers to repair or prevent water damage and
materially extends the life of electric and telephone cables.
InfrastruX Group, Inc., a newly formed subsidiary of Puget Sound Energy, is
a holding company formed to acquire providers of specialized contracting
services, offering end-to-end network infrastructure solutions to the electric
power, telecommunications, natural gas and cable television industries,
including the design, installation, repair and maintenance of network
infrastructure such as electrical transmission lines, fiber optic cable and
other utility distribution systems.
Puget Sound Energy, headquartered in Bellevue, Washington, is an investor-
owned public utility furnishing electric and gas service to more than 1.2
million homes and businesses primarily in the greater Puget Sound region of
Washington State.
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Contact:
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InfrastruX Group, Inc./Puget Sound Energy, Inc. UTILX Corporation
Tim Hogan or John Durbin Debbie Casias
888.831-7250 253.395-4615
