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Exhibit 99.1
FOR IMMEDIATE RELEASE - InfrastruX Group, Inc./UTILX Corporation News Release
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July 31, 2000
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.
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
