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White Plains, NY, August 23, 2005 U.S. Energy Systems, Inc. (Nasdaq:USEY), a provider of customer-focused energy solutions, announced that it had appointed Asher E. Fogel Chief Executive Officer of US Energy. Mr. Fogel was also appointed to serve as a member of US Energy's Board of Directors. Lawrence I. Schneider resigned at such time as Chief Executive Officer; he remains as Chairman of the Board.
Contemporaneously therewith, Henry N. Schneider was appointed as President and Chief Operating Officer of US Energy.
Asher Fogel has extensive experience in the areas of corporate finance, capital markets and investments in the US and international markets and previously served as a director of US Energy. Most recently, he has been associated with the Ampa Group of Israel.
Henry Schneider has served as an executive officer of US Energy for more than the past five years and since October 2004 had served as our Interim President.
Asher Fogel stated: "Both Henry and I look forward to positioning US Energy on a path of growth and to take advantage of the existing opportunities in the energy markets."
About U.S. Energy Systems, Inc.
U.S. Energy Systems, Inc is an owner of generating facilities and a provider of energy outsourcing services for large retail customers, including industrial, commercial and institutional end users. USEY owns and operates energy projects in the United States that generate electricity and thermal energy and use renewable fuels.
For further information contact:
Investor Relations Department
U.S. Energy Systems, Inc.
750 Lexington Avenue
15th Floor
New York, NY 10022
212-588-8901
info@useyinc.com
Certain matters discussed in this press release are forward-looking statements, and certain important factors may affect the Company's actual results and could cause actual results to differ materially from any forward-looking statements made in this release, or which are otherwise made by or on behalf of the Company. Such factors include, but are not limited to, changes in market conditions, the inability to commence planned projects in a timely manner, the impact of competition, the ability to complete acquisitions, risks associated with acquisitions, as well as other risks detailed from time to time in US Energy's Securities and Exchange Commission filings, including its Annual Report on Form 10-K for the year ended December 31, 2004, as amended. We do not undertake to update any of the information set forth in this press release.
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