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New York, NY, April 4, 2006. US Energy Systems, Inc. announced that effective March 31, 2006, it had effected the conversion of all of the outstanding shares of Series D Convertible Preferred Stock.
The conversion of these shares (including shares converted in late 2005) will preserve, on an annual basis, approximately $615,000 that would have otherwise been spent to pay dividends on this series of preferred stock.
Asher Fogel, Chief Executive Officer stated "we welcome the Series D Preferred holders as common stock holders and thank them for their continued support and commitment".
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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