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New York, NY, August 7, 2006. U.S. Energy Systems, Inc. (Nasdaq:USEY), announced that it completed its $177 million acquisition and financing of the Knapton Power Station and related proven gas fields.
Asher Fogel, USEY's chief executive officer stated, "The completion of this acquisition is the first significant step of the company and its new management team towards its goal to build USEY into a significant participant in the energy sector."
About U.S. Energy Systems, Inc.
U.S. Energy Systems, Inc is an owner of green power and clean energy and resources. USEY owns and operates energy projects in the United States and United Kingdom that generate electricity, thermal energy and gas production.
For further information contact:
Henry Schneider
President
US 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, access to financing on acceptable terms, 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, 2005. We do not undertake to update any of the information set forth in this press release.
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