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NEW YORK CITY, Dec. 11, 2006 - U.S. Energy Systems, Inc. (Nasdaq: USEY) today announced that Henry Schneider has been appointed to lead the Company's strategic development efforts outside the U.S. as Chief Executive Officer of U.S. Energy Overseas Investments LLC (USEY Overseas), a wholly-owned subsidiary of USEY.
Asher E. Fogel, USEY's Chief Executive Officer, stated, "As we execute our strategies for enhancing the values of our existing businesses, we also are working hard to identify and acquire new undervalued, high potential clean and green energy assets, both in the U.S. and internationally. Henry has a deep understanding of USEY and its strategy, as well as extensive financial and development experience. I am pleased that he has agreed to lead our international strategic development efforts as CEO of USEY Overseas."
In connection with the appointment, which is effective immediately, Mr. Schneider will leave his current position as USEY's President and Chief Operating Officer, in which capacity he has served since August 2005.
Currently, USEY Overseas's primary asset is its 79% interest in UK Energy Systems, Ltd., USEY's natural gas development and power generation business in North Yorkshire, England.
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. Additional information is available on the Company's website at: http://www.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, the effect of the Chapter 11 filing by U.S. Energy Biogas Corp. (a USEY subsidiary), access to needed financing or refinancing on acceptable terms, our ability to continue as a going concern, revisions in the initial estimates in the fair market value of the acquired assets, failure to realize the estimated savings or operating results of the acquisition, and other risks associated with acquisitions generally, including risks relating to managing and integrating acquired businesses, changes in market conditions, the impact of competition, changes in local or regional economic conditions, and the amount and rate of growth in expenses, dependence on management and key personnel, changes in federal or state laws and their interpretation with respect to regulation, energy policy and other business issues, the inability to commence planned projects in a timely manner, our ability to continue our growth strategy, and the ability to complete acquisitions, as well as other risks detailed from time to time in U.S. Energy's Securities and Exchange Commission filings, including its Annual Report on Form 10-K for the year ended December 31, 2005 as well as the 10-Q for the period ended September 30, 2006. We do not undertake to update any of the information set forth in this press release.
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