October 20, 2007

FOR IMMEDIATE RELEASE

Paraco Gas Corp., one of the largest independent propane retailers in the Northeast, acquires propane division of Blackstone Gas, marking Paraco’s first entry into Mass.
news release from.....

Paraco Gas Corporation, one of the largest independent propane retailers in the Northeast, has acquired the propane division of Blackstone Gas, Paraco officials announced. With the acquisition, New York-based Paraco Gas immediately takes over the distribution of more than a half-million gallons of propane to Blackstone customers. The acquisition also marks Paraco’s first entry into the Massachusetts retail propane market.
            Paraco will operate throughout the region under the name Blackstone Paraco Gas, serving residential, commercial and industrial customers in Worcester, Norfolk and Southern Middlesex Counties in Massachusetts, and Windham County in nearby Connecticut. It will also establish a presence for the first time in Rhode Island by serving customers in neighboring Providence County from its distribution facility in Blackstone.
            Paraco will retain all employees of Blackstone's propane division and also plans to expand the work force with the addition of local industry experts.
            Blackstone Gas will remain an independent company and continue serving customers in its core business of natural gas.
            Paraco, a long-standing family owned business with a deep commitment to safety, customer service and community involvement, said the transition will be seamless for Blackstone’s existing customers.
            "We share the same values as the Wojcik family (which owns Blackstone Gas)," said Paraco Gas CEO Joseph Armentano, who, along with his brother John, operates the company established by their father, Pat, in 1968.
            "As a family owned business for nearly 40 years, our focus has always been on safety, customer satisfaction and community service. We believe in giving back to the community by supporting local organizations and events. We plan to continue this tradition in all of the communities we will be serving because our customers and their communities are our most valued asset," Armentano said.
            Paraco provides over 36 million gallons of propane to 70,000 residential, commercial and industrial customers in New York, Connecticut, Pennsylvania, Vermont, and now Massachusetts and Rhode Island. The company operates 19 propane distribution facilities, including the Blackstone location.
            "We will provide Blackstone propane customers with the best of both worlds," said Mike Gioffre, Paraco vice president of sales and marketing. "As a large retail marketer, we offer the best value in propane and related products and services with an experienced, highly trained staff. Yet, as a family owned operation, we are small enough to cater to the unique and varied needs of each customer."