Nicor Announces Findings of Independent Inquiry and Reports On Business and Financial Matters.

Business Editors

NAPERVILLE, Ill.--(BUSINESS WIRE)--Oct. 29, 2002

Nicor Inc. (NYSE:GAS):

-- Company Committed To Improve Policies And Procedures -- Report Finds No Criminal Conduct Or Fraud -- Announces Third-Quarter Earnings, Restatements Of Prior Financials And Update On Joint Venture -- Nicor Gas To Provide Appropriate Restitution To Customers Nicor today pledged to strengthen its policies and procedures to rectify shortcomings in the implementation of Nicor Gas' performance-based rate (PBR) plan as outlined in an independent counsel's report issued to a Special Committee appointed by Nicor's Board of Directors. Nicor also announced: preliminary third quarter earnings; that prior financials will be restated and therefore cannot be relied upon; termination of its PBR plan effective January 1, 2003; and its intention to exit from its Nicor Energy joint venture.

"After thoroughly reviewing the independent counsel's report, and on behalf of o...

If you are already a vLex customer, Access Here