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SAN DIEGO FINANCIAL NOTES

February 25, 1988

New York-based Sithe Energies has signed a definitive agreement to acquire Energy Factors at a cash price of $8.25 per share. Sithe linked the tender offer and the merger to, among other things, the settlement of lawsuits initiated by disgruntled Energy Factors shareholders who have described Sithe's previous $6.25-per-share offer as too low.

The merger is also conditioned upon Sithe Energies owning at least 90% of Energy Factors shares at the time of the merger.

Sithe now owns 55% of Energy Factors outstanding common shares. Energy Factors shareholders had tendered about 379,920 shares of stock by Tuesday.

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