Energi Holdings to Acquire Conifer Energy

PEABODY, Mass.--(Business Wire)--
Energi Holdings Inc. and Conifer Insurance Agency, Inc. today
announced that they have signed a definitive agreement under which
Energi Holdings will purchase substantially all of the assets of
Conifer Insurance Agency, Inc. The terms of transaction have been
approved unanimously by both the Energi and Conifer Boards of
Directors. The terms of the transaction are not disclosed at this
time.

The transaction is expected to close in the third quarter of this
year and provide the merged companies with an important revenue stream
from program administration, retail and wholesale brokerage. Conifer
has become a leading insurance brokerage that specializes in providing
risk management, insurance placement services to certain sectors of
the energy industry and serves as the exclusive program administrator
for the Energi Captive Insurance Program for Fuel Distributors.
Conifer will operate under Energi Insurance Services, Inc. (EIS) a
Massachusetts based insurance brokerage that will be licensed in all
jurisdictions in the US. The company will be led by Brian K. McCarthy
as Chief Executive Officer.

"The combination of Conifer and Energi will provide a unique
platform to provide value added risk management and insurance programs
that will help energy companies reduce risk exposure, obtain
customized coverage that the industry requires, create stability as it
relates to insurance providers, control and retain insurance costs,"
declares James Townsend, Chairman of the Board of Directors of Energi
Holdings, Inc. and CEO of Townsend Oil & Propane in Danvers, MA.

"Energi will now have the foundation necessary to become one of
the leading risk management and insurance providers in the
multi-billion dollar energy market," states CEO Brian K. McCarthy.

About Energi Holdings

Energi Holdings, Inc. is a Delaware Corporation that owns an
interest in a segregated cell rent-a-captive. Energi was founded in
2005, by leading insurance professionals and energy industry experts
to provide valued added risk management and insurance through captive
reinsurance programs for certain sectors of the Energy Industry.
www.energiholdings.com

About Conifer

Conifer Insurance Agency, Inc. is a licensed insurance brokerage
and program administration company. The Energy division has become a
premier Risk Management and Insurance Brokerage Firms for the energy
industry. This was accomplished by working with quality insurance
companies dedicated to the industry. Conifer works directly with
energy companies or with local Independent Insurance Agents.
www.conifercompanies.com

Energi Holdings Inc.
Brian K. McCarthy, 978-532-5445 (x321)

Copyright Business Wire 2008