Current News

For Immediate Release:
February 11, 2005

Contact: Donald L. Correll, President and CEO
Phone: 603-882-5191 Ext. 2301

Pennichuck Corp. Hires Michael Fallon to Head Real Estate Subsidiary

Merrimack, NH (NASDAQ: PNNW) - Pennichuck Corporation announces the appointment of Michael C.J. Fallon as President of its real estate subsidiary, The Southwood Corporation.

Mr. Fallon has over 30 years of experience in the real estate industry and most recently operated Fallon and Associates, LLC, a Hancock, NH based consulting organization specializing in distressed and surplus property redevelopments and strategic asset management for corporate and institutional portfolios.

Previously Mr. Fallon served as President of United Properties Group, Inc., a real estate investment and development company headquartered in Montvale, New Jersey. Prior to joining United Properties, he was Senior Vice President of Cushman and Wakefield, Inc., in New York City, where he was responsible for the firm's national corporate consulting practice as well as managing the company's Realty Advisors group.

"Pennichuck Corporation is delighted to have been able to retain someone with Mike's extensive background and credentials" said Don Correll, Pennichuck president and chief executive officer. "His years of experience in the real estate industry including the areas of finance, investment and redevelopment will be invaluable as we embark on a major capital program and expansion effort."
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A 1968 graduate of Siena College in Loudonville, NY, he is a member of the board of directors and executive committee of the National Football Foundation and College Hall of Fame; and also served on the board of the New York State Employees Retirement System pension fund, before relocating to New Hampshire in 2003.

Mr. Fallon and his wife reside in Hancock, NH.

Pennichuck Corporation is a holding company located in Merrimack, New Hampshire with three wholly owned operating subsidiaries involved in regulated water supply and distribution throughout southern and central New Hampshire; non-regulated, water-related services conducted through Pennichuck Water Service Company; and real estate investment and development activities conducted through The Southwood Corporation.

Pennichuck Corporation is traded on the NASDAQ Stock Market under the symbol "PNNW."