PRESS RELEASES 2000 RELEASE
FOR IMMEDIATE RELEASE
June 26, 2000
Contact: Greg S. Pruett
EDITORS: Please do not use "Pacific Gas and Electric" or "PG&E" when referring to PG&E Corporation or its National Energy Group. The PG&E National Energy Group is not the same company as Pacific Gas and Electric Company, the utility, and is not regulated by the California Public Utilities Commission. Customers of Pacific Gas and Electric Company do not have to buy products or services from the National Energy Group in order to continue to receive quality regulated services from Pacific Gas and Electric Company.

BRYANT TONG NAMED TO LEAD PACIFIC VENTURE CAPITAL, LLC

San Francisco - PG&E Corporation (NYSE: PCG) today named Bryant J. Tong, 45, as President and Chief Executive Officer of Pacific Venture Capital, LLC, and Senior Vice President of PG&E Corporation. The Corporation announced the appointment concurrent with the launch of Pacific Venture Capital, LLC, a newly created business unit that will build and manage a portfolio of strategic capital investments in growing energy and telecommunications companies.

"Bryant Tong brings experience, talent and a successful track record to Pacific Venture Capital," said PG&E Corporation Chairman, CEO and President Robert D. Glynn, Jr. "We are very pleased to be launching this new venture under his leadership."

Tong brings to his new post more than 23 years of experience. He joins PG&E Corporation from ReSourcePhoenix.com, a company that pioneered the use of the Internet to help businesses manage financial and accounting operations. Tong was President and Chief Operating Officer for ReSourcePhoenix.com and a member of its Board of Directors.

Prior to his experience at ReSource Phoenix, Inc., Tong served in a series of senior management positions with Phoenix American, Inc. There, Tong served on the Executive Credit Review Committee of Phoenix Growth Capital (PGC). PGC invested in over 200 venture capital-backed companies by providing venture lease financing. As a member of the Credit Review Committee, Tong reviewed the business plans, management teams and financial information of these prospective portfolio companies.

Tong's career also includes a Partnership Controller position with the Robert McNeil Corporation and more than four years as an auditor with Ernst and Young.

A native of San Francisco, California, Tong earned a Bachelor of Science degree in accounting from the University of California at Berkeley. Tong also is a member of the California Society of Certified Public Accountants, the American Institute of CPAs, and is on the board of directors and is treasurer for the Investment Program Association.

Tong reports to PG&E Corporation Senior Vice President and Chief Financial Officer Peter A. Darbee.

PG&E Corporation, with 1999 operating revenues of almost $21 billion and operations in 21 states, markets energy services and products throughout North America through its National Energy Group. PG&E Corporation's businesses also include Pacific Gas and Electric Company, the Northern and Central California utility that deliver natural gas and electricity to one in every 20 Americans.


 

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