Aug. 24 /PRNewswire-USNewswire/ -- Karl W. Miller, a senior energy executive and institutional investor, today issued the following statement through his advisors, regarding the state of the U.S. Equity Markets and the Energy Industry. There will be no meaningful market recovery to sustain any true economic recovery, when the average U.S. citizen is upside down on their real estate holdings with negative net worth, and the US Government is underwriting the retail consumer and institutional marketplace. China is irrelevant at the current time, given the fact that there is no U.S. demand, with exception of their own state owned energy companies being on a buying spree of cheap natural resources globally to shore up their own deficient domestic portfolio. Chasing China or Asia in the equity market rally is a false illusion in the near term. Mr. Miller retains a sell recommendation on renewable energy companies and has moved his sell recommendations into U.S. natural gas pipelines and some select U.S. producers. We will see many of these names, which are highly levered fail and/or be purchased at distressed prices when the bust comes, and it is sure to come. It really does not matter whether its 200 or more U.S. banks fail in the near future as projected by banking industry analyst. The fact is that the FDIC will have to underwrite the losses. The fact is that there will be massive additional bank failures and the mechanics are already in the works and can't be stopped. This is where tremendous wealth will be lost and created in real estate and energy/natural resource assets area. Mr. Miller encourages patience to investors. Chasing a false market rally is a formula for failure. The sidelines are the best placement of capital at the current time. The real buying opportunity will come. Do not confuse Warren Buffett's statements regarding deployment of capital with intelligent timing of investments, especially in the energy sector. To view Mr. Miller's entire report -- U.S. Renewable Energy: A Self Inflicted Crisis in the Making -- go to: http://news.prnewswire.com/DisplayReleaseContent.aspx?ACCT=ind_focus.story&STORY=/www/story/06-29-2009/0005052129&EDATE= About Mr. Miller Mr. Miller is a globally recognized energy executive and institutional investor with a balance of both financial and energy sector expertise. Mr. Miller began his career on Wall Street during the 1980's and has an extensive background in banking, commodities trading and risk management. Mr. Miller has a long history in the global energy business and has held a variety of executive management positions both within the United States, Europe and Asia. Mr. Miller has bid on over $25 billion in energy related assets during his career. Mr. Miller has built, restructured and managed energy businesses for major public energy companies on several continents, including PG&E Corporation, Electricite de France, El Paso Energy, Enron Corporation and JPMorgan Chase. Mr. Miller holds an MBA in Finance from the Kenan-Flagler Business School at The University of North Carolina, Chapel Hill. Mr. Miller also holds a B.A. in Accounting from Catholic University located in Washington DC.

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