Trenton, NJ (August 24, 2005) - Peter E. Maricondo, who currently serves as the New Jersey Schools Construction Corporation's Chief Financial Officer, will become the Acting Chief Executive Officer while a permanent replacement is found, Board Chairman Alfred C. Koeppe announced today.

Maricondo, who joined the SCC in May, will begin as Acting CEO on September 7, 2005, the day current CEO John F. Spencer's resignation becomes effective. The Board of Directors approved Maricondo's appointment at its monthly Board Meeting today.

"Peter's integrity and attention to detail are well-known and highly regarded. These attributes and his thirty years of management experience have served him well as he worked to get the SCC's finances back on track," said Koeppe. "Internal controls have been put in place, corporate governance policies have been established, and budgets have been set. I am confident that he will be an effective leader while a search is underway for a permanent CEO."

"During my short tenure here, we've accomplished a lot, but clearly, there is much more work ahead of us," said Maricondo. "I will do my best to lead this agency and to ensure that there is a seamless transition for the staff and the Board of Directors."

Before joining the SCC, Maricondo was the Vice President/ Controller and Chief Accounting Officer of NUI Corp., where he oversaw all of the financial and budgeting operations for the utility company and led corporate wide compliance in conjunction with the requirements of the Sarbanes/ Oxley Act.

Maricondo earned his BA in sociology and his MBA in accounting from Seton Hall University. He is a Certified Public Accountant in the State of New Jersey.