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8-K - FORM 8-K - POWERSECURE INTERNATIONAL, INC. | c10173e8vk.htm |
Exhibit 99.1
PowerSecure Announces $10 Million of New Utility Infrastructure Awards, Including a Newly
Established Relationship with a Major Utility
Established Relationship with a Major Utility
Wake Forest, N.C. December 23, 2010 PowerSecure International, Inc. (Nasdaq: POWR) today
announced it has received $10 million of new awards for utility infrastructure projects, driven by
an award to serve a top U.S. investor-owned utility in a newly established relationship with the
Companys UtilityServices business unit. The majority of the $10 million in expected new revenue
is to provide this major utility with construction and maintenance services for its electrical
transmission system in 2011. Additionally, the new awards include transmission system upgrade
projects for a municipality in the Midwest, and a wastewater
treatment system in Texas.
The Company expects this $10 million of new business to be completed, and the revenue recognized,
relatively evenly over the course of 2011.
Sidney Hinton, CEO of PowerSecure, said, We are very pleased with the progress we continue to make
in serving an expanded number of utilities with infrastructure services. Additionally, this $10
million of new awards includes a substantial amount of transmission system work, as we continue to
expand the services we are providing our utility partners. These new projects enhance the backlog
of work we are preparing to deliver in 2011, and our expanding utility relationships provide us
with even more opportunities to grow our business in the future.
About PowerSecure
PowerSecure International, Inc. is a leading provider of Energy and Smart Grid Solutions to
electric utilities, and their commercial, institutional, and industrial customers, as well as
Energy Services to the oil and natural gas industry. PowerSecures Energy and Smart Grid
Solutions businesses provide products and services in the areas of Energy Efficiency, Interactive
Distributed Generation, and Utility Infrastructure. The Companys Energy Efficiency business
provides customers with energy efficient lighting technologies that deliver improved quality of
light, including its proprietary EfficientLights LED lighting product that saves grocery, drug, and
convenience stores 70% off the cost to operate traditional fluorescent lighting in their
refrigerated cases. The Company is a pioneer in developing Interactive Distributed
Generation® systems with sophisticated, proactive smart grid capabilities, including the
ability to 1) forecast electricity demand and electronically deploy the systems to deliver more
efficient, and environmentally friendly power at peak power times, 2) provide utilities with
dedicated electric power generation capacity to utilize for demand response purposes, and 3)
provide customers with the most dependable standby power in the industry. PowerSecure also
provides utilities with transmission and distribution infrastructure construction and maintenance
services, and engineering and regulatory consulting services. The Company provides Energy Services
to the oil and natural gas industry through its Southern Flow and WaterSecure business units.
Additional information is available at www.powersecure.com.
All forward-looking statements contained in this release are made within the meaning of and
pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are all statements other than statements of historical facts, including
but not limited to statements concerning the amount and timing of the revenues associated with the
new business discussed in this press release; the Companys outlook, prospects and expectations for
revenues, net income, and E.P.S. results and growth generally; the anticipated results of the
Companys products, services, and technologies; and all other statements concerning the plans,
intentions, expectations, projections, hopes, beliefs, objectives, goals and strategies of
management, including statements about other future financial and non-financial items, performance
or events and about present and future products, services, technologies and businesses; and
statements of assumptions underlying the foregoing. Forward-looking statements are not guarantees
of future performance or events and are subject to a number of known and unknown risks,
uncertainties and other factors that could cause actual results to differ materially from those
expressed, projected or implied by such forward-looking statements. Important risks, uncertainties
and other factors include, but are not limited to, those risks, uncertainties and other factors
identified from time to time in the Companys most recent Annual Report on Form 10-K, as well as in
subsequent filings with the Securities and Exchange Commission, including reports on Forms 10-Q and
8-K. Accordingly, there can be no assurance that the results expressed, projected or implied by any
forward-looking statements will be achieved, and readers are cautioned not to place undue reliance
on any forward-looking statements. The forward-looking statements in this press release speak only
as of the date hereof and are based on the current plans, goals, objectives, strategies,
intentions, expectations and assumptions of, and the information currently available to,
management. The Company assumes no duty or obligation to update or revise any forward-looking
statements for any reason, whether as the result of changes in expectations, new information,
future events, conditions or circumstances or otherwise.
Contact
Chris Hutter
Chief Financial Officer
PowerSecure International, Inc.
(919) 453-1760
Chris Hutter
Chief Financial Officer
PowerSecure International, Inc.
(919) 453-1760
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