Attached files
file | filename |
---|---|
8-K - FORM 8-K - POWERSECURE INTERNATIONAL, INC. | c11090e8vk.htm |
EX-10.8 - EXHIBIT 10.8 - POWERSECURE INTERNATIONAL, INC. | c11090exv10w8.htm |
Exhibit 99.1
PowerSecure Announces Completion of Southern Flow Sale
Wake Forest, N.C. January 17, 2011 PowerSecure International, Inc. (Nasdaq: POWR) today
announced that it completed the sale of its Southern Flow subsidiary to Zedi, Inc., on Friday,
January 14, 2011. Pursuant to the terms of the December 30, 2010 Purchase and Sale Agreement,
Zedi, Inc. (TSX Venture: ZED), a Canadian corporation, through its wholly-owned subsidiary,
purchased 100% of the stock of Southern Flow Companies, Inc. The Company received cash proceeds of
$16.515 million, consisting of a base purchase price of $15.550 million, and $0.965 million for
additional Southern Flow working capital conveyed in the transaction.
The Company also announced that it has completed the amendments to its credit facility to
facilitate the sale of Southern Flow. The amended facility includes modifications to covenants to
accommodate the transaction and the Companys financial profile after the transaction, and resize
facility to $25 million given the significant cash generated from the sale.
Sidney Hinton, CEO of PowerSecure, said, We are very pleased to complete the sale of our Southern
Flow unit. The transaction enhances our focus on our core business, and provides us with the
opportunity to deploy our capital more efficiently into areas of even higher return. We wish our
friends at Southern Flow and our new friends at Zedi all the best 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 the expectations surrounding the transaction 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
# # #