MILWAUKEE, Oct. 2, 2014
/PRNewswire/ -- Telkonet, Inc. (OTCQB: TKOI), whose
complementary business divisions include EcoSmart™, an energy
management technology platform featuring Recovery Time™ technology,
and EthoStream®, one of the largest hospitality High-Speed Internet
Access providers in the world, announced today that it has
successfully closed on a $2.0 million
revolving line of credit to fund its growth initiatives. The credit
line has been established with Heritage Bank of Commerce (NASDAQ:
HTBK), through their Corporate Finance Group.
"We're extremely pleased to enter into this banking relationship
with Heritage Bank of Commerce as it provides Telkonet with the
necessary flexibility and capital to rapidly expand our top line
growth and accelerate channel activity," stated Jason Tienor, CEO of Telkonet. "With our backlog
of signed contracts reaching new record levels, it's important that
we have the necessary capital to meet the needs of our project
funnel and rapid increase in project size."
"We're excited about the opportunity to work with Telkonet. They
are a growing leader in their target markets and we look forward to
being a part of their long-term success," said Mike Hansen, Senior Vice President and Manager
of the Corporate Finance Group. "We believe Telkonet has a
fundamentally strong business and our capital line will enable the
company to pursue greater market penetration."
For additional information, please refer to the Company's 8-K
and corporate filings which can be found within the Investor
Relations section at www.telkonet.com or at the SEC web site,
www.sec.gov.
ABOUT TELKONET
Telkonet is a leading energy management
technology provider offering hardware, software and services to
Commercial customers throughout the world. The Company's
complementary business divisions include EcoSmart™, an energy
management technology platform featuring Recovery Time™ technology,
and EthoStream®, one of the largest hospitality High-Speed Internet
Access networks in the world.
www.telkonet.com
ABOUT ECONCENTRAL AND ECOSMART
The EcoCentral
Platform, in conjunction with the EcoSmart Suite of products,
provides comprehensive savings, management and reporting of a
building's energy consumption. Telkonet's energy management
products are installed in properties within the Hospitality,
Military, Educational, Healthcare and Residential markets reducing
energy consumption, Carbon footprints and eliminating the need for
new energy generation.
http://www.telkonet.com/products/ecosmart/
ABOUT ETHOSTREAM
EthoStream is one of the largest
public High-Speed Internet Access (HSIA) networks in the world
providing services to more than 8 million users monthly across a
network of greater than 2,400 locations. EthoStream's EGS
line of public-access gateway servers provide real-time monitoring
and management of guest-access networks while its 24/7 support
center is known for the highest levels of quality and
service. With a wide range of product and service offerings
and one of the most comprehensive management platforms available
for HSIA networks, EthoStream offers solutions for any public
access location.
www.ethostream.com
About Heritage Bank of Commerce
Heritage Commerce
Corp, a bank holding company established in February 1998, is the parent company of Heritage
Bank of Commerce, established in 1994 and headquartered in
San Jose with full-service
branches in Danville, Fremont, Gilroy, Hollister, Los
Altos, Los Gatos,
Morgan Hill, Pleasanton, Sunnyvale, and Walnut Creek. Heritage Bank of Commerce is an
SBA Preferred Lender with an additional Loan Production Office in
Lincoln, California. For more
information, please visit www.HeritageCommerceCorp.com.
Statements included in this release may constitute
forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such statements involve a
number of risks and uncertainties such as competitive factors,
technological development, market demand and the Company's ability
to obtain new contracts and accurately estimate net revenue due to
variability in size, scope and duration of projects, and internal
issues in the sponsoring client. Further information on potential
factors that could affect the Company's financial results, can be
found in the Company's Registration Statement and in its Reports on
Forms 8-K filed with the Securities and Exchange Commission
(SEC).
Media Contacts:
Telkonet Investor Relations
414.721.7988
ir@telkonet.com
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SOURCE Telkonet, Inc.