WAKE FOREST, N.C., Dec. 2, 2015 /PRNewswire/ -- PowerSecure
International, Inc. (NYSE: POWR) today announced that it has
acquired ESCO Energy Services, Inc. (ESCO), a private company based
in Lenox, Massachusetts that
provides lighting retrofit solutions which deliver energy savings
for large energy services companies and commercial and industrial,
institutional, utility and municipal customers across North America.
The company provides full turnkey energy efficiency services
including energy audits, engineering and design, materials
procurement, project management, implementation and verification.
Since its inception in 1992, ESCO has delivered more than 300
million square feet of lighting upgrades.
PowerSecure paid approximately $1.8
million in total consideration, including cash and
promissory notes. ESCO could also receive earn-out payments through
2018 if it exceeds certain contracted sales targets that would
reflect meaningful growth.
PowerSecure anticipates that the transaction will be accretive
to EPS, beginning in 2016.
"The outstanding ESCO team and capabilities we have acquired
significantly expand the business development capacity of our
energy efficiency services (EES) group. When combined
with the proven operational foundation established by our EES team,
we believe we are well positioned to capitalize on the growth we
anticipate in the marketplace," said Sidney
Hinton, chief executive officer of PowerSecure.
"ESCO's strength in New England, and their track record of
success developing and delivering lighting retrofit projects in
energy efficiency applications, provide an excellent complement to
our existing energy efficiency business," Hinton added.
ESCO currently has $0.7 million in
contracted backlog and is actively pursuing a large pipeline of
potential opportunities.
About PowerSecure
PowerSecure International, Inc. is a leading provider of utility
and energy technologies to electric utilities, and their
industrial, institutional and commercial customers.
PowerSecure provides products and services in the areas of
Interactive Distributed Generation® (IDG®),
solar energy, energy efficiency and utility
infrastructure.
The company is a pioneer in developing IDG® power
systems with sophisticated 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. Its proprietary distributed
generation system designs utilize a range of technologies to
deliver power, including renewables.
The company's energy efficiency products and services include
energy efficient lighting solutions that utilize LED technologies
to improve lighting quality, and the design, installation and
maintenance of energy conservation measures which we offer,
primarily as a subcontractor, to large energy service company
providers, called ESCOs, for the benefit of commercial, industrial
and institutional customers as end users and directly to
retailers.
PowerSecure also provides electric utilities with transmission
and distribution infrastructure maintenance and construction
services, and engineering and regulatory consulting services.
Additional information is available at www.powersecure.com.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of and made 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 future results and prospects of the acquired ESCO
business, including its prospects, growth potential and strategic
value; the outlook for the company's growth and profitability and
its future revenues, earnings, margins, cash resources and cash
flow and other financial and operating information and data; the
company's future business operations, strategies and prospects; 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 are difficult
to predict and 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, the on-going uncertainty and
inconsistency in the economy, financial markets and business
markets and the effects thereof on the company's markets and
customers, the demand for its products and services, and the
company's access to capital; the size, timing and terms of sales
and orders, including the company's revenue backlog, and the risk
of customers delaying, deferring or canceling purchase orders or
making smaller purchases than expected; the potential adverse
financial and reputational consequences that can result from safety
risks and hazards such as accidents inherent in the company's
operations; the company's ability to execute on its business
orders, awards and projects efficiently and with operational
excellence, in order to generate customer satisfaction, company
profitability and future new business; the impact of the company's
acquisitions, including the acquisition of ESCO discussed in this
press release; the company's ability to reduce and control its
costs and expenses and enhance its operating income; the company's
ability to grow its business and revenues on a profitable basis and
enhance its gross margin and operating margin; the company's
product mix, especially with respect to the proportion of its
growing solar energy business with the lowest gross margin of its
business units; the impact of the company's restructuring actions
on its LED lighting operations; the timely and successful
development, production and market acceptance of new and enhanced
products, services and technologies of the company; the ability of
the company to obtain adequate supplies of key components and
materials of sufficient reliability and quality for its products
and technologies on a timely and cost-effective basis and the
effects of related warranty claims and disputes; the ability of the
company to successfully expand its core distributed generation
products and services, to successfully develop and achieve market
acceptance of its new energy-related businesses, to successfully
expand its recurring revenue projects, to manage its growth and to
address the effects of any future changes in utility tariff
structures and environmental requirements on its business
solutions; the effects of competition; changes in customer and
industry demand and preferences; the ability of the company to
continue the growth and diversification of its customer base; the
ability of the company to attract, retain, and motivate its
executives and key personnel; changes in the energy industry in
general and the electricity, oil, and natural gas markets in
particular, including price levels; the effects of competition; the
ability of the company to secure and maintain key contracts and
relationships; the effects of pending and future litigation, claims
and disputes including the securities class action; and other
risks, uncertainties and other factors identified from time to time
in its reports filed with or furnished to the Securities and
Exchange Commission, including the company's most recent Annual
Report on Form 10-K, as well as subsequently filed reports on Form
10-Q and Form 8-K, copies of which may be obtained by visiting the
investor relations page of the company's website at
www.powersecure.com or the SEC's website at www.sec.gov.
Accordingly, there is 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:
John Bluth
PowerSecure International, Inc.
(919) 453-2103
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SOURCE PowerSecure International, Inc.
