PowerSecure Acquires Lime Energy’s ESCO Business
Company to host conference call at 8:30a.m. ET today
WAKE FOREST, N.C. -- March 1, 2013
PowerSecure International, Inc. (Nasdaq: POWR) today announced that
PowerSecure has acquired Lime Energy’s (Nasdaq: LIME) energy services company
(ESCO) support business, which serves major ESCOs in delivering energy
efficiency upgrades for large facilities, for $1.9 million in cash.
PowerSecure also will assume $3.7 million of net liabilities related to
projects in progress.
PowerSecure takes over approximately $27 million of projects previously
awarded to Lime Energy and expects to recognize the revenue and profit from
these projects as they are completed.
PowerSecure expects that the transaction will be accretive to EBIDTA and
earnings in 2013, subject to finalization of the accounting related to the
amortization of intangible assets. PowerSecure will reflect these projects in
its reported revenue backlog as customer transition, permitting and bonding
matters are finalized.
“We are excited to serve major energy services companies in their delivery of
energy efficiency solutions to customers coast-to-coast. In addition to taking
over existing projects, we are also excited about the strong pipeline of
potential new projects Lime’s team has developed,” said Sidney Hinton, chief
executive officer of PowerSecure.
“The addition of Lime Energy’s proven ESCO business provides additional
capabilities that complement our existing best-in-class energy efficiency
offerings and opens new potential channels for our LED lighting, distributed
generation and utility infrastructure solutions,” Hinton added.
With the acquisition, PowerSecure adds to its portfolio of energy efficient
facility technologies and expertise, which now includes lighting solutions,
HVAC system upgrades, building envelope upgrades, transformer efficiency
upgrades and water conservation systems. The business serves ESCOs by
providing energy efficiency solutions across a range of facilities, including
high-rise office buildings, distribution facilities, manufacturing plants,
retail sites, mixed use complexes, large government sites and small, local
PowerSecure’s strong financial position is a catalyst for the transaction,
given the projects’ stringent performance bonding requirements, PowerSecure’s
exceptional balance sheet and track record of success on large infrastructure
PowerSecure International, Inc. will host a conference call on Friday, March
1, 2013 at 8:30 a.m. ET to discuss the company’s acquisition of Lime Energy’s
energy services company business.
To access the live webcast, please log on to the investor section of the
company's website at http://www.powersecure.com.
Analysts and institutional investors can also access the call by dialing
888-679-8034 (or 617-213-4847 if dialing internationally) and providing
passcode 88541313. If you are unable to participate during the live webcast, a
replay of the conference call will be available approximately two hours after
the completion of the call through midnight on March 15, 2013. To listen to
the replay, dial 888-286-8010 (or 617-801-6888 if dialing internationally),
and enter passcode 46171664. In addition, the webcast will be archived on the
company's website at www.powersecure.com.
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^®), 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 business develops energy
efficient lighting technologies that improve the quality of light, including
its proprietary EfficientLights^® LED lighting products for grocery, drug and
convenience stores, and its SecureLite area light and PowerLite street lights
for utilities and municipalities. 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.
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 outlook for the company’s 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; the amount of future projects, contracts and revenues to be
acquired and recognized from the reported transaction, the other anticipated
benefits and future results of the reported transaction; 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 the reported transaction; and statements of assumptions underlying the
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
company's 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.
PowerSecure International, Inc.
John Bluth, 919-453-2103
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