ONEnergy Inc. (formerly Look Communications Inc.) - ONEnergy secures North American supply and credit agreements to drive
ONEnergy Inc. (formerly Look Communications Inc.) - ONEnergy secures North American supply and credit agreements to drive growth
TORONTO, Nov. 25, 2013 /CNW/ - ONEnergy Inc. ("ONEnergy" or the "Corporation") (TSXV: OEG) and (TSXV: OEG.A) announced today that its wholly-owned subsidiary Sunwave Gas & Power Inc. ("Sunwave") has entered into agreements with Shell Energy North America (Canada) Inc. and Shell Energy North America (US), L.P. (collectively "Shell Energy") under which Shell Energy will supply energy, credit support, and environmental commodities to Sunwave in multiple North American natural gas and power retail markets.
"As the industry leader in comprehensive supply solutions for Retail Energy Marketers, Shell Energy offered the most competitive and flexible solutions for our needs," said Sunwave President Robert Weir. "We are excited to launch and grow our US business with their support."
The commodity supply agreements allow for Shell Energy to provide Sunwave with wholesale electricity, natural gas, carbon offsets, and renewable energy credits in Canada and five US states, namely Connecticut, New York, Pennsylvania, Illinois and Massachusetts. The agreements can be further expanded to cover additional states as Sunwave moves into additional deregulated markets for natural gas and electricity.
Under the credit facility agreements Shell Energy will be providing Sunwave with credit to help support growth in its targeted Canadian and US markets. Sunwave is currently submitting license applications and building infrastructure to implement operations in several markets.
About ONEnergy Inc.
ONEnergy, through Sunwave, is a licensed retailer of energy commodity products to the residential and commercial customer market in Ontario. Sunwave was granted its natural gas marketer license and electricity retailer license from the Ontario Energy Board in June 2012. ONEnergy's business can be divided into three customer segments: residential, small commercial and large commercial.
ONEnergy shares are listed on the TSX Venture Exchange under the symbols "OEG" for Multiple Voting Shares and "OEG.A" for Subordinate Voting Shares. ONEnergy's website may be found at www.onenergyinc.com.
The corporate information contained in this release includes forward-looking statements regarding future events and the future performance of ONEnergy that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by ONEnergy at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by ONEnergy that actual results achieved will be the same, in whole or in part, as those forecast.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
SOURCE ONEnergy Inc.
Mark Lewis Chief Executive Officer (416) 444-8810
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CO: ONEnergy Inc. ST: Ontario NI: ORDER
-0- Nov/25/2013 13:17 GMT