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PowerSecure Deepens Utility Relationships and Diversifies Revenue Base with New Business Awards
PowerSecure International, Inc. (Nasdaq: POWR) today announced that it has been awarded approximately $10 million of new business, adding to its backlog and continuing the diversification of its revenue base. Approximately $5 million of this new business was awarded in its Energy Efficiency and Utility Infrastructure strategic growth areas, and approximately $5 million consisted of core Distributed Generation sales.
The $5 million of new Energy Efficiency and Utility Infrastructure business was awarded by, and in conjunction with several investor-owned and cooperative utilities, demonstrating the continued deepening of the Company’s utility relationships. Specifically, these sales were secured in the Company’s growing EnergyLite and Utility Services business units, and are virtually all project-based sales (with the expected revenue and related profit to be recognized as the projects are completed). The $5 million of new Distributed Generation business was also driven by project-based sales, including sales of Company’s core turnkey Distributed Generation systems, and increases in its growing NexGear switchgear business unit.
Sidney Hinton, CEO of PowerSecure, said, "We are very pleased to announce these new business wins, as we have remained very focused on broadening our revenue base and deepening our relationships with our utility partners. In total, including a major new business award announced at the end of May, we have secured $40 million of new business in the last three weeks. These new sales awards are a direct reflection of the results we are demonstrating in the marketplace. Our solutions deliver strong ROIs on our customer’s energy investments — sought-after capabilities in this environment of significantly rising energy costs.â€
About PowerSecure
PowerSecure International, Inc. is a leading provider of energy management and conservation solutions to utilities and their commercial, institutional, and industrial customers. PowerSecure is a pioneer in developing utility partnerships that provide utilities with dedicated electric power generation assets, and customers with the most dependable standby power in the industry. The Company’s distributed generation solutions help utilities avoid energy losses associated with moving electricity over long distances, providing an environmentally friendly and energy efficient power supply. The Company’s intelligent Interactive Distributed Generation® monitoring systems, in conjunction with superior switching technology, manage load curtailment and peak demand to ensure that power is available when needed, and ensure maximum energy efficiencies are achieved for its customers. The Company also provides utilities with regulatory consulting, energy system engineering and construction, and energy conservation services. 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 statements concerning the new business awarded to the company discussed in this press release; business operations and prospects for the Company and its subsidiaries; the ability of the Company to perform under its contracts and customers not deferring or withdrawing orders, including those discussed in this release; 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 Company's Annual Report on Form 10-K for the year ended December 31, 2007, 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.
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