POWSECURE INTL : PowerSecure Announces $15 Million of New Business Awards Across Energy and Smart Grid Solutions Business Lines
04/27/2011 | 08:35am
PowerSecure International, Inc. (Nasdaq: POWR) today announced it has
received $15 million of new awards for products and services across its
Energy and Smart Grid Solutions business lines. The new business
includes orders for approximately $8 million of Interactive Distributed
Generation® (IDG®) smart grid power systems, $5
million of Utility Infrastructure projects, and $2 million of LED
lighting products.
The new awards were issued by a broad range of utilities and commercial
and industrial customers. The largest of the awards includes an
Interactive Distributed Generation system to support a municipality, the
installation of a new substation on behalf of a second municipality, and
the installation of the Company's new EfficientLights LED shelf lighting
product for a major U.S. grocer's open-style refrigerated cases.
Virtually all of this $15 million of new business is turn-key
project-based revenue, which the Company expects to recognize primarily
during the second through fourth quarters of 2011.
Sidney Hinton, CEO of PowerSecure, said, "We are pleased to announce
these new business awards to serve utilities and customers across our
business lines. Highlights include a major retailer who is embarking on
its first installation of our new EfficientLights LED-based shelf
lighting, and a new substation for a municipality. We are committed to
delivering gold standard products to all of the utilities and customers
we are serving with these new installations, and we look forward to
serving them with excellence."
About PowerSecure
PowerSecure International, Inc. is a leading provider of Energy and
Smart Grid Solutions to electric utilities, and their commercial,
institutional, and industrial customers. PowerSecure's Energy and Smart
Grid Solutions businesses provide products and services in the areas of
Energy Efficiency, Interactive Distributed Generation, and Utility
Infrastructure. The Company's Energy Efficiency business provides
customers with energy efficient lighting technologies that deliver
improved quality of light, including its proprietary EfficientLights LED
lighting products for grocery, drug, and convenience stores, and its
SecureLiteTM and PowerLiteTM street lights for
utilities and municipalities which are available through its EnergyLite
business unit. The Company is a pioneer in developing Interactive
Distributed Generation® systems with sophisticated, proactive
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. PowerSecure also provides
utilities with transmission and distribution infrastructure construction
and maintenance services, and engineering and regulatory consulting
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 amount and timing
of the revenues associated with the new business discussed in this press
release; the Company's outlook, prospects and expectations for revenues,
net income, and E.P.S. results and growth generally; the anticipated
results of the Company's products, services, and technologies; 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 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.
Chris Hutter, 919-453-1760
Chief
Financial Officer
© Business Wire 2011
