EXHIBIT 99.1
press release
For further information contact:
John Hatsopoulos, American DG Energy
Telephone: 781.522.6020
American DG Energy Reports 2008 FY and Fourth Quarter Financial Performance
Core On-Site Utility Energy Business Revenues Grew 57%
WALTHAM, Mass. — March 4, 2009 — American DG Energy Inc. (OTC.BB:ADGE), a leading On-Site Utility offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, reported that overall revenues increased by 13% to $6,579,437 in 2008, over revenues of $5,847,020 in 2007. The core On-Site Utility energy revenues, however, increased by 57% to $5,140,503 in 2008, over revenues of $3,266,915 in 2007. GAAP diluted earnings per share (EPS) were $(0.07) in 2008 compared to $(0.05) in 2007, and GAAP operating income was a loss of $(1,593,941) in 2008, compared to a loss of $(905,007) in 2007.
2008 highlights versus 2007:
· Revenues increased 13%
· Core On-Site Utility energy revenues increased by 57%
“We are pleased to report revenue growth in 2008, especially in our core On-Site Utility energy business that grew 57%” said John N. Hatsopoulos, Chief Executive Officer of American DG Energy. “The challenges facing the overall economy made our value proposition for customers even more attractive. In addition, our efficient energy systems continue to gain recognition as an important technology that reduces the country’s need for foreign energy and lowers carbon emissions.”
American DG Energy will hold its earnings conference call today, March 4, at 10:00 a.m. Eastern Time. To listen, dial (800) 860-2442 within the U.S. or (412) 858-4600 outside the U.S. Participants should reference American DG Energy to access the call. This earnings press release will be available on the Company website at www.americandg.com in the “Investors” section under “News Releases.” The earnings call will be available for playback through Wednesday, March 11, 2009. To listen to the playback, call (877) 344-7529 within the U.S. or (412) 317-0088 outside the U.S. and use playback code 427824.
About American DG Energy
American DG Energy supplies low-cost energy to its customers through distributed power generating systems. The Company is committed to providing institutional, commercial and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by local utilities — without any capital or start-up costs to the energy user. American DG Energy is headquartered in Waltham, Massachusetts. More information can be found at www.americandg.com.
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FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company’s website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
AmeericanDG Energy Inc.
45 First Avenue · Waltham, MA 02451
Phone: 781.522.6000 · fax: 781.522.6050
www.americandg.com
