Exhibit 99.1
PowerSecure Announces $18 Million of New Awards for its Smart Grid IDG®Power Systems and Utility
Infrastructure Projects
Wake Forest, N.C. – October 20, 2010 – PowerSecure International, Inc. (Nasdaq: POWR) today announced it has received $18 million of new awards for its Interactive Distributed Generation® smart grid power systems (IDG® systems) and utility infrastructure projects. These awards include several large projects the Company will complete for institutional and industrial customers on behalf of top U.S. investor-owned electric utilities. The investments are being made to provide efficient electrical capacity for peak power periods, increase backup power resources, and upgrade electrical systems.
$14 million of new business is for IDG Systems, and $4 million is for utility infrastructure projects. Of the $14 million of IDG System revenue, $13 million is for project-based business and $1 million is for recurring revenue contracts. The project-based IDG Systems and the Utility Infrastructure projects are expected to be completed, and revenue recognized, primarily during the first half of 2011. The IDG Systems for the $1 million of recurring revenue contracts are also expected to be installed during the first half of 2011, with associated revenues recognized over a five year period.
Sidney Hinton, CEO of PowerSecure, said, “We are very pleased to announce these new awards for IDG Systems and utility infrastructure projects. We are completing these projects in partnership with major utilities, and they are driven by the need for practical energy efficiency projects which generate strong financial returns for utilities’ customers and their grid systems. These new projects provide us with a nice head start on new business awards for 2011 in both our distributed generation and utility infrastructure businesses.”
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, as well as Energy Services to the oil and natural gas industry. 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 product that saves grocery, drug, and convenience stores 70% off the cost to operate traditional fluorescent lighting in their refrigerated cases. 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. The Company provides Energy Services to the oil and natural gas industry through its Southern Flow and WaterSecure business units. Additional information is available atwww.powersecure.com.
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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.
Contact
Chris Hutter
Chief Financial Officer
PowerSecure International, Inc.
(919) 453-1760
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