PowerSecure Announces $10 Million Of Awards For Smart Grid Power Systems, LED Area Lights, And Utility Infrastructure Projects
PowerSecure International, Inc. (Nasdaq: POWR) today announced it has
received $10 million of new awards for its Interactive Distributed
®) smart grid power systems, LED
Area Lights, and...
PowerSecure International, Inc. (Nasdaq: POWR) today announced it has received $10 million of new awards for its Interactive Distributed Generation ® (IDG ®) smart grid power systems, LED Area Lights, and utility infrastructure projects. The new IDG System awards total $4.5 million, including installations for industrial, retail, municipal, and military facilities. The new LED Area Light awards total $0.4 million, including orders from seven utilities, and several repeat orders. And the utility infrastructure awards total $5.1 million, including transmission, distribution, and substation upgrade projects for utilities and their large industrial customers. All of these awards are for turnkey sales of products and services, and their expected timing will be included in the Company’s revenue backlog report to be issued in conjunction with its upcoming earnings release on May 3, 2012. Sidney Hinton, CEO of PowerSecure, said, "We are pleased to announce these new business awards. Of particular note is the traction we are seeing in orders for our LED Area Light, with the last six weeks generating a very nice increase in order flow. This uptake in orders is being driven by new utilities making their initial purchases of the light, as well as repeat orders from utilities that have completed their evaluation of the technology. The positive order flow and repeat buying we are seeing is a strong endorsement that our LED Area Light has hit the mark.” About PowerSecure PowerSecure International, Inc. is a leading provider of Utility and Energy Technologies to electric utilities, and their industrial, institutional, and commercial customers. PowerSecure provides products and services in the areas of Energy Efficiency, Interactive Distributed Generation, and Utility Infrastructure. The Company is a pioneer in developing Interactive Distributed Generation ® power systems with sophisticated 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. The Company’s Energy Efficiency business develops energy efficient lighting technologies that improve the quality of light, including its proprietary EfficientLights ® LED lighting products for grocery, drug, and convenience stores, and its SecureLite and PowerLite street lights for utilities and municipalities. PowerSecure also provides electric utilities with transmission and distribution infrastructure maintenance and construction 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.