WAKE FOREST, N.C.--(BUSINESS WIRE)--Jan. 22, 2008--PowerSecure
International, Inc. (Nasdaq:POWR) today announced it has purchased its
corporate headquarters building in Wake Forest, North Carolina. The
investment represents a major highlight in the Company's history, and
further establishes the Company's infrastructure for its continuing
growth and success.
The Company purchased its headquarters building for $3.3 million,
financed in part by a new $2.6 million, seven-year term loan. The new
term loan is the Company's only outstanding debt, and the Company has
a positive cash position exceeding $20 million. The new term loan is
in addition to the Company's existing $25 million revolving credit
facility, which remains undrawn.
Sidney Hinton, CEO of PowerSecure, said, "We are extremely proud
to purchase our headquarters building. Our strong financial position
provides us with the opportunity to take this terrific step, and
further solidifies Wake Forest as our corporate headquarters. Our
ability to make this investment is a testament to the hard work and
dedication of our wonderful people, and demonstrates the strong
long-term outlook we have for our business."
PowerSecure International, Inc. is a leading provider of energy
management and conservation solutions to utilities and their
commercial, institutional, and industrial customers. PowerSecure
partners with utilities to design and install Interactive Distributed
Generation(R) systems and services that manage load curtailment and
peak demand conditions, enhance system reliability and provide
customers with emergency power during outages. PowerSecure 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
anticipated benefits and positive outlook discussed in this press
release; the outlook for growing the Company through innovative energy
management and conservation; business operations and prospects for the
Company and its subsidiaries; the opportunities believed to be
inherent in the relationships with investor-owned utilities; the
ability of the Company to perform the new contracts and the customers
not deferring or withdrawing those orders; the outlook for future
gains in the Company's revenues due to its business initiatives; 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, 2006, 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: PowerSecure International, Inc.
Chris Hutter
Chief Financial Officer
919-453-1760
SOURCE: PowerSecure International, Inc.
