DENVER(BUSINESS WIRE)March 14, 2001Metretek Technologies Inc. announced that its subsidiary, PowerSecure Inc., has been awarded another distributed generation project.
�This project continues to validate the model on which our distributed generation business has been built,� said Sidney Hinton, president and CEO of PowerSecure. �Moreover, this project which brings to approximately $5 million the total value of projects awarded this year further validates PowerSecure’s potential to become a significant contributor to Metretek’s overall business.�
Distributed generation involves the design and construction of electric generation equipment and controls directly within a commercial or industrial customer’s facility.
The onsite equipment provides the customer’s plant with supplemental and backup power generation capacity, and, in many cases, may also provide the customer with stable power quality and a real-time means by which to mitigate electricity price spikes such as those currently being seen across the country. The project announced today is expected to be completed early in the third quarter of 2001.
Metretek Technologies Inc. through its subsidiaries PowerSpring Inc.; PowerSecure Inc.; Metretek Incorporated; and Southern Flow Companies Inc. is a diversified provider of energy technology products, services and data management systems to industrial and commercial users and suppliers of natural gas and electricity.
All forward-looking statements contained in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance, and underlying assumptions and other statements, which are other than statements of historical facts. From time to time, the company may publish or otherwise make available forward-looking statements of this nature. All such forward-looking statements are based on the current plans, intentions, beliefs and expectations of management, as well as assumptions made by and currently available to management. Accordingly, forward-looking statements are subject to, and are qualified by, risks and uncertainties that could cause actual results to differ materially from those expressed or implied by any forward-looking statements. These risks and uncertainties include, but are not limited to, the company’s ability to develop, implement and market the products and services of PowerSecure and PowerSpring; the ability of PowerSecure and PowerSpring to deliver anticipated benefits; the anticipated benefits of the PowerSecure contract; changes in the energy industry in general and the natural gas and electricity markets in particular; the ability of the company to secure capital required to develop and expand its operations; the ability of the company to develop and adjust to new technologies; the ability of the company to attract, hire and retain key personnel; the ability of the company to secure and maintain key contracts and relationships; and other factors, risks, and uncertainties described from time to time in the company’s reports and filings with the Securities and Exchange Commission, including the company’s most recent Form 10-KSB and Form 10-QSB. The company undertakes no responsibility to update any oral or written forward-looking statements made by the company, whether as a result of new information, future events or otherwise.