14:00 | 16.12.2009
PowerSecure Announces New Contract to Deploy “Green” Landfill Gas Power System
PowerSecure International, Inc. (Nasdaq: POWR) today announced it has
been awarded a new contract to deploy a “green” landfill gas power
system on behalf of Flint Energies at the Houston County Landfill, in
Houston County, Georgia. PowerSecure will install, own, and operate the
system, which will turn methane gas from the landfill into clean,
“green” electricity. The project provides Flint Energies’ members access
to renewable energy at an affordable price, and creates a brand new
income stream for the residents of Houston County.
The new multi-year contract increases PowerSecure’s recurring revenue
backlog by 35%, to approximately $50 million. The project is expected to
be complete and commissioned by the end of 2010, and the Company expects
to begin recognizing revenue from the new system in 2011. The
anticipated timing of the revenue recognition for this new long-term
contract will be incorporated into the Company’s revenue backlog
disclosure issued with its fourth quarter 2009 financial results.
Sidney Hinton, CEO of PowerSecure, said, “We are thrilled that Flint
Energies has awarded us the opportunity to build and operate this new
renewable energy system. We respect the long and close relationship
Flint has with Houston County, and we are committed to delivering a
terrific system that will deliver clean, efficient power for years to
come.”
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
Interactive Distributed Generation®, Utility Infrastructure, and Energy
Efficiency. The Company is a pioneer in developing Interactive
Distributed Generation® systems with sophisticated, proactive smart grid
capabilities, including the ability to 1) forecast peak electricity
demand and electronically deploy the systems to deliver more efficient,
and environmentally friendly power, 2) provide utilities with dedicated
electric power generation assets for their demand response needs, and 3)
provide customers with the most dependable standby power in the
industry. PowerSecure also provides utilities with regulatory
consulting, power system and transmission engineering and construction,
and provides businesses with energy efficiency products and services,
including its state-of-the art EfficientLights lighting solution for
refrigerated cases. The Company provides Energy Services to the oil and
natural gas industry through its Southern Flow and WaterSecure business
units. 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 outlook for the
businesses discussed in this press release and the Company’s future
revenues, earnings, margins, and other financial and operating
information and data; the outlook for growing the Company through
innovative energy management and conservation; business operations and
prospects for the Company; the outlook for future gains in the Company’s
revenues due to its business initiatives; the anticipated results of the
Company’s products, solutions, 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 Annual Report on Form 10-K for the year ended December 31,
2008, 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.
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