Worthington.......... Steel Purchases Additional Electric City Systems Following Results From Initial Installation
ELK GROVE VILLAGE, Ill.--(BUSINESS WIRE)--March 20, 2001--
Since Realizing 30% Savings, Porter, Indiana Steel Manufacturer
Purchases 5 Additional EnergySaver(TM)Systems.
EnergySaver(TM)Systems Now Proven Effective
Across All Types of Applications
Electric City Corporation (AMEX:ELC) announced today that Worthington Steel Corporation recently purchased 5 additional EnergySaver(TM) systems for their manufacturing facility following successful results from their initial installation.
"Worthington's decision to purchase additional systems following the results of their first installation is very typical for our larger scale customers," stated John Mitola, CEO of Electric City. "We have other early customers who have realized similar savings results and who have been very pleased with their first experience with our team. We are currently negotiating an expansion of our relationships with several of these customers which we anticipate should generate additional revenue growth over the coming months."
Worthington Steel's Plant Engineer, George Cherry oversaw the installation and testing of the system. "As a direct result of the success of the first system, we have purchased an additional 5 systems to complete this facility," stated George Cherry. "Upon bringing the EnergySaver(TM) on line, we instantaneously achieved and measured a 25% energy saving with no visible lumen loss. We have since come down on the system even more to achieve a 30% savings." In addition to the savings achieved by their initial system, Worthington also commented on their satisfaction with the ease of installation. "We installed Electric City's system in only 8 hours, which was much less time consuming than re-lamping the entire facility."
"Our success with Worthington Steel represents the kind of success we have been achieving with other manufacturers across the country," added Brian Kawamura, President/COO of Electric City. "We have carefully targeted leading customers in every major sector to demonstrate our technology across most of the major market segments. We have now had significant savings results with municipalities (including schools, parks and airports) commercial office, retail, hotel/resorts, universities, and now heavy industry."
Since the beginning of 2001, Electric City has been focused on the introduction of their Shared Savings service and Virtual "Negawatt" Power Plant programs developed in conjunction with CIT (NYSE: CIT). These programs allow Electric City to provide EnergySaver(TM) and GlobalCommander technology to customers with no up-front cost. "We are busy leveraging our early customer performance successes with our Shared Savings Service program to dramatically increase the scale of our business going forward," continued Kawamura. "We have already reached letters of intent from some of our large scale end-users agreeing to move forward with system-wide projects and look forward to announcing these projects soon."
Electric City is a leading developer, manufacturer and integrator of energy savings technologies and custom electric switchgear. The Company currently markets the EnergySaver(TM), the GlobalCommander, TP3 and custom switchgear. Electric City is based in Elk Grove Village, Illinois and is traded on The American Stock Exchange under the symbol ELC. Additional information is available at the Company's website at www.electriccityeccc.com or can be obtained by contacting Glen Akselrod at The Stockpage at 800-797-5683 or glen@thestockpage.com and Tony Schor at Investor Awareness, Inc. at 847-945-2222 or www.investorawareness.com. Interested customers can call 847-437-1666.
This news release includes forward-looking statements that reflect Electric City's current expectations about its future results, performance, prospects and opportunities. Electric City has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates", "should", "typical", "we are confident" or similar expressions. These forward-looking statements are based on information currently available to Electric City and are subject to a number of risks, uncertainties and other factors that could cause Electric City's actual results, performance, prospects or opportunities in the remainder of 2001 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks, uncertainties and other factors include, without limitation, the Company's sales expectations due to the Shared Savings and Virtual Negawatt Power Plant financing, the Company's limited operating history, the Company's history of operating losses, consumers' acceptance of the Company's new and existing products, the Company's use of licensed technologies, risk of increased competition, the Company's ability to successfully integrate acquired business products and technologies to satisfy consumer demands and requirements, the possible volatility of the Company's stock price, the concentration of ownership and the potential fluctuation in the Company's operating results. For further information about these and other risks, uncertainties and factors, please review the disclosure included under the captions "Description of Business" and "Management's Discussion and Analysis of Financial Condition or Plan of Operations" in Electric City's Quarterly Reports on Form 10-QSB and Annual Report on Form 10-KSB filed with the Securities and Exchange Commission in 2000. Except as required by the federal securities laws, Electric City undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, changed circumstances or any other reason after the date of this news release.
CONTACT:
The Stockpage
Glen Akselrod, 800/797-5683
glen@thestockpage.com
or
Investor Awareness, Inc.
Tony Schor, 847/945-2222
URL: www.investorawareness.com
KEYWORD: ILLINOIS |
