Electric City Applauds President Bush Executive Order Requiring Federal Facilities to Reduce Energy
Company Announces Federal Initiative.President Bush Issues Executive Order Requiring Federal Agencies to Reduce Energy - EnergySaver(TM) Helps Agencies Comply and Save Money at the Same Time
ELK GROVE VILLAGE, Ill., May 8, 2001 (BUSINESS WIRE) -- Electric City Corp. (AMEX: ELC chart, msgs - chart, msgs news chart, msgs), a leading developer and integrator of energy savings technologies, joined energy technology leaders in applauding President Bush for recently issuing an Executive Order requiring Federal facilities to reduce energy use.
Electric City has been working with other energy technology manufacturers to promote energy efficiency and conservation to Federal agencies. To facilitate and lead this effort, the company announces the addition of Bob MacDonald as Director of Business Development. Mr. MacDonald joins the Company from his most recent position as Director of Federal Energy Services at Unicom Energy Services, Inc.
While at Unicom, Mr. MacDonald was responsible for developing a very successful Federal business unit providing energy efficiency services to clients in northern Illinois. In addition, Mr. MacDonald brings over eight years of experience within the U.S. Department of Energy and the Federal Energy Regulatory Commission.
"The Federal government is the single largest consumer of energy in the country. We are pleased that the Federal government has taken a leadership role in promoting energy conservation technologies," stated John Mitola, CEO of Electric City. "New conservation technologies like our EnergySaver(TM) lighting control panel can compete cost effectively with new power plants without the need for subsidies. We believe that cost effective conservation technologies can play a key role in the development of a comprehensive National Energy Policy," continued Mitola. By helping Federal agencies meet the requirements of the executive order, Electric City anticipates significant future revenue contributions from the Federal sector.
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 under the symbol ELC. Additional information is available at the Company's website at www.electriccityeccc.com or can be obtained by contacting Glenn Akselrod at the Stockpage at 800-797-5683 or at glen@thestockpage.com and Tony Schor at Investor Awareness, Inc. at 847-945-2222 or www.investorawareness.com.
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 and other financings, 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
Glenn Akselrod, 800/797-5683
glen@thestockpage.com
or
Investor Awareness, Inc.
Tony Schor, 847/945-2222
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