San Diego Business Journal Features Electric City's EnergySaver(TM) As Solution to Ease Energy Crisis
SAN DIEGO and CHICAGO, May 25, 2001 /PRNewswire via COMTEX/ -- Electric City's (Amex: ELC chart, msgs) EnergySaver(TM) technology, which helps companies reduce energy consumed for lighting, was featured in the San Diego Business Journal's May 23rd edition as an environmentally-friendly and cost-effective solution to help ease California's energy crisis. A copy of the article can be viewed at electriccityeccc.com .
"Competitive energy conservation technologies are the most cost-effective solution to the energy crisis from both an initial cost and life cycle cost basis," the article noted as a preface before providing details on the EnergySaver.
Electric City's EnergySaver is a proprietary device that reduces the amount of electricity required to power various lighting systems in commercial buildings, factories, and office structures, as well as street and parking lot lighting. It is capable of reducing lighting energy by 15 to 30% while maintaining appropriate lighting levels in customers' spaces. In many customer installations, the energy reduction can be increased to 50% while still maintaining appropriate lighting levels.
The article also included information on Electric City's unique CIT Group shared saving financing program to help companies reduce energy consumption with no risk or capital investment. CIT Group is providing $100 million in the form of project financing and shared savings financing, enabling Electric City to provide the EnergySaver technology to end-users without any requirement for capital. Companies reap the savings from reduced energy consumption and from incentive payments available through the three California utility distribution companies for installing qualified energy saving technologies, such as the EnergySaver. Under their Standard Performance Contracting programs, EnergySaver projects may qualify for incentive payments equivalent to as much as 70% of the installation cost.
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 web site at 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 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, the final revenue associated with the Curtis Wright project, 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.
MAKE YOUR OPINION COUNT - Click Here
tbutton.prnewswire.com
Source: Electric City
Contact:
Julie Shepherd of Accent28 for Electric City, 847-669-0633 or
jshepherd11@yahoo.com
URL: electriccityeccc.com |
