MTEK 1.10/1.15..presents a helluva opportunity here at this price...buy it, let things develop...turned profitable...perfect environment for years to come for this company:
PowerSecure Anticipates 80% Growth in Distributed Generation Revenues in 2003
Wednesday August 20, 6:30 am ET
DENVER--(BUSINESS WIRE)--Aug. 20, 2003--Metretek Technologies, Inc. (OTCBB:MTEK - News) announced that its PowerSecure subsidiary has been awarded several new contracts for distributed generation systems that are expected to result in the recognition by PowerSecure of more than $15 million in revenues for the year ended December 31, 2003; if realized, said Sidney Hinton, president and CEO of PowerSecure, this would represent an increase of greater than 80% over 2002 revenues of $8.2 million. For the first six months of 2003, PowerSecure recognized revenues of $7.4 million.
In the twelve months ended June 30, 2003, PowerSecure's revenues more than doubled, to $12.4 million from $5.8 million in the twelve months ended June 30, 2002 (in the following table, amounts are in millions):
2001 - Q3 - $1.414
2001 - Q4 - $1.253
2002 - Q1 - $1.613
2002 - Q2 - $1.542
Previous 12-month total: $5.822
2002 - Q3 - $3.250
2002 - Q4 - $1.749
2003 - Q1 - $3.024
2003 - Q2 - $4.398
Most Recent 12-month total: $12.421
"Our optimism regarding PowerSecure's future is based in part on this record of solid growth, which we view as an endorsement of our business model and a reflection of the market's growing awareness of the benefits of distributed generation," said Hinton. "It is based as well on the fact that much of our pipeline of new projects is repeat business from large industrial and commercial customers -- which strongly validates, we believe, our engineering and operational approaches to distributed generation.
"Last week's power outage, the worst in U.S. history, demonstrated to many commercial and industrial enterprises the value of a reliable and readily available source of backup power. Since receiving its first order in early 2000, PowerSecure has installed almost a hundred distributed generation systems, most of which have been designed to operate in parallel with the electric grid, thereby facilitating peak shaving while providing backup power during power outages. Peak shaving, in the simplest terms," explained Hinton, "involves the use of an onsite generator to produce electricity for consumption during times of peak electrical demand -- enabling an industrial or commercial consumer to avoid buying, typically at substantially higher prices, some or all of its electricity from the utility grid."
"As the nation's leadership and businesses work to address the critical issues raised by this blackout of unprecedented scope, we are confident that distributed generation will increasingly be seen as an essential part of the solution, particularly in the private sector," said W. Phillip Marcum, president and CEO of Metretek. "Likewise, we are confident that PowerSecure, with its wealth of expertise in designing and installing distributed generation systems, will continue to be a significant factor in this rapidly growing market."
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 facility 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.
Metretek Technologies, Inc. through its subsidiaries -- 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 press release are made within the meaning of and under 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 regarding financial expectations for PowerSecure's fiscal-year 2003 revenues. 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, the Company's ability to develop and market the products and services of PowerSecure; the ability of PowerSecure to complete the distributed generation projects mentioned in this release and obtain the anticipated financial results; the Company's ability to obtain sufficient capital and liquidity on favorable terms; the effects of competition and customer and industry demand and preferences and purchasing patterns; the Company's ability to attract, retain, and motivate key personnel; the ability of the Company to secure and maintain key contracts, relationships, and alliances and to make successful acquisitions; the effects of the resolution of pending and future litigation and disputes; changes in the energy industry generally and in the natural gas and electricity industries in particular; general economic, market, and business conditions; and other factors identified from time to time in the Company's reports and filings with the Securities and Exchange Commission, including but not limited to the Company's Form 10-KSB for the year ended December 31, 2002, and subsequent Forms 10-Q and Forms 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.
--------------------------------------------------------------------------------
Contact:
Metretek Technologies, Inc.
W. Phillip Marcum, 303-416-9200
or
Silverman Heller Associates
Philip Bourdillon/Eugene Heller, 310-208-2550
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Source: Metretek Technologies, Inc.
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