Joe, again I must mention ECL. This is the company that can save California. News out today has nothing to do directly with CA but it is a 40 million dollar contract to $2.20 a share company.
Monday April 16, 10:05 am Eastern Time
Press Release
OptimalPath Selects Electric City To Provide Technology and Oversight to $40 Million Reliable, Energy
Efficiency Center To Serve West Loop I-Campus in Chicago
First Ever Large-Scale Combination of Six-Nine Power Reliability and Energy Saving Technology in One Facility
ELK GROVE VILLAGE, Ill.--(BUSINESS WIRE)--April 16, 2001-- Electric City Corporation (AMEX: ELC - news) announced today that it was selected by OptimalPath to provide integrated technology and to oversee the installation of a
$40 million specialized, power reliability and efficiency facility which will serve OptimalPath's West Loop I-Campus now under construction in Chicago, Illinois.
``This project represents a huge development for our team and the next natural step for our company's growth along our consolidated business plan,'' stated John Mitola,
CEO of Electric City Corp. ``We are honored to be involved in such an innovative development like the I-Campus.''
``When we came to Electric City, our management team was committed to driving our growth with the EnergySaver(TM) technology and surrounding it with complimentary
products and services that we would develop or acquire,'' continued Mitola. ``With our launch of GlobalCommander and TP3 and our acquisition of Switchboard Apparatus
and Great Lakes, we have demonstrated success with our plan through ongoing implementation. With this project, we expand our array of services by bundling all of the
products we offer with our overall energy and telecommunications expertise. We have always viewed ourselves as an innovative technology developer and manufacturer in the
energy services business. Our Shared Savings Program, Virtual ''Negawatt`` Power Plant and now our participation in the development of reliable, efficient total energy
systems are the ''energy services`` we use to drive the growth of our technology businesses.''
``Obviously, the current energy crisis has been driving growth in our EnergySaver(TM) business,'' continued Mitola. ``At the same time, shifts in the energy industry have
been leading to increased demand for on-site power; especially in applications seeking six-nine reliability and cost reduction. Since we have a team of people that have
extensive backgrounds in energy systems design and development and since we have already carved out a niche in providing reliability switchgear (TP3) to the telecom
industry, it was a natural progression to extend our business into providing development oversight of specialized, reliable efficient total energy systems for critical application
customers like the I-Campus.''
OptimalPath is a private technology development company that is currently building the West Loop I-Campus in Chicago with plans to build up to 20 similar facilities around
the country. The I-Campus is an innovative technology development that provides a completed hybrid infrastructure solution for carrier hotel, remote data center, co-location,
ISP/ASP, data warehousing, disaster recovery, web hosting and e-commerce environments. Each facility will range in size from 200,000 to 500,000 square feet and have
substantial land for future expansion. ``After meeting with other possible builders of energy systems, we found Electric City to have all of the skills and technology required to
bring the same level of innovation to our energy systems as we bring to data systems,'' stated Jack Pressman, CEO of OptimalPath. ``Electric City management have
demonstrated their commitment to thinking out of the box and to designing energy systems that are innovative, reliable, efficient and green. We really like the idea of
combining reliability with ''negawatts``. I believe Electric City is the first company to really focus on bringing a total energy systems solution to the information/telecommunications sector.'' For more information on OptimalPath and their
developments see optimalpath.com
Electric City estimates that it will sell approximately $8.5 million of EnergySaver(TM) systems, TP3 switchgear and building controls to the energy facility. The project team also includes Preon Power, a key trading partner to Electric City
and an industry leader of power quality solutions to address customer design, power generation and reliability needs.
``We expect to continue to participate in the design and installation of total energy systems on projects where we will also sell our full line of technology,'' stated Brian Kawamura, President/COO of Electric City. ``While we plan to be
opportunistic and we expect strong growth in this part of our business, we also plan to focus on a niche where we know the customer is looking for the highest quality, reliability and efficiency - those are the kinds of projects where we can
stay true to our vision for integrated energy systems and where we can deploy our entire product line.''
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 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.
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