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City of Norwalk, California Selects Electric City to Begin Providing EnergySaver Systems and to Participate in the Virtual "Negawatt" Power System ELK GROVE VILLAGE, Ill.--(BUSINESS WIRE)--Dec. 21, 2000-- Company Announces Startup of Its California Initiative, Designed to Help Solve Power Crisis Across the State Electric City Corp. (AMEX:ELC), announced today that the Company was selected by the City of Norwalk to begin providing its EnergySaver(TM) systems to city facilities. The Norwalk City Council approved the plan at its December 19th council meeting. The plan includes multiple installations of EnergySaver(TM) systems through direct purchase and through Electric City's recently announced Shared Savings program. "This project is the first of what we expect will be many similar, large-scale projects in the California marketplace," stated John Mitola, CEO of Electric City Corp. "The City of Norwalk is the first customer to take advantage of our CIT financing program. By combining our technology with our Virtual Negawatt Power concept and Shared Savings financing, they are going to begin to quickly install systems so that they can make a real difference in their electricity costs and demand." Mitola added, "by utilizing multiple EnergySaver(TM) systems to reduce power and create "Negawatts", the City of Norwalk is taking a leadership role in helping to solve California's energy crisis in a economically beneficial and environmentally sound manner by reducing power requirements. We expect many large scale customers like Norwalk to follow." Electric City also announced the startup of its California operations along with a special initiative focused on helping to solve California's power through wide-scale marketing of its EnergySaver(TM) technology throughout the State. As part of this plan, the Company's Chairman recently elected to resign from his post allowing him to spearhead efforts in California. "Following detailed planning and much discussion, we accepted Mr. Marino's resignation with enthusiasm for what he could help us accomplish in California," continued Mitola. "Given Joe's desire to assist with such an important element of the business, we asked him to take on special distributorships focused in the area. We are grateful to Joe for all that he has done for Electric City to date and for agreeing to spearhead our efforts in California. Mr. Marino will continue to be an integral part of our Electric City team." Regarding the Company's recent success with the City of Norwalk and his decision to spearhead efforts in California, Mr. Marino stated, "I believe our efforts in California will represent exponential growth for Electric City. The City of Norwalk is just the tip of what I believe will be a huge iceberg. In moving to The American Stock Exchange and announcing the CIT financing plan, our Company has wrapped up a great growth year with two of its most important accomplishments to date. Since I am confident that the corporation is headed for a prosperous future, it seemed like the appropriate time to move on and focus my efforts on the next most important initiative - sales in California." Mr. Marino also paid special attention to the City of Norwalk's leadership on the energy issue, "the City of Norwalk is the first California municipal customer to recognize that the EnergySaver(TM) can help them solve the biggest issue leading to the current energy crisis, peak demand. I have been so impressed by their open-minded and technically sound approach to energy solutions." "Since the announcement of our CIT financing plan, we have taken the initial steps of our California initiative," stated Brian Kawamura, President/COO of Electric City. "With Joe's leadership backed by our corporate sales engineering team, we are in the process of swarming the California marketplace. Obviously, the energy crisis in California creates an enormous opportunity we expect to capitalize on in 2001." "Given the situation in California, we are confident that the market needs technology and solutions like the ones we have developed at Electric City," added Kawamura. "We will target the bulk of our VNP and Shared Savings efforts in California and other major markets that we expect will experience similar peak supply difficulties." 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 Barry Price at 1-800-797-5683 or at barryp@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 2000 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 in California, 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: Electric City Corp. Elk Grove Village Barry Price, 800/797-5683 barryp@thestockpage.com or Investor Awareness, Inc. Tony Schor, 847/945-2222 URL: www.investorawareness.com KEYWORD: ILLINOIS CALIFORNIA | ||||||||||||
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