Submitted by: Electric City Corp.
Posted: May 01, 2002 – 12:00 AM EST
ELK GROVE, Illinois and SCHAUMBURG, Illinois - Electric City Corp. (AMEX:ELC) announced today that Resnick Auto Group and its development team has awarded a $710,000 contract to Electric City for building automation, HVAC and energy conservation systems for its new Woodfield Lexus facility in Schaumburg.
"Electric City is experiencing solid growth from the turnkey energy services capabilities we acquired from Great Lakes Controlled Energy," said Anthony Sinople, senior project manager , Electric City. "We've won $3.5 million in integrated EnergySaver and building automation system contracts in the last 90 days alone. We're seeing a great deal of interest in the new construction market for integrated networks of EnergySavers, building automation and energy management systems and hope to build upon this trend."
DiaMac Electric, a distributor for Electric City and an IBEW Local #134 contractor, was awarded the electrical contract for the 95,000 sq. ft. facility that is scheduled to be complete in September of 2003.
About Electric City
Electric City is a leading developer, manufacturer and integrator of energy savings technologies and custom electric switchgear and building automation systems. The Company currently markets the EnergySaver(TM), the GlobalCommander(TM) and LightMaster(TM) energy conservation technologies, as well as its proprietary Total Primary Power Package (TP3) switchgear and a full line of Building Automation Systems. 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 http://www.elccorp.com/ or by calling 847-437-1666.
FORWARD LOOKING STATEMENTS
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," "plan," "should," "typical," "preliminary," "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 2002 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 growth expectations and ongoing funding requirements, and specifically, the Company's growth prospects with scalable customers and those outlined above. Other risks include the Company's limited operating history, the Company's history of operating losses, consumers' acceptance, the Company's use of licensed technologies, risk of increased competition, the potential need for additional financing, the terms and conditions of any financing that is consummated, the limited trading market for the Company's securities, the possible volatility of the Company's stock price, the concentration of ownership, and the potential fluctuation in the Company's operating results.