Submitted by: Electric City Corp.
Posted: Jun 11, 2002 – 12:00 AM EST
Jun. 11 /CSRwire/ - ELK GROVE VILLAGE, Illinois and LONG BEACH, California - Electric City Corp. (AMEX:ELC) and its distributor, Electric City of California, have been awarded $472,000 to install Electric City EnergySaver(TM) power reduction technology for lighting systems at seven California State University campuses. Electric City partnered with the California State University (CSU) Chancellor's office and submitted an application under the innovative demand reduction program funded by the California Public Utility Commission (CPUC). The contract was selected from 200 other innovative applications. Electric City plans to have the majority of the EnergySaver units installed and functioning at the San Diego, San Marcos, San Bernardino, Cal Poly Pomona, Fullerton, Long Beach and Dominguez Hills campuses within the next 100 days per the terms of the agreement.
In May 2001, CSU installed its first EnergySaver unit at the Chancellor's office in Long Beach, Calif. The University realized an average savings level of 20 percent and anticipates a payback in well under two years. Concurrent with the installation of this project, Electric City and the Chancellor's office plan to pursue installations of the EnergySaver at additional campuses in Northern Calif. with other available funding programs.
"CSU has a comprehensive energy management program and is continually evaluating energy-saving technologies such as the EnergySaver," said Mark Gutheinz, CSU chief of Plant, Energy and Utilities. "Based on the strong performance of the EnergySaver in our current installation, we believe we can cost effectively achieve significant savings with additional units in applications throughout our campuses."
"CSU's system is one of the many notable state, county, city and corporate entities in California in which the EnergySaver has already proven its ability to provide solid reductions in lighting energy usage for a very reasonable initial cost," said William A. Karambelas, Electric City's Senior Vice President, Western Region. "In the coming months, we will incorporate our technology into a wider array of Cal State facilities while continuing our growth in the corporate sector. Our reputation for energy conservation technology, backed by solid performance, is growing quickly in California along with the rest of the country."
"Another important aspect of this project are the approvals it received from the California Public Utilities Commission, San Diego Gas & Electric and Southern California Edison," continued Karambelas. "Most organizations involved with supply and regulation of electricity in California have seen the success of our technology. Winning formal approval with this project represents another important validation of the EnergySaver. Since California is often seen as being on the forefront of energy issues, this approval sends a strong message to all of our prospective customers across North America."
About California State University
The California State University is the largest system of senior higher education in the country, with 23 campuses, nearly 400,000 students and 42,000 faculty and staff. Since the system was created in 1961, it has awarded about 2 million degrees. The CSU is renowned for the quality of its teaching and for the job-ready graduates it produces. Its mission is to provide high-quality, affordable education to meet the ever-changing needs of the people of California. With its commitment to excellence, diversity and innovation, the CSU is the university system that is working for California. See http://www.calstate.edu/ .
About Electric City
Electric City is a leading developer, manufacturer and integrator of energy savings technologies, 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 or 949-305-4595 in California.
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 including, specifically, CSU. 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.