EnergyConnect Announces New $5 Million Credit Facility
EnergyConnect Group, Inc. (OTCBB: ECNG - News), an industry leader in innovative demand response technologies, announced today that on February 26, 2009, it entered into a new $5 million credit facility with Aequitas Capital Management, Inc. The new credit facility is a $5 million Convertible Secured Note which matures in January 2011 and is available for general working capital needs.
Kevin R. Evans, EnergyConnect’s President and Chief Executive Officer, stated “We are pleased that Aequitas has shown confidence in EnergyConnect and our business model. This facility will provide the necessary working capital to support our business for the foreseeable future.”
“We are delighted to be part of a growing company that is developing innovative products that reduce energy costs. We have been impressed with EnergyConnect’s customer focus and near-term growth plans,” said Andy MacRitchie, Executive Vice President, Aequitas Capital Management, Inc.
About EnergyConnect
EnergyConnect delivers industry leading Demand Response technologies and services to commercial and industrial consumers enabling them to manage their use of electricity in response to market prices or regional power shortages. The EnergyConnect technology platform provides a scalable, cost-effective, clean technology to enhance the grid’s efficiency and reliability. For more information about this leading edge technology or about investor relations, visit: http://www.energyconnectinc.com/
Forward Looking Statements
This press release includes statements that may constitute “forward-looking” statements. These statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause or contribute to such differences that include, but are not limited to, competitive factors, the success of new products in the marketplace, dependence upon third-party vendors, and the ability to obtain financing. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
For more information:
Media Contact:
Rich Quattrini
rquattrini@energyconnectinc.com
408.340.7940
Investor Relations:
Randy Reed, CFO
503.419.3580
Posted on Tuesday, March 3rd, 2009 - Press Releases