Metretek makes PowerSecure a subsidiary
The Denver Business Journal - November 23, 2004
Denver-based Metretek Technologies Inc. has bought the remaining shares of PowerSecure Inc. for $9,500.
Metretek issued 950,000 shares of common stock at 1 cent per share in exchange for the outstanding minority 13.9 percent interest in PowerSecure Inc. that was held by the latter's employee-shareholders.
Metretek (OTC BB: MTEK) now owns all the issued and outstanding shares of PowerSecure, making PowerSecure a wholly owned subsidiary. Metretek now will report 100 of PowerSecure's net income of PowerSecure in its consolidated financial statements.
Metretek Technologies Inc., through its subsidiaries Southern Flow Companies Inc., PowerSecure Inc. and Metretek Inc. (Metretek Florida), is a provider of energy measurement products, services and data management systems to industrial and commercial users, and suppliers of natural gas and electricity.
