Thursday, June 10, 2010 9:36:36 AM
OCTI NEWS --
DAVIS, CA, Jun 10, 2010 (MARKETWIRE via COMTEX) -- Octus, Inc. (OTCBB: OCTI), a
leading smart energy efficiency company, today announced the completion of its
acquisition of substantially all of the assets of Quantum Ene rgy Solutions,
Inc., a pioneer developer of energy efficiency projects. Octus announced the
signing of its definitive asset purchase agreement to acquire Quantum on May 18,
2010.
Founded in 1974, Quantum is one of the first energy management companies in the
United States to specialize in energy efficiency. Over the course of their years
with the company, Quantum's principals have executed more than 1,500 energy
projects totaling more than $100 million in value for clients including ARCO,
Bank of America, Blockbuster, Chevron, Delta Airlines, Frito Lay,
Hewlett-Packard, Home Depot, Ikea, Nabisco, Pepsi, Petco, Safeway, Sears,
Siemens, and University of California.
"Quantum is a leader in implementing energy efficiency solutions for commercial,
industrial and institutional building owners and managers," said Chris
Soderquist, Octus CEO. "This expansion catalyzes our mission to significantly
reduce energy expenses and increase cash flow -- immediately and perpetually --
for building owners, managers and occupants. We believe there has never been a
better time to invest in energy efficiency."
Pursuant to the asset purchase agreement, Octus purchased substantially all of
the assets of Quantum for a purchase price subject to certain post-closing
adjustments described in the agreement, and the company agreed to assume certain
liabilities associated with Quantum. Consideration to be paid and liabilities
assumed by Octus in the transaction include: 150,000 shares of common stock
granted to Quantum; assumption of approximately $108,000 in Quantum accounts
payable and credit facilities; assumption of $130,000 in Quantum long-term debt;
and assumption of approximately $50,000 in Quantum accounts receivable. In
addition, Octus entered into a two-year consulting agreement with Quantum
president Jim Collins.
About Octus Octus, Inc. (OTCBB: OCTI) is a smart energy efficiency company that
significantly reduces energy costs for commercial and institutional buildings
through energy-efficient lighting, HVAC and energy management systems. Octus
monetizes the energy savings it creates through three business units: Smart
Energy Technologies, Energy Project Development and the Octus Smart Energy
Platform. Octus and its principals have completed more than 1,500 smart energy
projects. Commercial development is propelled through affiliations with leading
energy institutions, including the California Lighting Technology Center and the
Western Cooling Efficiency Center. Octus was founded in 1983 and is
headquartered in Davis, California.
Forward-Looking Statements This press release contains forward-looking
statements, including, without limitation, statements as to financial
projections and management's beliefs, expectations, goals and opinions. The
company does not undertake to update or revise these s tatements, which are based
on a number of assumptions concerning future conditions that may ultimately
prove to be inaccurate. Future events and their effects on the company may not
be those anticipated, and actual results may differ materially from the results
anticipated in these forward-looking statements. The risks, uncertainties and
factors that could cause or contribute to such material differences are
discussed in the company's annual report on Form 10-K for the year ended
December 31, 2009, filed by the company with the Securities and Exchange
Commission, as updated or supplemented from time to time in subsequent filings.
In addition, this press release contains a number of forward-looking statements
concerning anticipated operations for 2010. The company has only recently become
engaged in the smart energy business and does not have a history of operations
on which future results can be based.
Contact:
< BR>Chris Soderquist
Octus
Email Contact
530/564-0200
http://octusenergy.com
SOURCE: Octus, Inc.
CONTACT: http://www2.marketwire.com/mw/emailprcntct?id=5051A6FBE25805D2
http://octusenergy.com
Copyright 2010 Marketwire, Inc., All rights reserved.
-0-
SUBJECT CODE: Energy and Utilities:Alternative Energy
Environment:Air Pollution Control
Retail:Consumer Interest
&nbs p; Environment:Natural Resource Management
Environment:Hazardous Materials Management
DAVIS, CA, Jun 10, 2010 (MARKETWIRE via COMTEX) -- Octus, Inc. (OTCBB: OCTI), a
leading smart energy efficiency company, today announced the completion of its
acquisition of substantially all of the assets of Quantum Ene rgy Solutions,
Inc., a pioneer developer of energy efficiency projects. Octus announced the
signing of its definitive asset purchase agreement to acquire Quantum on May 18,
2010.
Founded in 1974, Quantum is one of the first energy management companies in the
United States to specialize in energy efficiency. Over the course of their years
with the company, Quantum's principals have executed more than 1,500 energy
projects totaling more than $100 million in value for clients including ARCO,
Bank of America, Blockbuster, Chevron, Delta Airlines, Frito Lay,
Hewlett-Packard, Home Depot, Ikea, Nabisco, Pepsi, Petco, Safeway, Sears,
Siemens, and University of California.
"Quantum is a leader in implementing energy efficiency solutions for commercial,
industrial and institutional building owners and managers," said Chris
Soderquist, Octus CEO. "This expansion catalyzes our mission to significantly
reduce energy expenses and increase cash flow -- immediately and perpetually --
for building owners, managers and occupants. We believe there has never been a
better time to invest in energy efficiency."
Pursuant to the asset purchase agreement, Octus purchased substantially all of
the assets of Quantum for a purchase price subject to certain post-closing
adjustments described in the agreement, and the company agreed to assume certain
liabilities associated with Quantum. Consideration to be paid and liabilities
assumed by Octus in the transaction include: 150,000 shares of common stock
granted to Quantum; assumption of approximately $108,000 in Quantum accounts
payable and credit facilities; assumption of $130,000 in Quantum long-term debt;
and assumption of approximately $50,000 in Quantum accounts receivable. In
addition, Octus entered into a two-year consulting agreement with Quantum
president Jim Collins.
About Octus Octus, Inc. (OTCBB: OCTI) is a smart energy efficiency company that
significantly reduces energy costs for commercial and institutional buildings
through energy-efficient lighting, HVAC and energy management systems. Octus
monetizes the energy savings it creates through three business units: Smart
Energy Technologies, Energy Project Development and the Octus Smart Energy
Platform. Octus and its principals have completed more than 1,500 smart energy
projects. Commercial development is propelled through affiliations with leading
energy institutions, including the California Lighting Technology Center and the
Western Cooling Efficiency Center. Octus was founded in 1983 and is
headquartered in Davis, California.
Forward-Looking Statements This press release contains forward-looking
statements, including, without limitation, statements as to financial
projections and management's beliefs, expectations, goals and opinions. The
company does not undertake to update or revise these s tatements, which are based
on a number of assumptions concerning future conditions that may ultimately
prove to be inaccurate. Future events and their effects on the company may not
be those anticipated, and actual results may differ materially from the results
anticipated in these forward-looking statements. The risks, uncertainties and
factors that could cause or contribute to such material differences are
discussed in the company's annual report on Form 10-K for the year ended
December 31, 2009, filed by the company with the Securities and Exchange
Commission, as updated or supplemented from time to time in subsequent filings.
In addition, this press release contains a number of forward-looking statements
concerning anticipated operations for 2010. The company has only recently become
engaged in the smart energy business and does not have a history of operations
on which future results can be based.
Contact:
< BR>Chris Soderquist
Octus
Email Contact
530/564-0200
http://octusenergy.com
SOURCE: Octus, Inc.
CONTACT: http://www2.marketwire.com/mw/emailprcntct?id=5051A6FBE25805D2
http://octusenergy.com
Copyright 2010 Marketwire, Inc., All rights reserved.
-0-
SUBJECT CODE: Energy and Utilities:Alternative Energy
Environment:Air Pollution Control
Retail:Consumer Interest
&nbs p; Environment:Natural Resource Management
Environment:Hazardous Materials Management
Join the InvestorsHub Community
Register for free to join our community of investors and share your ideas. You will also get access to streaming quotes, interactive charts, trades, portfolio, live options flow and more tools.