Energy Connect Group, Inc. (fka ECNG)

[timhyma]

must be getting ready for the next run <bg>

Press Release Source: EnergyConnect Group, Inc. On Tuesday November 9, 2010, 7:30 am

SAN JOSE, Calif.--(BUSINESS WIRE)-- EnergyConnect Group, Inc. (OTCBB:ECNG.ob - News), a leading provider of smart grid demand response services and technologies, secured a $4 million revolving line of credit with an one-year term from Silicon Valley Bank and Partners for Growth.



Andrew Warner, EnergyConnect’s CFO, said, “Over the past several months, we have made significant strides in fortifying our balance sheet. This line of credit supports these efforts. We will utilize it to fund working capital during our seasonal periods as well as fuel growth. As previously stated, EnergyConnect is well positioned with our new GridConnect platform to capture opportunities in the growing demand response market.”



“We are excited about our new banking relationship with EnergyConnect and look forward to supporting its growth initiatives,” said Rick Tu, Market Manager and Deal Team Leader, Western Division, Silicon Valley Bank.



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.



About Silicon Valley Bank



Silicon Valley Bank provides commercial banking services to emerging growth and mature companies in the technology, life science, private equity and premium wine industries. Through its focus on specialized markets and extensive knowledge of the people and business issues driving them, Silicon Valley Bank provides a level of service and partnership that measurably impacts its clients’ success. Founded in 1983 and headquartered in Santa Clara, Calif., the company serves clients around the world through 26 U.S. offices and five international operations. Silicon Valley Bank is a member of global financial services firm SVB Financial Group (Nasdaq:SIVB - News), along with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on the company can be found at www.svb.com. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.



About Partners for Growth



Established in 2004, Partners for Growth (“PfG”) provides custom debt solutions to private and public emerging growth technology and life science companies. PfG’s custom approach results in a variety of structures and terms including working capital lines of credit, term loans and convertible debt. PfG looks to share in the success of its clients by taking equity participation rights in the form of stock warrants or convertibility of its debt.



About EnergyConnect



EnergyConnect delivers industry-leading Demand Response technologies and services to commercial, institutional and industrial consumers enabling them to manage their use of electricity in response to market prices or regional power shortages. EnergyConnect’s GridConnect 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.








Contact:
EnergyConnect Group, Inc.Andrew Warner, CFO, (408) [e-mail] Relations:Lippert / Heilshorn & Associates, Inc.Timothy Dien, (415) [e-mail]