News, awesome surprise.... Quantum Energy Solutions
Octus Announces Definitive Agreement to Acquire Quantum Energy Solutions
DAVIS, CA -- (MARKETWIRE) -- 05/18/10 --
Octus, Inc. (OTCBB: OCTI), a leading smart energy efficiency company, today announced the signing of a definitive agreement to acquire privately held Quantum Energy Solutions, Inc., a pioneer in energy efficiency project development and smart energy product commercialization.
"Quantum and its principals are energy industry leaders with a rich history of successfully deploying energy efficiency projects throughout the United States and Canada," said Chris Soderquist, Octus CEO. "When the transaction is completed, we believe the fusion of our companies, our capabilities, and our sales pipelines will significantly and immediately expand Octus's ability to develop energy efficiency projects. This will be a seminal step in Octus's growth as a leading developer of smart energy efficiency solutions."
Founded in 1974, Quantum was one of the first energy management companies in the United States to specialize in energy efficiency. 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.
"Over the past three decades Quantum has helped evolve the energy-efficiency industry," said Quantum President Jim Collins. "Octus's project development approach -- including integration of innovative energy efficiency technologies and organization of creative project financing -- fills an unmet and rapidly expanding opportunity in the commercial building market space. In addition, we look forward to marketing the Octus Smart Energy Platform to Quantum's client base. The time to act is now, and together we are well poised to capitalize opportunities."
About Octus Octus, Inc. (OTCBB: OCTI) is a smart energy management company that reduces energy costs for commercial and institutional building by 50% or more through energy-efficient lighting, HVAC and energy management systems. Octus makes buildings smart and efficient through its proprietary Smart Energy Platform (OctusSEP) -- a portfolio of smart devices, sensors, network appliances and software-enabled energy management services. The company's energy management software, Octus SmartPortal, enables building owners and managers to command, control and monitor energy use in real time, from any device. In addition, the company develops energy projects through the implementation and financing of energy-efficient lighting, mechanical and energy management measures. 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 statements, 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: Chris Soderquist Octus chris@octusenergy.com 530/564-0200 http://octusenergy.co
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