Metretek Technologies Announces Founders' Retirement
April 17 2007 - 6:30AM
Business Wire
The Board of Directors of Metretek Technologies, Inc. (Amex:MEK)
announced that its two co-founders, W.�Phillip Marcum and A.
Bradley Gabbard, have retired. Both Marcum and Gabbard will
continue to serve on the Board until the company�s Annual Meeting
of Stockholders on June 11, 2007. Sidney Hinton � who joined the
company in 2000 and will continue to serve as president and chief
executive officer of PowerSecure, Inc., the company�s largest
operating subsidiary � has been appointed president and CEO of
Metretek Technologies. Gary�J.�Zuiderveen � who joined the company
in 1994 as controller and was elected a vice president in 2005, and
who for most of his tenure has also served as its principal
accounting officer � has been named to the additional position of
chief financial officer. Marcum will continue to serve as chairman
until the Annual Meeting in June, when Basil M. Briggs, an
independent director and the chairman of the compensation
committee, will become the company�s non-executive chairman of the
board. Hinton will be nominated to the board at the Annual Meeting.
�Since founding Metretek sixteen years ago,� said Marcum, �Brad and
I have had to make countless decisions that have affected the
company in myriad ways. In hindsight, none was more fruitful than
our May 2000 invitation to Sidney Hinton to join Metretek and
assist us in diversifying and expanding the company�s business.
Since joining Metretek, Sidney has exhibited a rare combination of
talents: a true entrepreneurial spirit complemented by exceptional
marketing and managerial skills. Notably, he recognized and was
able to exploit an opportunity in the emerging field of distributed
generation, such that PowerSecure�s revenues have grown tenfold �
from less than $10�million in 2001, its first full year of
operation, to almost $100�million in 2006. This extraordinary
record of accomplishment supports today�s announcement.� �During
the past year Phil and I have explored with other board members the
question of succession � often the most difficult decision faced by
a company�s founders � and the feasibility of putting the
management of Metretek in younger hands,� said Gabbard. �The
appointments announced today reflect complete unanimity within the
board, and they follow extensive discussions in which our foremost
goal was to ensure the company�s future while promoting the best
interests of all its shareholders. Sidney and Gary are thoroughly
familiar with the company and its operations, and each is dedicated
to Metretek�s continuing success. Although Phil and I stand ready
to assist Sidney and Gary as needed during our remaining two months
on the board, one should know that the transition is already well
under way.� �I greatly appreciate the trust that the board has put
in me,� said Hinton, �and I look forward to building on the solid
foundation that is the legacy of Metretek�s founders. Phil and Brad
have shown exceptional foresight in anticipating and capitalizing
on ever-changing trends within the energy industry, and in doing so
they have never lost sight of the fact that second only to its
customers, a company�s most important constituents are its
shareholders. Without their vision, Metretek would not be where it
is today. Nor would we have had the infrastructure on which to
build PowerSecure�s business. I join all Metretek�s shareholders in
expressing my heartfelt gratitude to Phil and Brad for their
diligence and hard work.� Since beginning his career in the power
industry in 1982, Hinton, who has an MBA from Emory University, has
acquired a deep understanding of the opportunities and challenges
facing electric utilities and their customers. Responsibilities
have included finance, sales, and marketing. During his
fifteen-year tenure at Southern Company and Georgia Power (a
subsidiary of Southern Company, one of the largest electric
utilities in the U.S.), he was given the opportunity to establish a
business unit to develop and market products and services to
commercial and industrial customers that allowed them to use energy
more efficiently in their operations � providing the foundation for
PowerSecure�s business model, which emphasizes partnering with
utilities to better serve their customers. About Metretek
Technologies: Metretek Technologies, Inc. through its subsidiaries
-- Southern Flow Companies, Inc.; PowerSecure, Inc.; and Metretek,
Incorporated (Metretek Florida) -- is a diversified provider of
energy measurement products, services and data management systems
to industrial and commercial users and suppliers of natural gas and
electricity.
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