ONEnergy Closes Acquisition of Home Comfort Group
April 21 2014 - 7:59AM
Access Wire
TORONTO, CANADA / ACCESSWIRE / April 21, 2014
/ ONEnergy Inc. ("ONEnergy" or the "Corporation")
(TSXV: OEG and OEG.A), a growing provider of innovative energy and
energy conservation products to residential, industrial and
commercial customers in North America, announced today that its previously announced
acquisition of The Home Comfort Group ("HCG") has closed. As a
result of pre-closing adjustments to reserve accounts, the final
total consideration paid for HCG was $3.2 million in cash, as
compared to $3.4 million at announcement of the
transaction.
Concurrently with the closing, HCG's founder Mark
Klavir entered into a new employment agreement with HCG. HCG has
also entered into consulting agreements with HCG's former Chief
Financial officer Joseph Abitbol and a senior sales leader, Dennis
Kiriopoulos, to provide services to HCG and ONEnergy post-closing.
As part of entering into the above employment and consulting
agreements, the Corporation has granted a total of 1,500,000
options to purchase subordinate voting shares in the Corporation to
the above named individuals pursuant to the terms of the ONEnergy
Stock Option Plan. The options vest over a five year period, are
exercisable at a price of $0.08 per share, and expire in April
2024.
HCG is a
well-established leader in the residential heating, ventilation,
& air conditioning ("HVAC") rentals, sales and installation
business and provides heating and air conditioning equipment,
tankless and conventional hot water systems and other in-home and
commercial appliances, products and services. Founded in 2011 and
based in Toronto, Ontario, HCG has operations in Ontario, Alberta,
and Manitoba. HCG drives revenue through the sales, rental and
installation of high quality, energy-efficient HVAC systems,
providing the business with long-lived, stable annuity-type cash
flows and "sticky" customer relationships. HCG has a growing
customer base and today serves over 4,000 customers. These
customers are serviced by a focused, professional installation,
service and sales staff.
About
ONEnergy Inc.
ONEnergy,
through Sunwave (www.gosunwave.com), is a licensed provider of
innovative energy products to residential, industrial and
commercial customers. ONEnergy provides homeowners and business
with competitively priced conventional and environmentally-friendly
"green" natural gas and electricity in Ontario and electricity in
Connecticut and Pennsylvania.
ONEnergy
shares are listed on the TSX Venture Exchange under the symbols
"OEG" for Multiple Voting Shares and "OEG.A" for Subordinate Voting
Shares. ONEnergy's website may be found at
www.onenergyinc.com.
Mark Lewis
Chief Executive Officer
ONEnergy Inc.
+1 (416)
444-4848
Ray de Ocampo
Chief Financial
Officer
ONEnergy Inc.
+1 (416)
444-4848
Ali Mahdavi
Capital Markets & Investor
Relations
Spinnaker Capital Markets Inc.
+1 (416) 962-3300
The
corporate information contained in this release includes
forward-looking statements regarding future events and the future
performance of ONEnergy and its subsidiaries that involve risks and
uncertainties that could cause actual results to differ materially.
Assumptions used in the preparation of such information, although
considered reasonable by ONEnergy at the time of preparation, may
prove to be incorrect. The actual results achieved may vary from
the information provided herein and the variations may be material.
Consequently, there is no representation by ONEnergy that actual
results achieved will be the same, in whole or in part, as those
forecast.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE: ONEnergy, Inc.
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