TORONTO, ONTARIO--(Marketwired - July 15, 2015) - Enercare Inc. (TSX:ECI) announced today that its wholly-owned su bsidiary, Enercare Connections Inc. (together with Enercare Inc., "Enercare"), has completed its acquisition of Triacta Power Technologies Inc. ("Triacta").
Enercare has acquired all of the issued and outstanding shares of Triacta (the "Acquisition"), through a plan of arrangement under the Ontario Business Corporations Act. The purchase price for the Acquisition was $7.5 million, subject to certain working capital and other adjustments, and payment in full by Triacta of its existing indebtedness. Enercare paid the purchase price using cash on hand. Completion of the Acquisition required receipt of approval of the plan of arrangement by two-thirds of Triacta's shareholders and approval of the Ontario Superior Court of Justice.
"We are very pleased to announce the close of our acquisition of Triacta," said Ross Garland, Senior Vice President and General Manager, Sub-metering at Enercare. "This acquisition supports our strategic objectives, which includes shaping the future of the sub-metering industry and increasing our presence in markets outside of Canada. Most importantly though, it underscores our lasting investment in the future of sub-metering that will result in operational savings and impactful new products and services that bring value to our clients."
Triacta, headquartered outside Ottawa, Canada, is a leader in the design and manufacturing of advanced, utility-grade energy management meters for multi-unit residential, commercial and institutional applications. Triacta's primary markets are the United States and Canada. With a large installed base of Triacta meters, Enercare has and will continue to use Triacta's products extensively.
Triacta will continue to offer the same range of hardware, complete with software that combines meter management, automated data collection, powerful analysis tools and flexible billing capabilities.
"This is an exciting opportunity for Triacta," said Wes Biggs, President and Chief Executive Officer of Triacta. "Combining our knowledge and expertise in sub-metering with Enercare's financial backing means we will be in a position to bring more versatile, flexible, and scalable products to our client base. We are equally as committed and passionate as Enercare is about bringing technological innovations in sub-metering to market."
Cautionary Note Regarding Forward-Looking Statements
Certain statements in this news release are forward-looking statements, which reflect management's expectation regarding Enercare's growth, results of operations, performance, business prospects and opportunities. Such forward-looking information reflects management's current beliefs and is based on information available to them and/or assumptions management believes are reasonable. Many factors could cause results to differ materially from the results discussed in the forward-looking information. Although forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Accordingly, readers should n ot place undue reliance on such forward-looking statements and assumptions as management cannot provide assurance that actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Enercare. These forward-looking statements are subject to change as a result of new information, future events or other circumstances in which case they will only be updated by Enercare where required by law.
About Enercare and Enercare Connections
Enercare is one of Canada's largest home and commercial services companies with more than 900 employees. Enercare provides water heaters, furnaces, air conditioners and other HVAC rental products, protection plans and related services to approximately 1.1 million customers. Enercare also owns Enercare Connections Inc., a leading sub-meter provider, with metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada.
Additional information regarding Enercare is available on SEDAR at www.sedar.com or through Enercare's investor relations website at www.Enercareinc.com or www.Enercare.ca.