TORONTO, ONTARIO--(Marketwired - Dec. 21, 2015) - Enercare Inc. ("Enercare") (TSX:ECI) is pleased to announce the successful completion of its information technology transition from Direct Energy Marketing Limited ("Direct Energy") and, as a result, the exit from the related transition services agreement (the "TSA").
Enercare entered into the TSA on October 20, 2014, concurrent with the closing of its acquisition of the Ontario home and small commercial services business of Direct Energy. Pursuant to the TSA, Direct Energy provided certain transition services to Enercare relating to, among other things, the provision of ongoing information technology and decoupling from Direct Energy's information technology platform for an initial period of up to 15-months and a proviso that either party could extend the TSA for up to two additional 3-month terms. With the transition complete, the agreement was not extended and expired on December 20, 2015.
"Our transition from Direct Energy's information technology platform we nt smoothly and we are pleased to have it completed within the initial period of the TSA," said John Macdonald, President and Chief Executive Officer of Enercare. "Having full control over our technology platform is paramount to our strategy to enhance the customer experience and grow our business."
Enercare is headquartered in Toronto, Ontario and publicly traded on the Toronto Stock Exchange (TSX:ECI). As one of Canada's largest home and commercial services and energy solutions companies with approximately 1,000 employees, Enercare provides water heaters, furnaces, air conditioners and other HVAC rental products, plumbing services, protection plans and related services to more than 1.2 million customers. Enercare is also the largest non-utility sub-meter provider, with electricity, water, thermal and gas metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada, and through its Triacta division, a premier designer and manufacturer of advanced sub-meters and sub-metering solutions. For more information on Enercare visit enercare.ca.