Enercare Announces Termination of Its Nomination Agreement With Direct Energy
TORONTO, ON--(Marketwired - May 27, 2016) - Enercare Inc. ("Enercare") (TSX: ECI), one of Canada's largest home and commercial services and energy solutions companies, announced that it has received notice from Direct Energy Marketing Limited ("Direct Energy") that Direct Energy has sold the remainder of Enercare's common shares (the "Shares") originally issued to Direct Energy as partial consideration for the purchase by Enercare of Direct Energy's Ontario home and small commercial business in October 2014 (the "OHS Acquisition"). Enercare previously purchased for cancellation 3,846,154 Shares from Direct Energy by way of a block trade in November 2015.
As a result of the sale, the nomination agreement between Enercare and Direct Energy entered into in connection with the OHS Acquisition has terminated. The nomination agreement provided that as long as Direct Energy controlled not less than 3,846,154 Shares, Direct Energy was entitled to nominate one individual for consideration by Enercare's governance committee and board. Scott Boose, who was nominated to the Enercare board by Direct Energy pursuant to the nomination agreement, resigned from the board of directors effective May 26, 2016.
Enercare is headquartered in Toronto, Ontario, Canada and is publicly traded on the Toronto Stock Exchange (TSX: ECI). As one of North America's largest home and commercial services and energy solutions companies with approximately 3,800 employees under its Enercare and Service Experts brands, Enercare is a leading provider of water heaters, water treatment, furnaces, air conditioners and other HVAC rental products, plumbing services, protection plans and related services. With operations in Ca nada and the United States, Enercare serves approximately 1.6 million customers annually. Enercare is also the largest non-utility sub-meter provider, with electricity, water, thermal and gas metering contracts for condominium and apartment suites in Canada and through its Triacta brand, a premier designer and manufacturer of advanced sub-meters and sub-metering solutions.
For more information on Enercare visit enercare.ca. 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.
Source: Enercare Inc.