Blue Earth ("BBLU") Successfully Closes the Acquisition of Intelligent Power Inc. ("IP") With Patented Real-Time Energy Management Technology for $3.5 Million
The Patented Demand Response, Cloud Based Technology, Allows Remote, Wireless Monitoring of Refrigeration Units, Lighting and Heating, Ventilation and Air Conditioning in Thousands of Facilities, Such as, Super Markets and Food Processing, Restaurants and C-Stores, Drug and Discount Stores
HENDERSON, NV--(Marketwired - July 25, 2013) - Blue Earth, Inc. (BBLU), an energy efficiency and alternative and renewable energy company, announced today that it has closed the acquisition of IP with patented demand response, cloud based, real-time energy management technology. The technology allows BBLU to provide energy monitoring and control solutions with real-time decision support to protect our customers' assets by preventing costly equipment failures and food product losses. The acquisition was through an exchange of 1,383,400 restricted BBLU common shares for all the ownership of IP. Approximately $200,000 in cash will be used to pay a brokerage fee and retire some debt.
Food stores use more than twice as much energy as the average commercial building per square foot. In the U.S., there are approximately 900,000 restaurants and convenience stores; 60,000 supermarkets and food processing facilities and 55,000 drug and discount stores. Typical stores have equipment failures every two weeks. The volatility of energy prices and refrigeration equipment failures puts pressure on their profit margins.
IP's innovative PeakPower™ System is a turnkey solution that monitors and controls energy and equipment within the store. The System enables BBLU to enter into long-term service agreements that allow most types of refrigeration equipment failures to be predicted, thereby allowing preventive service based on need rather than periodic, scheduled and costly service calls.
"We are excited to become a member of the Blue Earth family," stated Ed Davis, CEO of Intelligent Power. "Their existing base of several thousand customers in the food service sectors will be well served by utilizing the IP, PowerPeak™ System to meet their energy savings and sustainability objectives."
In addition, food distribution warehouses are being required by law to prove products remained at safe temperatures while under their control. The PeakPower™ System establishes an audit trail record of temperature history data that may be archived. It can even track the temperature in the truck or shipping container. Further, as a demand response application, PeakPower™ automatically shifts loads to off-peak rates or on designated critical days or for environmental reasons.
"We are delighted to have Ed and his excellent Team join Blue Earth," said Dr. Johnny Thomas, CEO. "This technology enhances our ability to provide a valuable, patented technology, that will immediately enhance and expand our energy solutions capabilities for our existing and new customers. The acquisition will also enhance our proprietary 'Keep Your Cool™' program, currently sponsored by several utilities, and allow us to extend the footprint throughout the United States."
About BBLU
BBLU is engaged in the clean technology industry with a primary focus on the energy efficiency and renewable energy sectors. We strive to participate in the global movement for a sustainable planet by offering products and services that will optimize energy use, reduce harmful environmental emissions and substantially reduce energy costs to our customers. For more information about Blue Earth, Inc., please visit www.blueearthinc.com.
Forward Looking Statements
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