Additional Details, Growth Plans, and Comments are Revealed from Both Parties of Agreed Merger
TUSTIN, CA / ACCESSWIRE / September 15, 2014 / Premier Holding Corporation (OTCQB: PRHL), an energy reseller in deregulated markets and a nationwide provider of energy efficient solutions, announces that its acquisition of 85% of Lexington Power and Light, LLC (LP&L) is expected to close within 30 days. Although Lexington has been a private company, it has disclosed that revenue from its current client base of over 1,200 commercial accounts and roughly 6,000 residential accounts is expected to produce in excess of $11 million in 2014; an increase in revenue from $9.5 million in 2013. Lexington is generating positive earnings and is positioned for stronger future growth.
Once the acquisition is complete, Premier Holding Corporation will assume all accounts and report all revenue from LP&L on its financials going forward. In July of this year, Premier issued a press release that it had compiled pro forma estimates based on Premier becoming a supplier through a merger with an established entity. It stated that, "Premier will provide these pro formas upon request, which demonstrate that revenue could climb from $50+ million in 2015 to over $500 million in 2018."
LP&L is currently registered with the Federal Energy Regulatory Commission (FERC) and is a direct supplier of gas and electricity. It conducts business in New York and is registered with the New York Independent Systems Operator (NYISO) behind four utilities including Con Edison of New York and National Grid. In its press release last week on Wednesday, September 10, Premier stated that an application to FERC was submitted on August 26th, 2014 to be recognized as majority owner of Lexington, a power supplier.
Now that the acquisition is on target to close within 30 days, Premier believes these aggressive targets are achievable through a focused plan. This plan includes high growth through expansion of current commercial and residential sales programs, as well as adding numerous resellers in New York. The plan also includes filing with FERC to become an authorized supplier in other deregulated states, further expansion of its strong sales efforts backed by its proprietary NEST system, and sales of energy efficient solutions to existing and new commercial clients through PRHL's subsidiary E3.
Anthony Manganello, VP of Lexington Power and Light stated, "We are extremely excited about the merger. This is exactly the marriage we have been looking for. The combination of our companies will no doubt make us the new "Energy Dream Team"
PRHL’s President and CEO Randall Letcavage stated, "In deference to my New York partners, there hasn’t been a more perfect fit since John Travolta donned his white suit in Saturday Night Fever."
Premier expects to provide additional information regarding this merger, developments, and plans in the near future.
About Premier Holding Corporation
The Company provides financial support and management expertise, which includes access to capital, financing, legal, insurance, mergers, acquisitions, joint ventures and management strategies. The Company's mission is to acquire clean technology companies and/or green products and services that are accretive and that can be seamlessly integrated and utilize the overall economics of such products and services for the benefit of its customers. Through subsidiaries we offer renewable energy production, energy efficiency products and services to commercial middle-market companies, Fortune 500 brands, developers and management companies of large-scale residential developments. Additional integrated business offerings include direct energy services as power purchase agreements (PPAs), energy financing and leasing of generation programs in urban and rural real estate environments, lighting efficiency systems and refrigeration systems. For more information visit PRHL Investors Relations: www.prhlcorp.com.
About Lexington Power and Light, LLC (LP&L)
LP&L is an independent energy services company (ESCO) that sells electricity and natural gas.. Under deregulation, energy consumers have the right to purchase energy supply from an independent ESCO like LP&L. As a direct supplier, our purpose at LP&L is to provide superior customer service in conjunction with the supply of discount electricity and natural gas, while promoting energy conservation. Our mission is to educate all energy consumers of the benefits of deregulation and the positive impact it has on them.. Built on the principles of honesty, integrity, and putting people before profits, our goal is to make a difference one home, one business, and one neighborhood at a time. Visit www.lexpl.com for more information.
About The Power Company (TPC)
The Power Company USA, LLC is a professional energy services firm offering brokerage and consulting services with a progressive and unique perspective on energy management based in Chicago, Illinois. Their mission is to assist companies in reducing and managing their electricity expenses. Their diverse portfolio of energy providers, transparent pricing, and unparalleled industry experience offers customers the freedom of exploring all of their options for choosing the best plan and provider. Operating in all currently deregulated states, including Texas, New York and Illinois, TPC and its partners/suppliers have provided an invaluable service to its clients. Their team has consulted and/or serviced such prominent companies, organizations and governmental entities such as: The City of Dallas, Ralcorp, Choice Hotels, Apex Hospital Systems, Mercedes Dealerships, Leona's Restaurant Group, McDonald's, and many others. Because of the large amount of business transacted and their long-standing relationships with Regional Energy Suppliers, TPC is assured to provide the most competitive prices in the industry. For more information visit: www.thepowercompany.com
Premier Holding Corp. Safe Harbor
This press release contains certain statements that may include "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "anticipate," "optimistic," "intend," "will" or other similar expressions. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under applicable securities laws, the Company does not assume a duty to update these forward-looking statements.
CONTACT:
For more information contact:
Connie Absher
(949) 260-8070
Source: Premier Holding Corporation