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ONEnergy Inc. Continues Expansion into Energy Efficiency Services

Tuesday, 18 November 2014 04:05 PM

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ONEnergy Inc., Tuesday, November 18, 2014, Press release picture

Acquires Assets of AVACOS Clean Energy

TORONTO, CANADA / ACCESSWIRE / November 18, 2014 / ONEnergy Inc. ("ONEnergy" or the "Corporation") (TSXV: OEG and OEG.A) today announced that it has acquired substantially all of the assets (the "Assets") of 2289274 Ontario Limited, which operates as AVACOS Clean Energy ("AVACOS") for $1.73 million. AVACOS is a Toronto, Ontario-based provider of energy generation and energy efficiency products and services including LED lighting retrofits, commercial solar photovoltaic power generation system ("solar PV") design and installation, and building envelope upgrades. ONEnergy's Sunwave(TM) Energy Efficiency business ("Sunwave") has been working in partnership with AVACOS since the second quarter of 2014, jointly pursuing multiple opportunities for customers across Canada.

Through the acquisition of the AVACOS Assets, ONEnergy:

  • - adds additional, accretive revenue streams at attractive margins;

    - expands Sunwave's ability to offer customers a suite of clean energy products and services including solar PV system design and installation capabilities;

    - adds existing solar PV system design and construction and energy efficiency framework agreements, and a substantial list of high profile customers;

    - secures additional product supply agreements, and;

    - brings on board energy auditing and installation personnel as well as the founder of AVACOS, Sandro Costa. Mr. Costa has joined Sunwave as Vice President, Energy Efficiency, and he is responsible for leading Sunwave's growth in the energy efficiency market in Canada and the northeast U.S.

The purchase consideration for the Assets of $1.73 million was satisfied by the issuance of 10,966,000 Multiple Voting Shares and 15,425,262 Subordinate Voting Shares of the Corporation (collectively the "Consideration Shares"). The Consideration Shares represent a combined 9.9% voting interest in the Corporation.

"The acquisition of AVACOS is a natural step in Sunwave's growth in the energy efficiency marketplace." said Mark Lewis, Chief Executive Officer of ONEnergy. "We have been working very well in partnership with AVACOS since the second quarter, and became increasingly apparent to both Sunwave and AVACOS that we could do even more as a single organization. With the addition of AVACOS and the leadership of Sandro Costa I expect to see our growth in these critical markets further accelerated."

About AVACOS Clean Energy

AVACOS Clean Energy specializes in energy conservation products and services ranging from solar photovoltaic power generation systems, specialized LED lighting replacement programs, nano-liquid heat preservation technologies for glazing applications including interior and exterior coatings, and innovative energy storage solutions encompassing residential, commercial and utility scale applications. AVACOS provides clients with turnkey services ranging from conceptual planning and design to final connection to the local utility, and we address a complete building envelope energy conservation model.

About ONEnergy Inc.

ONEnergy is a fast-growing, dynamic energy management firm serving commercial, industrial, multi-residential and residential clients via its Sunwave(TM)-branded energy-efficiency businesses. Sunwave(TM) specializes in helping customers use energy more wisely by minimizing their energy consumption and then cost-effectively managing the balance. We provide a variety of products and services including sales and rental of energy-efficient furnaces, boilers and air conditioners, complete turnkey LED lighting retrofits (including financing), supply of conventional and "green" electricity for homes and businesses, commercial solar PV installations, home protection plans, building envelope upgrades, energy audits and more to help our customers conserve, simplify and effectively manage their energy costs.

Sunwave(TM) serves customers in both Canada and the United States, with offices in Toronto, Ottawa, Calgary and Norwalk, CT.

ONEnergy shares are listed on the TSX Venture Exchange under the symbols "OEG" for Multiple Voting Shares and "OEG.A" for Subordinate Voting Shares. ONEnergy's website may be found at www.onenergyinc.com.

Mark Lewis

Chief Executive Officer

ONEnergy Inc.

(416) 444-8810

Ali Mahdavi

Managing Partner

Spinnaker Capital Markets Inc.

(416) 962-3300

Cautionary Note Regarding Forward-Looking Statements: This Press Release contains or refers to "forward-looking information" within the meaning of applicable Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "plans", "expects", "is expected", "budget", "estimates", "intends", "anticipates" or "does not anticipate", or "believes", or variations of such words and phrases or statements that certain actions, events or results "may", "could", "would", "might", "occur" or "be achieved". All information, other than information regarding historical fact that addresses activities, events or developments that ONEnergy believes, expects or anticipates will or may occur in the future is forward-looking information. Forward-looking information contained in this Press Release is subject to a number of risks and uncertainties that may cause the actual results of ONEnergy to differ materially from those discussed in the forward-looking information, and even if such actual results are realized or substantially realized, there can be no assurance that they will have the expected consequences to, or effects on, ONEnergy. Should one or more of these risks and uncertainties occur, such as: the anticipated benefits of the acquisition of AVACOS, risks related to AVACOS business, risk related to Sunwave's business, market risks and risks related to loss of key personnel, including Mr. Costa, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, or expected. ONEnergy does not intend and do not assume any obligation to update these forward- looking statements, except as required by law. Readers are cautioned not to put undue reliance on such forward-looking statements.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.


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ONEnergy Inc. 

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