TORONTO, CANADA / ACCESSWIRE / April 21, 2014 / ONEnergy Inc. ("ONEnergy" or the "Corporation") (TSXV: OEG and OEG.A), a growing provider of innovative energy and energy conservation products to residential, industrial and commercial customers in North America, announced today that its previously announced acquisition of The Home Comfort Group ("HCG") has closed. As a result of pre-closing adjustments to reserve accounts, the final total consideration paid for HCG was $3.2 million in cash, as compared to $3.4 million at announcement of the transaction.
Concurrently with the closing, HCG's founder Mark Klavir entered into a new employment agreement with HCG. HCG has also entered into consulting agreements with HCG's former Chief Financial officer Joseph Abitbol and a senior sales leader, Dennis Kiriopoulos, to provide services to HCG and ONEnergy post-closing. As part of entering into the above employment and consulting agreements, the Corporation has granted a total of 1,500,000 options to purchase subordinate voting shares in the Corporation to the above named individuals pursuant to the terms of the ONEnergy Stock Option Plan. The options vest over a five year period, are exercisable at a price of $0.08 per share, and expire in April 2024.
HCG is a well-established leader in the residential heating, ventilation, & air conditioning ("HVAC") rentals, sales and installation business and provides heating and air conditioning equipment, tankless and conventional hot water systems and other in-home and commercial appliances, products and services. Founded in 2011 and based in Toronto, Ontario, HCG has operations in Ontario, Alberta, and Manitoba. HCG drives revenue through the sales, rental and installation of high quality, energy-efficient HVAC systems, providing the business with long-lived, stable annuity-type cash flows and "sticky" customer relationships. HCG has a growing customer base and today serves over 4,000 customers. These customers are serviced by a focused, professional installation, service and sales staff.
About ONEnergy Inc.
ONEnergy, through Sunwave (www.gosunwave.com), is a licensed provider of innovative energy products to residential, industrial and commercial customers. ONEnergy provides homeowners and business with competitively priced conventional and environmentally-friendly "green" natural gas and electricity in Ontario and electricity in Connecticut and Pennsylvania.
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.
Chief Executive Officer
+1 (416) 444-4848
Ray de Ocampo
Chief Financial Officer
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Capital Markets & Investor Relations
Spinnaker Capital Markets Inc.
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The corporate information contained in this release includes forward-looking statements regarding future events and the future performance of ONEnergy and its subsidiaries that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by ONEnergy at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by ONEnergy that actual results achieved will be the same, in whole or in part, as those forecast.
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.
SOURCE: ONEnergy, Inc.