For
Immediate Release: March 15, 2007
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NEWS
RELEASE
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Germantown,
MD, Telkonet, Inc. (AMEX: TKO), the leader in providing in-building
broadband access over existing electrical wiring, today
announced that the Company has completed the acquisition of Smart
Systems
International (SSI), a leading technology manufacturer of in-room
energy
management systems for the hospitality industry. The Company acquired
substantially all the assets of SSI for $7,000,000 comprised of
cash and
Company common stock.
SSI’s
patented energy management technology eliminates wasted energy
from
heating and cooling unoccupied rooms, constantly adjusting the
temperature
based on current room conditions. It evaluates how far the temperature
can
drift for maximum energy savings, while ensuring the room will
always be
minutes away from the occupant’s comfort setting range. This patented
drift/drive function guarantees occupant comfort while saving valuable
energy.
Telkonet
plans to integrate the two company’s products, using the Telkonet iWire
System™
to
provide a cost-effective, easy-to-install broadband platform to
network
all the energy-related components. Telkonet’s system will create a
web-based Enterprise Energy Management System, enabling remote
energy
management, monitoring and analysis. This powerful, comprehensive
energy
management system will offer the hospitality industry an economical,
efficient approach to reducing energy consumption by up to 30%
− a
significant savings.
Bill
Dukes, President and CEO of SSI, stated, “The marriage of SSI and
Telkonet’s technology creates unrivaled synergies that will effectively
enable us to provide the hospitality industry with expanded, feature-rich
energy management capabilities, such as peak load management programs,
among other benefits. We are excited about the endless possibilities
created by the combination of SSI and Telkonet; together we will
fulfill
and exceed our customers’ energy management needs.”
Ron
Picket, President and CEO of Telkonet, added, “Both Telkonet and SSI are
passionate about providing a robust, hassle-free, cost-effective
and
efficient energy management solution. Our two companies combine
best-of-breed of technologies - broadband networking and energy
management
- to provide our customers with a comprehensive and proven approach
to
energy management.”
In
addition to over 60,000 product installations in the hospitality
industry,
SSI’s solutions are widely distributed by several energy services
companies who are engaged with various power utilities’ energy-efficiency
programs. To help hotels and motels reduce electricity usage, the
(more)
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Contacts:
Michael
Porter
President
Porter,
LeVay & Rose, Inc.
212.564.4700
mike@plrinvest.com
www.plrinvest.com
Harrison
G. Wise
Rubenstein
Public Relations
212.843.8001
hwise@rubensteinpr.com
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