Media
Contacts:
Joe Noel,
240.912.1851
Michael
Wachs, CEOcast, 212.732.4300, mwachs@ceocast.com
Garrett
Axford, Georgina Garrett / Simon Jones, 866.940.9987, +44.1903.854900 mail@garrett-axford.co.uk
For
Immediate Release
Telkonet
Announces Completion of Funding Arrangement
Funding
will support energy management and hospitality solutions for this growing market
segment
September
10, 2008: Germantown, MD – Telkonet, Inc. (AMEX:TKO), the leading provider of
innovative, centrally managed solutions for integrated energy management,
networking, building automation and proactive support services, announced today
that it has entered into a two-year, $1,000,000 line of credit facility with
Thermo Credit, LLC, a funding company specializing in the telecommunications
industry. The proceeds from this line of credit, together with the Thermo
Credit $2.5 million receivable financing agreement signed in February 2008, will
be used for the working capital requirements of the Company to support growth
opportunities and accelerate revenue.
“As we
discussed in our second quarter conference call, this completes our goal of
securing asset-based financing, helping us to shape the financing to our
specific business needs. The funding will enable us to take advantage of the
tremendous market potential for our energy management products, as the demand
for our technology has been continually growing,” stated Jason Tienor, Telkonet
CEO.
This
latest inventory-based funding will help Telkonet fulfill the pipeline demand
for its energy management products, expand its opportunities with energy-saving
programs, as well as continue to increase sequential quarterly growth and
achieve its goal of operating cash flow breakeven within 2008.
About
Thermo Credit
Thermo
Credit, LLC (www.thermocredit.com)
is a financial services company focused exclusively on the telecommunications
industry. Thermo Credit serves established, well-run companies that need capital
to expand or improve their operations. The company provides asset based
solutions, loans, lines of credit and capital investment programs. For more
information contact Seth Block at (504) 620-3101 or seth@thermocredit.com
About
Telkonet
Telkonet’s
unique broadband networking solutions currently support more than 2 million
network users per month, with its energy management systems optimizing energy
consumption in over 95,000 rooms. Telkonet’s technology innovation is
underpinned by the highest level of end-to-end quality of service, with
comprehensive technical customer support. Its systems deliver wide-ranging
functionality, from wired and wireless high-speed Internet access to energy
management, IP surveillance and local area networking. Telkonet’s platforms are
widely deployed on the global stage – in single buildings and ships, in
multi-building complexes, hospitality venues and multi-dwelling units, and at
government, education and defense locations.
(more)