Electric City Corp. Reports Second Quarter 2004 Results

• Published in: PR Newswire p. 1
• Format: Newsletter
• Language: English
• Published: New York PR Newswire Association LLC 16.08.2004
• Subjects: Building automation; Business plans; Cash flow; Dividends; Energy industry; Net losses; Safe harbor; Sales; Shipments; Stockholders; Illinois

This news release includes forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 including statements that reflect Electric City's current expectations about its future results, performance, prospects and opportunities. Electric City has tried to identify these forward-looking statements by using words and phrases such as "may," "will," "expects," "anticipates," "believes," "intends," "estimates," "plan," "should," "typical," "preliminary," "hope," or similar expressions. These forward-looking statements are based on information currently available to Electric City and are subject to a number of risks, uncertainties and other factors that could cause Electric City's actual results, performance, prospects or opportunities in the remainder of 2004 and beyond to differ materially from those expressed in, or implied by, these forward-looking statements. These risks include those related to the Company's execution of its 50 MW VNPP project with ComEd and the programs with Xcel Energy and Enersource mentioned above. Other risks include those related to the possible expansion of current VNPP projects and new projects under discussion, including contract documentation, regulatory risks and electric market structures. Other risks are referenced in Electric City's current Annual Report on form 10-KSB or as may be described from time to time in Electric City's subsequent SEC filings; and such factors as incorporated by reference. SOURCE Electric City Corporation "Execution of our ComEd and Xcel Energy contracts and expansion of these systems along with the addition of new VNPP(R) systems remain our three highest priorities," added John Mitola, Electric City's CEO. "We have dedicated a significant portion of our resources to the ComEd VNPP(R), where we continue to sign up new customer hosts and ship product. Given the overwhelmingly positive market response to our VNPP(R) offering and the importance of long- term peak demand control to utilities and their regulators, we recently reached a preliminary agreement with ComEd to explore the expansion of our Chicago VNPP to 100 Megawatts -- representing a doubling of our current contract. Our systems under development in Chicago, Denver and Ontario continue to act as the 'model' for other utilities to evaluate as we negotiate agreements to develop VNPP(R) projects in major markets across North America. Therefore, we are confident our efforts in 2004 are leading to the building of a base of VNPP projects which will provide long-term growth to ELC for a handful of years to come."