WALTHAM, Mass., April 12, 2016 /PRNewswire/
-- Tecogen® Inc. (NASDAQ: TGEN) is pleased to
announce over 90% of Ilios Dynamics shareholders have accepted
Tecogen's share exchange offer; making the acquisition of the
remaining privately held minority interest in Ilios Dynamics
materially complete as of Monday April 11,
2016.
Speaking about the transaction, Tecogen co-CEO Benjamin Locke noted, "Ilios is a growing and
increasingly important part of Tecogen's product portfolio. We are
glad to be bringing this complementary cogeneration technology
fully into the Tecogen family, rounding out the product offering.
With the new Gas Company selling agreement and additional dedicated
sales representatives, we are optimistic about the Ilios sales
pipeline."
Ilios delivered 2015 revenue and unit sales more than double any
previous year, driven by the launch of the new Ilios split air
sourced heat pump and new market penetration. Recently, Ilios has
announced the first sale of the ultra-efficient heat pump into the
hospitality industry, building on the success of the equipment in
the multi-family residential segment.
Stephen Lafaille, Ilios Product
Manager added, "With the new sales agents and continued push toward
geographic expansion, along with recent sales wins, we are excited
to continue building on the strong momentum from 2015 as a wholly
owned part of the Tecogen family."
The Ilios heat pump provides twice the efficiency of a
conventional boiler while delivering 400,000– 600,000 BTU/hour of
hot water. This hot water is ideal for space heating, precision
industrial applications, swimming pools and spas and is delivered
while producing near-zero emissions and cutting a facility's carbon
footprint in half. An Ilios unit can also be used as a dedicated
heat recovery chiller to provide simultaneous heating and cooling,
offsetting boiler usage by as much as 50% and peak shaving the
central chiller—creating a significant savings for the
facility. The Ilios line of water heaters meets the needs of
customers by providing a reliable and consistent supply of hot
water at a fraction of the price of conventional boiler equipment.
When fitted with Tecogen's patented Ultera low emissions
technology, Ilios offers the most cost effective and
environmentally friendly gas powered water heating solution on the
market today.
Ilios shareholders exchanged their shares in Ilios Dynamics for
shares in Tecogen Inc. on a 7.86-for-1 ratio determined using a
trailing 30 day average closing price for Tecogen shares of
$3.93, taken as of March 4th, 2016. In total at closing,
Tecogen will issue approximately 670,000 shares to Ilios Dynamics
shareholders, valuing the heat pump company at approximately
$7.5 million.
About Tecogen
Tecogen® Inc. designs,
manufactures, sells, installs, and maintains high efficiency,
ultra-clean, cogeneration products including natural gas
engine-driven combined heat and power, air conditioning systems,
and high-efficiency water heaters for residential, commercial,
recreational and industrial use. The company is known for cost
efficient, environmentally friendly and reliable products for
energy production that, through patented technology, nearly
eliminate criteria pollutants and significantly reduce a customer's
carbon footprint.
In business for over 20 years, Tecogen has shipped more than
2,300 units, supported by an established network of engineering,
sales, and service personnel across the
United States. For more information, please visit
www.tecogen.com or contact us for a free Site Assessment.
Tecogen, InVerde, Ilios, Tecochill, Ultera, and e+,
are registered trademarks of Tecogen Inc.
Forward Looking Statements
This press release may
contain forward-looking statements under the Private Securities
Litigation Reform Act of 1995 that involve a number of risks and
uncertainties. Important factors could cause actual results to
differ materially from those indicated by such forward-looking
statements, as disclosed on the Company's website and in Securities
and Exchange Commission filings. The statements in this press
release are made as of the date of this press release, even if
subsequently made available by the Company on its website or
otherwise. The Company does not assume any obligation to update the
forward-looking statements provided to reflect events that occur or
circumstances that exist after the date on which they were
made.
Tecogen Media
& Investor Relations Contact Information:
|
|
Ariel F. Babcock,
CFA
|
John N.
Hatsopoulos
|
P: (781) 466-6413
|
P: (781)
622-1120
|
E:
Ariel.Babcock@tecogen.com
|
E:
John.Hatsopoulos@tecogen.com
|
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SOURCE Tecogen