WaterFurnace Renewable Energy, Inc. to Acquire Chillit Chillers
FORT WAYNE, IN, May 6, 2014 /CNW/ - WaterFurnace Renewable Energy, Inc. [WFI:TSX] announced that it has entered into an agreement to acquire the assets and technology of Chillit Chillers, a growing manufacturer of innovative heating and cooling products located in Goshen, Indiana, USA.
Chillit Chillers manufactures specialty chillers and geothermal heat pumps for large commercial and industrial applications. The company has seen increasing sales since its establishment in 2009 and brings with it an expertise in the development of controls, building automation and remote monitoring software that work together to optimize equipment performance. The acquisition supports WaterFurnace and Chillit's shared mission to bring energy efficient products and technologies to the commercial market and will provide synergies to both companies.
"The acquisition of Chillit fits well into our long term commercial strategy and strengthens our position in that market," said Herb Batrouny, Sr. Vice President at WaterFurnace. "Chillit not only expands our product line to 500 tons but also provides us with new technologies and access into adjacent markets."
WaterFurnace plans to continue Chillit's operations from its facility in Goshen, Indiana while it determines the best way to maximize operating efficiencies going forward.
"We're excited to partner with Chillit Chillers," said Tom Huntington, President and CEO at WaterFurnace. "The Chillit brand has developed a strong reputation for quality innovation. Their strengths complement our own and align with our long-term growth objectives. We welcome them into the WaterFurnace family."
WaterFurnace International, Inc. is a leading manufacturer of residential, commercial, industrial and institutional geothermal and water source heat pumps. Although it earned a reputation as a leader in geothermal heat pumps, WaterFurnace has worked in recent years to innovate new technologies, integrate key trends and grow the core business to represent a portfolio of clean and sustainable solutions. WaterFurnace (TSX:WFI) was founded in 1983, and the company is headquartered in Fort Wayne, Ind.
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WaterFurnace Renewable Energy, Inc. is traded in both Canadian dollars and U.S. dollars on the Toronto Stock Exchange under the symbol WFI for Canadian dollars and WFI.U for U.S. dollars.
Forward-Looking Information Cautionary Notice
Certain statements in this release constitute forward-looking statements within the meaning of applicable Canadian securities laws. Forward-looking statements include statements as to growth opportunities and the potential benefits associated with WaterFurnace's acquisition of Chillit Chillers. Readers are cautioned not to place undue reliance on such statements. Investors should not rely solely on this information to make investment decisions. These statements are subject to certain assumptions, risks and uncertainties, including the following: uncertainty regarding the future sales performance and revenue associated with assets and technology acquired; WaterFurnace's ability to successfully market the acquired technology; the risk that expected synergies resulting from the Acquisition will not materialize; and the risk of incurring unexpected costs integrating the assets and technology acquired from Chillit Chillers. In addition, WaterFurnace's sales are related to the cost and stability of electricity, fuel oil, propane and natural gas. Federal, state and provincial building codes and energy incentives can also impact sales. WaterFurnace is subject to standard risks associated with most companies, such as normal competitive pressures. These and other risks could cause WaterFurnace's actual results, performance, achievements and developments to differ materially from the results, performance, achievements or developments expressed or implied by such forward-looking statements. Other risk factors can be found in WaterFurnace's Annual Information Form dated March 25, 2014 and other public documents filed by WaterFurnace with Canadian securities regulatory authorities. WaterFurnace assumes no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as expressly required by law.
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