Five-year agreement enables additional third-party service providers to leverage an Integrated Energy Platform for enhanced customer retention and value.
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
TORONTO, March 6, 2017 /CNW/ - Crius Energy Trust (TSX: KWH.UN) ("Crius" or "the Trust") today announced that Crius Energy, LLC ("Crius Energy") and Comcast Corporation ("Comcast") (NASDAQ: CMCSA) have entered into a five-year strategic agreement to jointly offer an Integrated Energy Platform to service providers across the U.S.
The platform – expected to formally launch in the latter half of 2017 – will leverage existing assets from both Comcast and Crius, including technology and resources, to provide partner customers with a holistic home energy solution that combines, among other products, electricity, natural gas and solar. Crius Energy and Comcast launched their initial partnership in 2015 aimed at delivering long-term value to customers with energy services through a private label energy brand.
The Integrated Energy Platform will enable service providers to quickly offer a rich set of energy products to their customer base. As with the company's other partnerships, Crius will work closely with Comcast and additional service providers to onboard partner customers to the platform. Crius will continue to directly service all existing and future electricity and natural gas customer relationships.
"Based on the significant progress of our current relationship, Crius looks forward to partnering with Comcast in the coming years to advance and expand the energy platform we have built together," said Michael Fallquist, Chief Executive Officer of the Trust and Crius Energy. "We have seen a growing number of Comcast customers benefit from the value provided by energy choice through bundled service solutions, and we are excited to expand our reach by welcoming new partners who can help bring this value to more customers across the nation."
The partners expect to welcome their first Integrated Energy Platform participants in the coming weeks.
About Comcast Corporation
Comcast Corporation (Nasdaq: CMCSA) is a global media and technology company with two primary businesses, Comcast Cable and NBCUniversal. Comcast Cable is one of the nation's largest video, high-speed Internet and phone provider to residential customers under the XFINITY brand and also provides these services to businesses. NBCUniversal operates news, entertainment and sports cable networks, the NBC and Telemundo broadcast networks, television production operations, television station groups, Universal Pictures and Universal Parks and Resorts. Visit www.comcastcorporation.com for more information.
About Crius Energy Trust
Crius Energy Trust was established to provide investors with a distribution-producing investment through its ownership interest in Crius Energy, LLC (the "Company"). With over 962,000 residential customer equivalents, the Company is a comprehensive energy solutions partner that provides electricity, natural gas and solar products to residential and commercial customers. The Company connects with energy customers through an innovative family-of-brands strategy and multi-channel marketing approach. This unique combination creates multiple access points to a broad suite of energy products and services that make it easier for consumers to make informed decisions about their energy needs. The Company currently sells energy products in 18 states and the District of Columbia with plans to continue expanding its geographic reach.
The Trust intends to continue to qualify as a "mutual fund trust" under the Income Tax Act (Canada) (the "Tax Act"). The Trust will not be a "SIFT trust" (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which preclude the Trust from holding any "non-portfolio property" (as defined in the Tax Act). Material information pertaining to the Crius may be found on SEDAR under the Trust's issuer profile at www.sedar.com or on the Trust's website at www.criusenergytrust.ca.
Cautionary Statement Regarding Forward-Looking Statements
Forward-looking statements are subject to certain risks and uncertainties, and should not be read as guarantees of future performance or results and actual results may differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include but are not limited to, the ability of the Trust to maintain a distribution on Units, the ability of Crius Energy, LLC to continue completing acquisitions and continue its organic growth strategy, Crius Energy, LLC's results of operations, financial position or cash flows, customer revenues and margins, customer additions and renewals, customer attrition, customer consumption levels, general and administrative expenses, treatment under governmental regulatory regimes, the Trust's objectives and status as a mutual fund trust and not a SIFT trust, the Trust's distributable cash and the Trust's expectations and estimates regarding the payment of distributions to Unit holders. Such assumptions, expectations, estimates, risks and uncertainties are discussed under the headings "Risk Factors" and "Special Notes to Reader – Forward-Looking Statements and Risk Factors" in the Annual Information Form of the Trust dated March 15, 2016, and under the headings "Financial Instruments and Risk Management" and "Forward-Looking Statements" in the Management's Discussion and Analysis of the Trust dated November 10, 2016. Consequently, we cannot guarantee that any forward-looking statements will materialize. Readers should not place any undue reliance on such forward-looking statements.
SOURCE Crius Energy Trust
For further information: Contact Crius Energy Trust: Michael Fallquist, Chief Executive Officer, (203) 663-7545; Crius Energy Trust, Roop Bhullar, Chief Financial Officer, (203) 883-9900; Crius Energy Trust, Kelly Castledine, Investor Relations, (416) 644-1753