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,
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.
SOURCE: WaterFurnace Renewable Energy, Inc.
For further information:
Additional information about the Company and its products is available on the Company's website: www.waterfurnace.com. Or call (260) 478-5667 and ask for investor relations.