Sixth state government contract solidifies company's position as a leader
in government energy procurement
WORCESTER, MA, Aug. 14 /CNW/ - World Energy Solutions, Inc. (TSX: XWE),
the operator of leading online exchanges for energy and energy-related
products, today announced that it has been awarded a five-year contract to
assist the State of Connecticut in its efforts to obtain energy commodities.
"This is our third state award this year and sixth overall out of the 11
states that have viable competitive markets for electricity," said
Richard Domaleski, CEO and founder of World Energy. "We are pleased that the
State of Connecticut has selected us as its online energy procurement
solution, which we view as further validation of our position as the leading
provider to U.S. government agencies at both the state and local levels. Our
online exchange model has proven to be a favored solution for government
agencies as it promotes liquidity, creates price transparency and uniquely
drives the fair and open competition so critical to government procurements.
It also provides these customers with flexibility to meet future requirements
that relate to green initiatives through the World Green Exchange."
World Energy uses its World Energy Exchange online reverse auction
platform, which has been shown to save customers an average of 11% compared
with traditional paper-based approaches to energy procurement. In addition,
the Company offers its standard support services and tools, including: the
creation of a central repository and reporting capability for usage data;
market intelligence; documentation of all procurement activity to support
compliance requirements faced by the state agencies; and supplier
coordination. As part of its standard process, World Energy will also assist
the State with its overall energy planning and procurement strategy.
"Government contracting has some unique requirements and we made a
commitment a number of years ago to ensure that our business model could
effectively accommodate those special demands. The investment necessary to
build this kind of track record of success has certainly paid dividends for us
as these long-term contracts provide revenue visibility and the opportunity to
broaden our relationships with these government entities over time, including
working with them on their Regional Greenhouse Gas Initiatives (RGGI) and
other green programs," added Domaleski.
About World Energy Solutions, Inc.
World Energy operates leading online exchanges for energy and
energy-related products. Our proven approach provides market intelligence,
promotes liquidity, and creates price transparency for all market
participants, enabling our customers to transact with confidence and to seek
the best possible price. To date, the company has transacted over 32 billion
kwh of electricity, 500 million kwh of green power and Renewable Energy
Certificates (RECs) and one trillion cubic feet of natural gas. For more
information, please visit www.worldenergy.com.
This press release contains forward-looking statements that are subject
to risks and uncertainties that could cause actual results to differ from
those indicated in the forward-looking statements. Such risks and
uncertainties include, but are not limited to: our revenue is dependent on
actual future energy purchases pursuant to completed procurements; the demand
for our services is affected by changes in regulated prices or cyclicality or
volatility in competitive market prices for energy; we depend on a small
number of key energy consumers, suppliers and channel partners; there are
factors outside our control that affect transaction volume in the electricity
market; and there are other factors identified in our Annual Report on Form
10-K and subsequent reports filed with the Securities and Exchange Commission.
For further information:
For further information: Investor Relations, Phil Adams, World Energy
Solutions Inc., (508) 459-8100, firstname.lastname@example.org or Craig Armitage, The
Equicom Group, (416) 815-0700 x278, email@example.com; Media
Relations, Ginger Juhl, Juhl Communications, (720) 200-4082,