Blue Earth Acquires an Intelligent Digital Battery Technology Company, Millennium Power Solutions ("MPS") for $14.5 Million
Marketwired
HENDERSON, NV--(Marketwired - August 26, 2013) - Blue Earth, Inc. (BBLU), a comprehensive energy solutions company, announced today that it has acquired Millennium Power Solutions ("MPS") for $14.5 million. The purchase price is being paid through the issuance of 3,694,811 shares, valued at $ 10.9 million and $3.57 million to be paid as an earnout fee based upon MPS quarterly profits. The number of future shares to be issued shall be calculated as 10% of the net quarterly profit of the MPS business unit divided by the ten-day average closing price of BBLU shares at the end of each quarter up to a maximum of $3.57 million in share value.
The initial, patent pending, intelligent Battery Backup System designed and manufactured by MPS was created for signalized intersections when loss of utility power occurs. The UltraPower Stealth Battery Backup System (UPStealth™ ) can be formed in various configurations that allow the intelligent battery to bend around corners and fit into spaces that cannot be accessed by traditional battery backup systems. Compared to the lead acid batteries that the UPStealth™ replaces, the UPStealth™ cost of ownership is less, requires less maintenance, last several years longer and MPS offers a finance program, which allows municipalities to replace systems without capital expenditures.
John Abraham (Contra Costa County, CA, Lead Electrician-Traffic Signal) states that "the UPStealth™ is superior to current battery backup systems in many ways relative to life of product, intelligent diagnostic features, weight, form factor and is more price competitive in terms of maintenance and installation requirements."
Tim Hysell, CEO of MPS, notes that "we are pleased to be part of the BBLU team since it will enable us to create, proprietary, intelligent digital rechargeable batteries for a large number of market verticals at an accelerated pace. Our ability to create intelligent batteries with endless shapes, sizes and performance levels offers significant advancements to the sustainable energy industry."
MPS obtains the batteries from PowerGenix ("PG"), which has developed and patented a high-power, low-cost Nickel-Zinc battery. Dr. Jeff Phillips, CTO of PowerGenix, notes that "the innovation and intelligence that MPS has brought to market utilizing the Nickel Zinc chemistry is truly unique and innovative. The intelligent Battery Management Software and form factors designed by MPS significantly enhances the performance of the Nickel Zinc chemistry and PowerGenix is enthusiastic to support MPS."
About PowerGenix
PowerGenix has over 80 patents protecting its Nickel Zinc technology and continues to incorporate Nickel Zinc into a range of applications including advanced batteries for the automotive market and other markets where clean, high power and cost competitve battery products are needed. PG is headquartered in San Diego, CA, with their facility in Shenzhen, China focused on technology development, product engineering and production.
Dr. Johnny Thomas, CEO of BBLU, notes that "The innovation and intelligence of the products designed and created by MPS will accelerate introduction of all BBLU services to new market sectors such as municipalities/public sector buildings. UPStealth™ provides a proprietary back up storage system technology platform that will allow BBLU to develop a strong presence in the very large demand response management market sector by combining with the recently announced proprietary PeakPower™ system for peak-shifting applications for the growing smart grid. We are very excited to complete the acquisition of MPS."
About BBLU
BBLU is engaged in the clean technology industry with a primary focus on the energy efficiency and renewable energy sectors. We strive to participate in the global movement for a sustainable planet by offering products and services that will optimize energy use, reduce harmful environmental emissions and substantially reduce energy costs to our customers. For more information about Blue Earth, Inc., please visit www.blueearthinc.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
