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8-K - 8-K - World Energy Solutions, Inc. | c14421e8vk.htm |
EX-10.1 - EXHIBIT 10.1 - World Energy Solutions, Inc. | c14421exv10w1.htm |
Exhibit 99.1
For Immediate Release
World Energy Solutions Renews $3 Million Credit Facility
with Silicon Valley Bank
with Silicon Valley Bank
Worcester, MA March 22, 2011 World Energy Solutions, Inc. (NASDAQ: XWES), a leading energy
management services firm, today announced it has extended its Loan and Security Agreement (the
Agreement) with Silicon Valley Bank (SVB). Under the extension, SVB has committed to make
advances to the Company in an aggregate amount of up to $3,000,000 subject to availability against
certain eligible account receivables and eligible retail backlog through March 6, 2012.
This Agreement renews the amended credit facility with SVB, which expired on March 7, 2011. World
Energy did not take advances under the previous facility.
Jim Parslow, Chief Financial Officer of the Company, said, We have had a great partnership with
Silicon Valley Bank over the last 3 years, and we are pleased to continue that relationship. The
extension supplements our growing cash position, providing us with additional financial strength
and flexibility as we pursue our growth initiatives.
About Silicon Valley Bank
Silicon Valley Bank is the premier commercial bank for companies in the technology, life science,
private equity and premium wine industries. SVB provides a comprehensive suite of financing
options, treasury management, corporate investment and international banking services to its
clients worldwide. Through its focus on specialized markets and extensive knowledge of the people
and business issues driving them, Silicon Valley Bank provides a level of service and partnership
that measurably impacts its clients success. Founded in 1983 and headquartered in Santa Clara,
Calif., the company serves clients around the world through 26 U.S. offices and five international
operations. Silicon Valley Bank is a member of global financial services firm SVB Financial Group,
with SVB Analytics, SVB Capital, SVB Global and SVB Private Client Services. More information on
the company can be found at http://www.svb.com.
Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB
Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the
Federal Reserve System.
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (NASDAQ: XWES) is an energy management services firm that brings
together the passion, processes and technologies to take the complexity out of energy management
and turn it into bottom-line impact for the businesses, institutions and governments we serve. To
date, the Company has transacted more than $20 billion in energy, demand response and environmental
commodities on behalf of its customers, creating more than $1 billion in value for them. World
Energy is also a leader in the global carbon market, where its World Green Exchange® supports the
ground-breaking Regional Greenhouse Gas Initiatives (RGGI) cap and trade program for CO2
emissions. 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 and backlog are 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; and there are factors outside our control that affect transaction volume in the
electricity market. Additional risk factors are identified in our Annual Report on Form 10-K and
subsequent reports filed with the Securities and Exchange Commission.
For additional information, contact:
Jim Parslow
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Erika Moran | |
World Energy Solutions, Inc.
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The Investor Relations Group | |
(508) 459-8100
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(212) 825-3210 x278 | |
jparslow@worldenergy.com
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emoran@investorrelationsgroup.com | |
or |
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Dan Mees |
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World Energy Solutions, Inc. |
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(508) 459-8156 |
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dmees@worldenergy.com |