Worcester, MA – June 25, 2014 – World Energy Solutions, Inc. (NASDAQ: XWES), a leading energy management service firm, today announced it has named Peter Londa Chairman of the Board. The Company also announced the re-election of Edward Libbey and Sean Sweeney as Directors, and the appointment of John C. Fox as a new Director, each for a three-year term. These changes went into effect on June 23, 2014.
“Since his appointment in March 2014 as a Director, Peter Londa has demonstrated strong leadership and a keen interest in our business,” said Edward Libbey, Director and outgoing Chairman. “He has already proven himself to be a valuable asset to the Company, one committed to growing World Energy and creating shareholder value.”
Mr. Fox currently serves as Senior Managing Director at Perseus, a merchant bank and private equity fund management company, and brings to his work at World Energy more than 30 years’ experience in the energy industry. He replaces John Wellard, who served on the Board as a Director for eight years.
Prior to joining Perseus, Mr. Fox was Chief Operating Officer of Ontario Power Generation, Inc. (formerly Ontario Hydro), where he was responsible for generation, transmission, distribution and retailing for one of the largest electric utilities in North America. From 1981 to 1992, he held various management positions at Pacific Gas and Electric Company (PG&E) in San Francisco, CA, including Manager, Energy Efficiency Services. During 1992, he served as the Head of the Energy Efficiency Task Force, President George H.W. Bush’s Commission on Environmental Quality.
“We are delighted to welcome John C. Fox to the Board of World Energy,” said Peter Londa, Chairman of the Board, World Energy Solutions. “His depth and breadth of experience in the energy industry make him an ideal addition to our Board, underscoring our commitment to refreshing and strengthening our Board with leaders who demonstrate an unyielding commitment to increasing shareholder value. The entire Board looks forward to working alongside management to ensure World Energy is recognized for driving technology innovation in the energy management services sector, creating a dynamic culture to attract and retain necessary talent, and delivering value to our shareholders.”
Added Phil Adams, CEO, World Energy Solutions: “At this time, the Company would like to thank Edward Libbey for his valuable service as Chairman of the Board, a tenure during which he helped guide the Company from its initial public offering in 2006 to becoming the leader in energy management services it is today. Edward has committed significant time and attention in support of World Energy, and we look forward to his continued involvement as a Director on our Board. Further, we would also like to thank John Wellard for his invaluable contributions and stewardship throughout his eight-year tenure as a Director.”
About World Energy Solutions, Inc.
World Energy Solutions, Inc. (NASDAQ: XWES) is an energy technology and services firm transforming energy procurement and energy efficiency for commercial, industrial, institutional, government and utility customers. The Company’s award-winning, cloud-based auction platform, the World Energy Exchange®, its team of energy experts, and a network of more than 500 suppliers and 300 channel partners form an ecosystem that enables customers to minimize their total cost of energy. To date, World Energy has transacted over $45 billion in energy, demand response and environmental commodities, creating more than $3 billion in value for its customers. For more information, please visit www.worldenergy.com.
This press release contains forward-looking statements which involve risk and uncertainties. The words “anticipates,” “believes,” “estimates,” “expects,” “intends,” “may,” “plans,” “forecasts,” “projects,” “will,” “would” and similar expressions are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. The Company has based these forward-looking statements on its current expectations and projections about future events, including without limitation, its expectations of backlog and energy prices, and its expectations in growth in revenue, operating results, operating margins, and free cash flow. Although the Company believes that the expectations underlying any of its forward-looking statements are reasonable, these expectations may prove to be incorrect and all of these statements are subject to risks and uncertainties. Should one or more of these risks and uncertainties materialize, or should underlying assumptions, projections or expectations prove incorrect, actual results, performance or financial condition may vary materially and adversely from those anticipated, estimated or expected. Such risks and uncertainties include, but are not limited to the following: the Company’s revenue and backlog are dependent on actual future energy purchases pursuant to completed procurements; the demand for the Company’s services is affected by changes in regulated prices or cyclicality or volatility in competitive market prices for energy; the potential impact on the Company’s historical and prospective financial results of a change in accounting policy may negatively impact its stock price; and other factors outside the Company’s control that affect transaction volume in the electricity market. Additional risk factors are identified in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 and subsequent reports filed with the Securities and Exchange Commission.The forward-looking statements made in this press release are made as at the date hereof. Readers are cautioned not to place undue reliance on forward-looking statements as actual results could differ materially from the forward-looking statements expressed in this press release. Forward-looking statements are provided for the purpose of presenting information about management’s current expectations relating to the future, and readers are cautioned that such statements may not be appropriate for other purposes. The Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events, other than as required by securities laws.