TORONTO, ON--(Marketwired - February 13, 2017) - Enercare Inc. (TSX: ECI) and Enercare Solutions Inc. (collectively, "Enercare") today announced the completed rollout of rental HVAC products and rental water heaters at all 15 residential heating and air conditioning Service Experts locations in Canada.
"Initial reaction to the launch of rental HVAC and water heater offerings at our Canadian Service Experts locations has been very positive from both a consumer and employee perspective," said John Macdonald, President and Chief Executive Officer of Enercare. "We are very pleased to see an initial rental mix of approximately 20% in Ontario and 10% in Western Canada where the rental model is a new concept."
In addition to rolling out rental HVAC and water heater products at Service Experts locations in Canada, rental HVAC offerings are being piloted in two U.S. states, and Enercare expects to rollout in two additional states in the coming months. The U.S. rental program is similar to Enercare's existing Canadian rental program, except that due to U.S. regulations, the rental contracts in the United States will be for a definitive term, which in the piloted states is 10 years.
"The successful introduction of our recurring revenue rental model in Canada is part of our plan to integrate rentals throughout Service Experts residential heating and cooling operations over the next two years to create continued organic growth," said Macdonald.
Enercare is headquartered in Toronto, Ontario, Canada and is publicly traded on the Toronto Stock Exchange (TSX: ECI). As one of North America's largest home and commercial services and energy solutions companies with approximately 3,800 employees under its Enercare and Service Experts brands, Enercare is a leading provider of water heaters, water treatment, furnaces, air conditioners and other HVAC rental products, plumbing services, protection plans and related services. With operations in Canada and the United States, Enercare serves approximately 1.6 million customers annually. Enercare is also the largest non-utility sub-meter provider, with electricity, water, thermal and gas metering contracts for condominium and apartment suites in Canada and through its Triacta brand, a premier designer and manufacturer of advanced sub-meters and sub-metering solutions.
For more information on Enercare visit enercare.ca. Additional information regarding Enercare is available on SEDAR at www.sedar.com.
Cautionary Note Regarding Forward-Looking Statements
This news release contains certain forward-looking statements within the meaning of applicable Canadian securities laws ("forward-looking statements" or "forward-looking information"). Statements other than statements of historical fact contained in this news release may be forward-looking statements. When used herein, the words "anticipates" "plans", "expects" and "will" and similar expressions are often intended to identify forward-looking information, although not all forward-looking information contains these identifying words. In particular, Enercare's plan to integrate rentals into Service Experts operations in the United States over the next two years is a forward-looking statement. These forward-looking statements are based on information currently available to Enercare and/or assumptions that Enercare believes are reasonable. Many factors could cause actual results to differ materially from the results and developments discussed in the forward-looking information. These forward-looking statements are subject to certain risks. These risks include, but are not limited to, the risk that the pilot of rental HVAC offerings in 4 states in the United States does not realize anticipated results as the rental model is a new concept in this industry in the United States, as well as the risks and uncertainties described under "Risk Factors" in Enercare's current annual information form. Furthermore, recent results from the introduction of the rental model to Service Experts locations in Canada is not necessarily indicative of future results.
Although forward-looking statements contained in this news release are based upon what management believes are reasonable assumptions, there can be no assurance that actual results will be consistent with these forward-looking statements. Accordingly, readers should not place undue reliance on such forward-looking statements and assumptions as management cannot provide assurance that actual results or developments will be realized or, even if substantially realized, that they will have the expected consequences to, or effects on, Enercare. All forward-looking information in this news release is made as of the date of this news release. These forward-looking statements are subject to change as a result of new information, future events or other circumstances, in which case they will only be updated by Enercare where required by law.
Source: Enercare Inc.