TUSTIN, CA--(Marketwired - May 30, 2013) - Premier Holding Corporation (
President and Chief Executive Officer of Premier Holding, Randall Letcavage, reported that the turnaround and developmental phases of the company have yielded results and implementation is now in full swing. "The 10-Q was filed late yesterday afternoon and accepted by the Edgar Reporting System," Letcavage said. "A brief delay was necessary to properly account for assets recently acquired from The Power Company USA, LLC (TPC). The delay allowed for the proper capitalization and valuation of assets acquired pursuant to the recent transaction. This was an important item of our turnaround plan, clearing the way for the next phase of growth."
This quarter begins to demonstrate results from the new management led by Letcavage who took control of the company in October of 2012. The results demonstrate a dramatic turnaround increasing Shareholders equity to $5,932,397 (five million nine hundred thirty two thousand three hundred ninety seven dollars) at March 31, 2013, from $241,276 (two hundred forty one thousand two hundred seventy six dollars) at December 31, 2012. That's an increase of $5,691,121 (five million six hundred ninety one thousand one hundred twenty one dollars). That increase is due primarily to the preliminary valuation of $4,500,000 (four million five hundred thousand dollars) in residential deregulated energy contracts from The Power Company USA, LLC, and net income of $488,147 (four hundred eighty eight thousand one hundred forty seven dollars).
"Premier believes these deregulated energy contracts in hand today are worth approximately $20,000,000 (twenty million dollars) if the company chose to sell them off in the deregulated energy markets" said Letcavage. He further stated, "The Power Company continues to add 1,500 to 2,000 new contracts each month". The market value of these contracts at year end, December 31, 2013, should exceed $35,000,000 (thirty five million dollars) (if the company chose to sell them). The above calculations do not include the commercial accounts being serviced by The Power Company USA, LLC. These contracts could be worth millions more and have added value in that those customers will be referred over to Energy Efficiency Experts (E3) for additional product sales.
Premier also picked up $869,000 (eight hundred sixty nine thousand dollars) in revenue from the disposition of the assets of WePower Ecolutions and the initiation of revenue generation in both Energy Efficiency Experts (E3) and The Power Company USA, LLC. This produced net income of $466,147 (four hundred sixty six thousand one hundred forty seven dollars) in the most recent quarter, certainly a vast improvement from Q1 2012 which showed a net loss of $452,330 (four hundred fifty two thousand three hundred thirty dollars), at the year ended December 31, 2012 which showed a loss of $2,115,372 (two million one hundred fifteen thousand three hundred seventy two dollars).
While management is happy to report these positive results -- everyone at Premier is working diligently to continue to provide even more dramatic future results to its shareholders each day.
Moving Forward
Premier Holding is currently operating its two subsidiaries, The Power Company USA, LLC (TPC) and Energy Efficiency Experts (E3). TPC continues to grow and is now directing its commercial accounts to E3 for further sales. That combination is expected to generate additional second quarter revenues for Premier, and although the company anticipates a strong second quarter, it expects to hit full stride by Q4. E3 also expects to benefit from the relationships it has established with Muni-Fed Energy, Inc. and other distributors and resellers of its proprietary E-Series technology from Active ES (and complete green solutions product lines).
The E-Series products have been expanded and augmented through projects led by efficiency expert Lawrence Young under new management's direction. Young's innovations have expanded commercial applications of the technology that not only includes traditional lighting environments, but now extends to streetlights and other high-mast, high-bay installations, as well, where emerging technologies have yet to mature. With the advancement of the products, Premier can expand its markets, distributor networks, and alliances to grow dramatically, and the company is currently working on licensing this technology outside of the US.
Management is currently in talks with Young to formally bring him into Premier. Prior to Premier's acquisition of the Active ES assets and technology, Young was president of Active ES, Inc. Since that time, Young has served as a consultant to Premier and is expected to be instrumental in developing and implementing its future strategic plans.
The combination of delivering lower costs and budget certainty through deregulated power -- along with energy reduction technology like the E-Series Controls, LED and a complete lighting solutions array with our other energy conservation and management products, solutions and services -- is a business model Premier believes it is well suited to expand on and will produce shareholder value in the long term.
About Premier Holding Corp.
The Company provides financial support and management expertise, which includes access to capital, financing, legal, insurance, mergers, acquisitions, joint ventures and management strategies. The Company also intends to acquire clean technology companies and/or green products and services that are accretive and that can be seamlessly integrated and utilize the overall economics of such products and services for the benefit of its customers. Through subsidiaries we offer renewable energy production, energy efficiency products and services to commercial middle-market companies, Fortune 500 brands, developers and management companies of large-scale residential developments. Additional integrated business offerings include direct energy services as power purchase agreements (PPAs), energy financing and leasing of generation programs in urban and rural real estate environments, lighting efficiency systems and refrigeration systems. For more information visit PRHL Investors Relations: www.prhlcorp.com
About The Power Company (TPC)
The Power Company USA, LLC is a professional energy services firm offering brokerage and consulting services with a progressive and unique perspective on energy management based in Chicago, Illinois. Their mission is to assist companies in reducing and managing their electricity expenses. Their diverse portfolio of providers, transparent pricing, and unparalleled industry experience offers customers the freedom of exploring all of their options when it comes to choosing the best plan and provider. Operating in all currently deregulated states, including Texas, New York and Illinois, TPC and its partners/suppliers have provided an invaluable service to millions of clients. Their team has consulted and/or serviced such prominent companies, organizations and governmental entities such as: The City of Dallas, Choice Hotels, Apex Hospital Systems, Mercedes Dealerships, Leona's Restaurant Group, McDonald's, and many others. Because of the large amount of business transacted and their long-standing relationships with Regional Energy Suppliers, TPC is assured to provide the most competitive prices in the industry. For more information visit: www.thepowercompany.com
About Energy Efficiency Experts (E3)
E3 is an Energy Services Company (ESCO) formed by PRHL to provide the best of breed solutions to its clients by utilizing proprietary technologies and high level industry relationships. By maintaining a "product agnostic" approach, E3's experts will prescribe the best solution for the unique circumstances of its clients after careful survey and analysis. Through its ever-growing acquisitions and alliances, E3 strives to provide the most current, and fully-vetted solutions in energy generation and energy reduction technologies, as well as management tools which capture the client for future opportunities. Recent acquisitions include Green Central and Active ES Lighting Controls. Strategic alliances include Orion Energy Systems, Muni-Fed Energy, and Energy Innovation Enterprises. These alliances further advance E3's business strategy of providing only those technologies that have proven themselves in the field in both technical sophistication/reliability and financial justification. For more information visit: www.prhlcorp.com.
Premier Holding Corp. Safe Harbor
This press release contains certain statements that may include "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. These forward-looking statements are often identified by the use of forward-looking terminology such as "believes," "expects," "anticipate," "optimistic," "intend," "will" or other similar expressions. The Company's actual results could differ materially from those anticipated in these forward-looking statements as a result of a variety of factors, including those discussed in the Company's periodic reports that are filed with the Securities and Exchange Commission and available on its website at http://www.sec.gov. All forward-looking statements attributable to the Company or persons acting on its behalf are expressly qualified in their entirety by these factors. Other than as required under applicable securities laws, the Company does not assume a duty to update these forward-looking statements.