Acro Energy Announces Agreement to Establish National Installation Capabilities
HOUSTON, Texas (Dec. 1, 2010) – Acro Energy Technologies Corp. (“Acro Energy”, TSX Venture: ART), a leading U.S. residential solar energy integrator, announced today that it had entered into an agreement with Integrated Electrical Services, Inc. (“IES”, Nasdaq: IESC) for the creation of a relationship for the installation of solar facilities in United States markets in which IES currently operates.
Under the agreement, IES shall become a sub-contractor to Acro Energy for the installation of solar energy systems. Following a trial period focusing on the installation of solar energy projects in Acro Energy’s southern California region, the parties plan to expand the relationship to other markets in the United States, starting with solar friendly states such as Arizona and Nevada with longer term plans to enter the markets in the northeast.
“The relationship with IES is a significant step for Acro Energy. Teaming with IES will position Acro Energy to cost effectively deliver solar energy solutions to residential and commercial customers beyond our current operations in California,” stated Harry Fleming, chief executive officer of Acro Energy. “Working with IES, Acro Energy looks forward to giving customers throughout the United States the power to save money on their electricity bills,” continued Fleming.
Additionally, management reports that following its recruitment of key professionals in the third quarter, it has made significant cuts to G&A in the fourth quarter. Specifically, through reductions in redundant head count as well as salary cuts at the corporate level, Acro Energy has reduced annual G&A by over $500,000. “These recent personnel moves by Acro have dramatically increased the talent level necessary to deliver Acro’s 2011 management target of revenues of $40M and $5.6M in EBITDA,” said Fleming.
About Acro Energy
Acro Energy Technologies Corp. is focused on the consolidation and growth of renewable energy companies, primarily in the United States solar energy installation market. Acro Energy provides practical solutions to individuals, businesses, non-profit organizations, and governmental entities that can benefit from the value of solar power. As a high end system integrator, Acro Energy offers quality products from leading solar module manufacturers such as Suntech, Kyocera, and REC and residential solar financing plans from SunRun, the nation’s leading provider of home solar financing. Acro Energy continues to evaluate acquisition candidates across North America.
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For more information, please visit www.acroenergy.com or email info@acroenergy.com.
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