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Blue Earth Announces Shareholders Exercise -- $2.7 Million of Class A Warrants and Begins Fulfilling Backlog Orders for UPStealth(TM)
|By Marketwired .
|June 16, 2014 05:30 AM EDT
HENDERSON, NV--(Marketwired - June 16, 2014) - Blue Earth, Inc. (OTCQB: BBLU) a renewable energy and energy efficiency services company, announced today that shareholders have exercised approximately 1.1 million Class A warrants at $2.50 per share, during the first fourteen days of the twenty day reduced exercise price period, scheduled to end, on June 20, 2014. On June 21, 2014, the remaining Class A warrants exercise price will return to $3.00 per share and will expire on July 31, 2014. The Company is also pleased to announce that shipment of UPStealth™ units, with improved functionality, has commenced. Backlog orders of over $400,000, exceed first quarter sales by several hundred thousand dollars. The UPStealth™ backlog is expected to be fulfilled, during the last three weeks of this quarter and the first month of the third quarter.
"We are very pleased that our long term shareholders are exercising their Class A warrants, which combined with the pending close of the sale of the Waianae solar project, will provide the Company approximately $5 million dollars, to be used, in part, to continue to advance CHP projects with equity, while debt facilities are finalized," said Dr. Johnny R. Thomas, CEO. Dr. Thomas also noted "We expect our first Company owned CHP plant to commence operation during the third quarter of 2014."
Functionality of our proprietary UPStealth™ intelligent digital battery backup product has been improved, in the second quarter, by increasing the energy efficiency of the battery technology, which provides the end consumer enhanced run-time and performance. Further advanced technology will rollout, this month, through the launch of a new Graphical User Interface ("GUI") for the UPStealth™.
The GUI, designed and manufactured by the Blue Earth engineering team, provides consumers unprecedented bi-directional control and Real-Time Intelligence ("RTi") of the UPStealth™ when deployed at any given signalized intersection with Ethernet connectivity. The GUI will provide City Agencies the opportunity to dispatch resources more cost effectively and efficiently during a loss of utility power. In addition, the GUI and RTi will provide City Agencies advanced notice of a potential equipment failure based on the change in energy consumption at a given signalized intersection via text messaging and user configurable alarms.
"The Blue Earth team is excited about the continued momentum in product acceptance and approval by City and State Agencies, along with the customer enthusiasm for the GUI rollout." said Tim Hysell, CEO of Blue Earth Energy Power Solutions, a wholly owned subsidiary of Blue Earth, Inc.
The UPStealth™ was created for signalized intersections when loss of utility power occurs. UPStealth™ can be formed in various configurations that allow the intelligent battery to bend around corners and fit into spaces that cannot be accessed by traditional battery backup systems. Compared to lead-acid batteries, that the UPStealth™ replaces, cost of ownership is less, requires less maintenance, lasts several years longer and Blue Earth EPS offers a finance program, which allows States and municipalities to replace lead-acid battery systems without capital expenditures.
According to industry sources, there are an estimated 313,000 signalized traffic intersections in the US and the market potential is approximately $453 million that does not include other substantial potential vertical markets in traffic, such as, rail road crossings, freeway ramp monitoring, school zone flashers and vehicle messaging signs and other intelligent transportation applications. UPStealth™ is marketed by nine established distributors with a passion for what it offers the end consumers and who understand the deficiencies and performance challenges of lead-acid battery back up systems.
BBLU is engaged in the clean technology industry with a primary focus on the energy efficiency and renewable energy sectors. We strive to participate in the global movement for a sustainable planet by offering products and services that will optimize energy use, reduce harmful environmental emissions and substantially reduce energy costs to our customers. For more information about Blue Earth, Inc., please visit www.blueearthinc.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown, uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
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