SAN FRANCISCO, June 27, 2011 /PRNewswire/ -- Scientific
Conservation, Inc. (SCI), a leading provider of energy efficiency
solutions via Predictive Diagnostics and Analytics for the
$5 billion commercial building
market, today announced it has signed a definitive agreement to
acquire Servidyne, Inc. (NASDAQ:SERV), an energy management and
demand response company, for a price of $3.50 per share in an all-cash transaction.
(Logo:
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The transaction, approved by the Boards of Directors of both
companies, is expected to close on or before Q4 2011, pending
Servidyne shareholder and customary regulatory approvals. Upon
closing of the transaction, the combined company will take on the
name SCIenergy Inc. (SCIenergy™).
SCIenergy will combine Servidyne's extensive experience in
Energy Efficiency, Demand Response and Facilities Maintenance with
SCI's core competency in cloud-based energy management.
Servidyne also has deep domain knowledge in Retro
Commissioning (RCx), LEED for Existing Buildings (LEED-EBOM), and
is the nine-time recipient of EPA's Energy Star® Partner of the
Year Award. The new company will enhance SCI's recent
partnership with the United States Green Building Council (USGBC),
accelerating its LEED online application development and
deployment. The transaction will also help realize SCI's goal
of one billion square feet of energy management for commercial real
estate.
"We're very impressed with the Servidyne team and reputation,
and are excited about their customer base and long term
relationships with commercial building owners and operators.
The new company will have solid customer contracts and
partnerships with many Fortune 50 companies, and is well positioned
to be a recognized leader in next generation cloud-based energy
management," said Russ McMeekin,
CEO, SCI.
"We are delighted to become part of the SCI family. The newly
formed company will have tremendous capabilities in serving global
customers using a scalable platform," said Todd Jarvis, President, Servidyne.
About Scientific Conservation, Inc.
Scientific Conservation, Inc., (SCI) a leading provider of
energy efficiency solutions via Predictive Diagnostics and
Analytics for the $5 billion
commercial building market. The company's suite of energy
management solutions uses the industry's first
software-as-a-service (SaaS) platform to help reduce annual energy
spending by comparing predicted energy and system efficiencies
against real-time operation. The company's headquarters are
in San Francisco, CA, with its
technology center in Atlanta, GA.
For more information, visit www.scientificconservation.com.
About Servidyne
Servidyne, Inc. is headquartered in Atlanta, Georgia, and operates globally
through its wholly–owned subsidiaries. The Company provides
comprehensive energy efficiency and demand response solutions,
sustainability programs, and other products and services that
significantly enhance the operating and financial performance of
existing buildings. Servidyne enables its customers to cut energy
consumption and realize immediate cost savings across their
portfolios, while reducing greenhouse gas emissions and improving
the comfort and satisfaction of their buildings' occupants. The
Company serves a broad range of markets in the United States and internationally,
including owners and operators of corporate, commercial office,
hospitality, gaming, retail, light industrial, distribution,
healthcare, government, multi-family and education facilities, as
well as energy services companies and public and investor-owned
utilities. For more information, please visit www.servidyne.com or
call 770-933-4200.
Important Additional Information
In connection with the proposed transaction, Servidyne will
file a proxy statement with the SEC. Additionally, Servidyne
and SCI will file other relevant materials in connection with the
proposed acquisition of Servidyne by SCI pursuant to the terms of
the merger agreement. INVESTORS AND SHAREHOLDERS OF SERVIDYNE ARE
ADVISED TO READ THE PROXY STATEMENT AND ANY OTHER RELEVANT
DOCUMENTS FILED WITH THE SEC WHEN THEY BECOME AVAILABLE, BECAUSE
THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE MERGER AND THE
PARTIES THERETO.
Investors and shareholders may obtain free copies of the
proxy statement and other documents filed by the parties (when
available), at the SEC's Web site at www.sec.gov [or
at Servidyne's Web site at
www.servidyne.com/investor-relations.] The proxy
statement and such other documents may also be obtained, when
available, for free from Servidyne by directing such request to
investorrelations@servidyne.com.
Servidyne, SCI and their respective directors, executive
officers and other members of management and employees, under SEC
rules, may be deemed to be participants in the solicitation of
proxies from Servidyne's stockholders in connection with the
proposed transaction. Further, such persons may have direct or
indirect interests in the merger due to, among other things,
securities holdings, pre-existing or future indemnification
arrangements, vesting of equity awards, or rights to severance
payments in connection with the Merger. Information concerning the
interests of these persons will be set forth in the proxy statement
relating to the transaction when it becomes available.
Statements in this press release that relate to future
results and events are forward-looking statements made within the
meaning of Section 21E of the Securities Exchange Act of 1934
based on Servidyne and SCI's current expectations regarding the
merger transaction. Actual results and events in future periods may
differ materially from those expressed or implied by these
forward-looking statements because of a number of risks,
uncertainties and other factors. There can be no assurances that a
transaction will be consummated. Other risks, uncertainties and
assumptions include the possibility that expected benefits may not
materialize as expected; that the transaction may not be timely
completed, if at all; that, prior to the completion of the
transaction, if at all, Servidyne's business may experience
significant disruptions due to transaction-related uncertainty or
other factors that the parties are unable to successfully implement
integration strategies; and other risks that are described in
Servidyne's Annual Report on Form 10-K for the fiscal year
ended April 30, 2010 and in its
subsequently filed SEC reports. Neither Servidyne nor SCI
undertakes any obligation to update these forward-looking
statements except to the extent otherwise required by law.
Media Contact:
Tanya Blackburn
RTJ Consultants | 702.348.8379
tanya@rtjconsultants.com
SOURCE Scientific Conservation, Inc.