November 6, 2008
American DG Energy Signs Business Development Deal
WALTHAM, Mass., Nov. 6 /PRNewswire-FirstCall/ -- American DG Energy Inc. (BULLETIN BOARD: ADGE) , a leading On-Site Utility offering electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, today announced an agreement to collaboratively develop On-Site Utility energy projects with Shapiro Capital Advisors, LLC (SCA).
Under the terms of the agreement, American DG Energy and SCA will jointly develop On-Site Utility energy projects in the Northeast United States with a focus on New York City. SCA will primarily leverage its principals' experience in real estate and financing to first, identify residential and hospitality real estate that qualify for an On-Site Utility energy solution and then, provide a portion of the funding for the projects. American DG Energy will own 100% of each project and supply all engineering, installation, operation, administration plus a portion of the financing for the projects.
"There is enormous potential to grow our residential real estate business," said Barry J. Sanders, President and Chief Operating Officer of American DG Energy. "Working with a company like Shapiro Capital Advisors will help us both penetrate the market faster and provide low cost financing."
American DG Energy sells the energy produced on-site from a combined heat and power (CHP) system to an individual property as an alternative to the outright sale of energy equipment. On-Site Utility customers only pay for the energy produced by the CHP system and receive a guaranteed discount rate on the price of the energy. All system capital, installation and operating expenses are paid by American DG Energy. All system installation, operation and support are handled by the Company as well.
About American DG Energy
American DG Energy (BULLETIN BOARD: ADGE) supplies low-cost energy to its customers through distributed power generating systems. The company is committed to providing institutional, commercial, and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by local utilities -- without any capital or start-up costs to the energy user. American DG Energy is headquartered in Waltham, Massachusetts. More information can be found at http://www.americandg.com/.
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company's website and Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its web site or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
American DG Energy Inc.
CONTACT: John Hatsopoulos of American DG Energy, +1-781-522-6020
Web site: http://www.americandg.com/