On track for record sub-metering sales in third quarter
TORONTO, ONTARIO–(Marketwire – Sept. 19, 2011) – EnerCare Inc. ("EnerCare") (TSX:ECI) today announced that its wholly-owned subsidiaries, sub-metering providers EnerCare Connections Inc. and Stratacon Inc., have launched a new water sub-metering program in the multi-residential new construction market.
While EnerCare has sub-metered water on a limited basis for several years, it has experienced significant levels of new client interest in water sub-metering for multi-residential new construction developments over the last several quarters as public awareness of the issues surrounding water conservation has grown. In response, EnerCare launched its new water sub-metering offering in late May with a focus on providing affordable and standardized water sub-metering solutions in the new construction multi-residential market.
"We are very pleased to be able to offer water sub-metering as a standard offering to the multi-residential new construction market and gratified by the level of interest shown by developers who are striving to build environmentally sustainable multi-residential buildings" said John Macdonald, President and CEO.
In the short time since the launch of the new program, EnerCare has entered into 11 water sub-metering arrangements representing in excess of 1,000 individual suites. In addition, EnerCare has active proposals for water sub-metering with clients representing several thousand suites. This early interest and success is indicative of the increasing importance and public profile of water conservation issues in Canada.
The new water sub-metering program is contributing to strong third quarter overall sub-metering sales, with EnerCare on pace to enter into new sub-metering arrangements representing in excess of 10,000 individual suites, which would be a new sales record for EnerCare and a 12-fold increase over the same period in 2010.
About EnerCare Inc.
EnerCare owns a portfolio of approximately 1.2 million installed water heaters and other assets, rented primarily to residential customers in Ontario. EnerCare also owns Stratacon Inc. and EnerCare Connections Inc., leading sub-metering companies, with metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada.
Additional information regarding EnerCare is available on SEDAR at www.sedar.com or through EnerCare's website at www.ene rcare.ca. Information on the sub-metering businesses is also available at www.stratacon.ca and at www.enercareconnections.com.
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