SPOKANE, Wash., Sept. 1 /PRNewswire/ -- Advantage IQ, Inc., provider of expense management solutions for over 500 multi-site companies throughout North America and a subsidiary of Avista Corp. (NYSE: AVA), announced today that it has acquired Ecos Consulting, Inc., a Portland, Ore.-based energy efficiency solutions provider. Under the terms of the acquisition agreement, Ecos will be a wholly-owned subsidiary of Advantage IQ, retaining its distinct brand identity. Ecos, with revenues in excess of $17 million for the 12 months ending June 30, 2009, will continue to be based in Portland, Ore. The transaction will be funded entirely by Advantage IQ and is expected to be slightly accretive to earnings in 2009.
"Ecos has built a world-class advisory and implementation platform, serving major North American utilities and Fortune 500 clients in the areas of energy efficiency, climate, sustainability and energy management. They have a solid market position, excellent leadership team, and robust conservation and sustainability solution capabilities," said Ed Schlect, interim president and chief operating officer for Advantage IQ. "The Ecos platform, combined with Advantage IQ's robust expense management services, will create increased value for our clients."
Jon Thomsen, Ecos chief executive officer, said, "Public policy, perception and market implications surrounding climate change are moving at an extremely rapid pace. This transaction produces synergies that allow us to expand services for both Advantage IQ and Ecos by creating a bridge for a new level of comprehensive energy efficiency, sustainability and expense management programs that benefit Ecos' utility client base and commercial clients seeking to reduce expenditures and improve operations. We believe this will bring value to the business performance of our customers."
Advantage IQ has also announced changes in its leadership team to reinforce the strategic direction for growing the business. Ed Schlect, age 48, has been named interim president and chief operating officer after serving as vice president for corporate development at Advantage IQ.
"Ed is one of the founders of Advantage IQ and has a solid understanding of this business and our customers," said Scott Morris, chairman of the board of Advantage IQ. "He has built strong relationships with employees and customers and is well-suited to help guide the business forward."
Advantage IQ Chief Operating Officer Jeff Hart has announced his plans to leave the company after assisting with the transition to combine the operations of Cadence Network, Inc. and Advantage IQ following the acquisition of Cadence in 2008.
"Jeff has worked to drive a number of key initiatives forward," said Morris. "We appreciate his dedication to setting a framework for continuing the growth of Advantage IQ."
"The search for a new chief executive officer for Advantage IQ is progressing well, and we intend to round out the leadership team by year-end," said Morris.
About Advantage IQ, Inc.
Advantage IQ is a leading provider of comprehensive cost management services for utility, telecom, waste and lease expenses, including strategic energy management services. Its patented technology and services provide multi-site companies with critical, yet easy-to-access, information that enables companies to proactively manage and reduce expenses. Advantage IQ's patented system provides online access to consolidated cost and consumption data, partnered with powerful analytical reporting tools. For more information about Advantage IQ, visit www.advantageiq.com or call 1-800-791-7564.
Ecos (www.ecosconsulting.com ) delivers proven results for clients looking to reduce their energy use, manage their carbon emissions or make their operations more environmentally sustainable. With over a decade of experience designing innovative and cost-effective ways to leverage market-based mechanisms for the benefit of the planet, Ecos performs the research, develops the plans and implements the projects that make the most significant impact on the vitality of both its clients and the world. Ecos operates throughout North America and has offices in Portland, Ore.; San Francisco; Seattle; and Durango, Colo.
Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides electric service to 353,000 homes and businesses and natural gas to 313,000 homes and businesses in three Western states, serving more than 492,000 customers. Avista's primary, non-regulated subsidiary is Advantage IQ. Our stock is traded under the ticker symbol "AVA." For more information about Avista, please visit www.avistacorp.com.
This news release contains forward-looking statements regarding the company's current expectations. Forward-looking statements are all statements other than historical facts. Such statements speak only as of the date of the news release and are subject to a variety of risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the expectations. These risks and uncertainties include, in addition to those discussed herein, all of the factors discussed in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2008, and the Quarterly Report on Form 10-Q for the quarter ended June 30, 2009.
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