GreenHouse Holdings, Inc. (GRHU) Finalizes Acquisition of Control Engineering Inc.

By @ibtimes on

GreenHouse Holdings, Inc., a provider of energy efficiency products and sustainable facilities solutions to various markets in the US and abroad, has announced that it has fully completed its acquisition of Control Engineering, Inc. (CEI), based in Costa Mesa, CA. CEI is a provider of control and automation solutions, which include engineering, integration, and installation services. The CEI team specializes in multiple technologies and applications with a client base that includes recognizable brands from a vast range of industries that include AECOM, Coca-Cola, Fluor, AMGEN, and Occidental Petroleum.

GreenHouse is an accomplished service provider of Southern California Edison’s Auto-DR program, providing feasibility studies, project development, site assessment, engineering, and installation of enabling technologies which include the processing of all utility documents. The addition of CEI’s services will enable GreenHouse to not only realize increased profit margins on demand response implementations, but more importantly will package a turnkey Auto-DR Program that can be appropriated by utilities across the nation.

“We feel Auto-DR will play a critical role in the future of energy production and management throughout the United States and we are working toward strategic partnerships and customers that will afford us the capability to deliver these services on a national scale,” remarked Rob Davis, Vice President of Energy Services for GreenHouse. “To that end we are extremely pleased to welcome CEI and its staff of industry recognized experts to the GreenHouse family.”

“The combination of our expertise in automation and control solutions combined with GreenHouse’s industry knowledge and extensive national reach make for an obvious partnership,” said Dave Lautner, head of Business Development and co-owner of CEI. “We are very excited about joining GreenHouse and supporting their goal of delivering Auto-DR services nationwide.”

GreenHouse Holdings also announced revenue results of approximately $1.5 million for the First Quarter 2011 and is providing for a shareholder update.

“We successfully increased revenue by 33% based on strong sales from our Automated Demand Response solutions, as well as while increasing training services provided by our Life Protection Inc. (“LPI” or “Life Protection”) division,” stated John Galt, CEO of GreenHouse Holdings. “Additionally, GreenHouse signed a $151 million contract for the design, development and construction of a national security training center. The project represents our largest building contract to date and will provide us with a stable revenue base for the next 3 years. During the quarter we also signed a $28 million agreement to provide sustainable textured coating product to OceanSafe, a manufacturer of leading-edge steel structural insulated panels, for use in the construction of energy efficient buildings. These contracts validate GreenHouse’s strategic business model of leveraging key political relationships and cost-effective sustainable energy solutions, in order to become a market leader within the government contracting market. We expect to begin ramping our revenues from these projects in the second half of 2011.”

Mr. Galt continued, “We intend to expand operations in our LPI division internationally, to become a one-stop-shop for worldwide, green, government contracting solutions. Management believes that the Middle East and Central America present strong opportunities for our sustainable facilities market, and we will continue to add to our contract pipeline. Based on our relationships with PepsiCo and SoCal Edison, our ADR division is rapidly growing, and we expect to sign additional contracts in the near-term. We are confident that we possess a platform capable of providing sustained operational and financial growth. We remain committed to increasing our revenue while reducing overhead across all business lines, as we strive to achieve our ultimate goals of increased earnings and improved shareholder value.”

For more information on the Company and its products, visit their company website: http://www.greenhouseintl.com

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