Octus, Inc. announced today that they have completed the acquisition of Quantum Energy Solutions, Inc. This completes the asset purchase agreement which was announced by Octus on May 18, 2010. The purchase agreement stipulates that Octus purchased substantially all of the assets of Quantum for a purchase price subject to certain post-closing adjustments described in the agreement. Octus also has agreed to assume certain liabilities associated with Quantum. Considerations to be paid and liabilities to be assumed by Octus per the agreement include:
• 150,000 shares of common stock granted to Quantum
• assumption of approximately $108,000 in Quantum accounts payable and credit facilities by Octus
• assumption of $130,000 in Quantum long-term debt by Octus
• assumption of approximately $50,000 in Quantum accounts receivable by Octus
• Quantum president, Jim Collins, to be retained for a two-year consultation position
Quantum, founded in 1974, is an industry pioneer as they were one of the first energy management companies in the United States to specialize in energy efficiency. Quantum has completed more than 1,500 energy projects generating revenues in excess of $100 million. During its 36 year history, Quantum worked with companies such as ARCO, Bank of America, Blockbuster, Chevron, Delta Airlines, Frito Lay, Hewlett-Packard, Home Depot, Ikea, Nabisco, Pepsi, Petco, Safeway, Sears, Siemens, and University of California to name a few.
Octus CEO, Chris Soderquist, stated in the press release, “Quantum is a leader in implementing energy efficiency solutions for commercial, industrial and institutional building owners and managers,” he further commented, “This expansion catalyzes our mission to significantly reduce energy expenses and increase cash flow — immediately and perpetually — for building owners, managers and occupants. We believe there has never been a better time to invest in energy efficiency.”
Octus recently announced several corporate developments including securing a contract to test and demonstrate energy-efficient LED parking garage fixtures for one of the largest hotel-casinos in Northern California and the debut of their new energy efficiency information, investment and resource forum called “SmartEnergyWorks blog.” With regards to the new blog, Octus CEO Chris Soderquist commented, “Through the SmartEnergyWorks blog, we can converse and convene with decision-makers who see the immediate and perpetual value of investing in energy efficiency.” Entry to the blog can be accessed through the Octus website at www.octusenergy.com.