- Viridian to Offer Solar Products and Services Through Exclusive
Reseller Agreement -
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE
SERVICES/
TORONTO, Sept. 23, 2013 /CNW/ - Crius Energy Trust (TSX:KWH.UN) ("Crius
Energy Trust" or the "Trust") today announced that Crius Energy LLC
("Crius Energy") will now offer residential solar energy products and
services through an exclusive reseller agreement with SolarCity, the
number one full-service solar provider in the U.S. Crius Energy will
offer SolarCity products and services initially through its network
marketing brand, Viridian Energy. This agreement grants Crius Energy
exclusive rights to market SolarCity products and services through a
network marketing entity. Viridian's new product offering was
officially launched to its network of more than 20,000 active
independent contractors this past weekend at PowerUP!, Viridian's
annual conference.
"We are proud to be partnering with SolarCity, the recognized leader in
the residential solar industry, to offer an affordable and simple solar
energy option to our customers. There is strong affinity between
SolarCity and Viridian, two companies focused on providing innovative
energy solutions that are affordable and responsible. Plus, Viridian's
dedicated independent contractors will benefit from having more
products to offer their customers," said Michael Fallquist, President
and Chief Executive Officer, Crius Energy Trust. "For Crius, partnering
with SolarCity allows us to leverage our existing platform to enter an
exciting growth market with minimal capital investment and limited
operating costs and risk. Moreover, it's another step forward in our
strategy to expand our product offerings to become a full-service
energy partner to our customers."
"Viridian and SolarCity have made clean energy more accessible and
affordable to a wide range of American homeowners," said SolarCity CEO
Lyndon Rive. "This partnership will help far more homeowners realize
that it's possible for them to pay less for solar electricity than they
pay for utility bills."
As a certified SolarCity reseller, Crius Energy will leverage Viridian's
independent contractors, who will market and sell SolarCity's solar
products and services to new and existing customers. Crius Energy
receives a commission from SolarCity on each sale made through the
partnership. SolarCity will offer system financing and provide a full
range of solar-related services throughout the life of the contract.
SolarCity makes it possible for many customers to install solar panels
for free and pay a lower rate for solar electricity than they pay for
utility-generated power, with permitting, installation, insurance,
monitoring, and repairs included. The new solar offering is initially
available to Viridian customers in New York, New Jersey, Connecticut,
Massachusetts, Maryland and Delaware.
"Partnering with SolarCity allows us to deepen our existing
relationships with our Viridian green energy customers," Mr. Fallquist
added. "These customers are passionate about the environment and are
open to embracing solar technology. That commitment to green energy
solutions results in longer, higher value relationships."
Crius plans to leverage this partnership to further expand its market
penetration into states where it does not currently operate. These
include Washington, Oregon, California, Arizona, Colorado, Texas and
Hawaii.
About Viridian Energy
Viridian Energy is a socially responsible retail energy supplier that
provides greener electricity and clean-burning natural gas at
affordable prices. The company services commercial and residential
electricity and natural gas customers in Connecticut, Delaware,
Illinois, Maryland, Massachusetts, New Jersey, New York, Pennsylvania,
Washington, D.C., and Virginia with electricity derived from renewable
sources and natural gas. Viridian is a member of the Crius Energy
family of best-in-class energy brands. Additional information is
available at www.viridian.com.
About Crius Energy Trust
Crius Energy Trust has been established to provide investors with a
stable and consistent distribution-producing investment through the
acquisition of a 26.8% ownership interest in Crius Energy LLC (the
"Company"). The Company is one of the largest independent energy
retailers operating in the United States, with approximately 590,000
residential customer equivalents. The Company serves residential and small to medium-size commercial
customers in the United States and markets its products through a
variety of sales channels and brand names. The Company currently sells
electricity in 11 states and the District of Columbia and natural gas
in seven states and the District of Columbia.
Crius Energy Trust intends to qualify as a "mutual fund trust" under the
Income Tax Act (Canada) (the "Tax Act"). The Trust will not be a "SIFT trust" (as
defined in the Tax Act), provided that the Trust complies at all times
with its investment restriction which precludes the Trust from holding
any "non-portfolio property" (as defined in the Tax Act). Material
information pertaining to Crius Energy may be found on www.sedar.com or www.criusenergytrust.ca.
Forward-Looking Statements
This news release contains forward-looking information that involves
substantial known and unknown risks and uncertainties, most of which
are beyond the control of Crius Energy, including, without limitation,
those listed under "Risk Factors" and "Forward-Looking Statements" in
Crius Energy's Annual Information Form dated March 28, 2013
(collectively, "forward-looking information"). Forward-looking
information in this news release includes, but is not limited to, Crius
Energy's objectives and status as a mutual fund trust and not a SIFT
trust, results of operations, financial position or cash flows,
customer revenues and margins, customer additions and renewals,
customer attrition, customer consumption levels, general and
administrative expenses, treatment under governmental regulatory
regimes, distributable cash and Crius Energy's expectations and
estimates regarding the payment of distributions to unit holders. Crius
Energy cautions investors of Crius Energy's securities about important
factors that could cause Crius Energy's actual results to differ
materially from those projected in any forward-looking statements
included in this news release. Any statements that express, or involve
discussions as to, expectations, beliefs, plans, objectives,
assumptions or future events or performance are not historical facts
and may be forward-looking and may involve estimates, assumptions and
uncertainties which could cause actual results or outcomes to differ
materially from those expressed in such forward-looking statements. No
assurance can be given that the expectations set out in this news
release will prove to be correct and accordingly, prospective investors
should not place undue reliance on these forward-looking statements.
These statements speak only as of the date of this news release and
Crius Energy does not assume any obligation to update or revise them to
reflect new events or circumstances.
SOURCE Crius Energy Trust
