ATLANTA and WAKE FOREST, N.C., May
5, 2016 /PRNewswire/ -- Stockholders of PowerSecure
International, Inc. (NYSE: POWR) today voted to approve the
proposed merger with Southern Company (NYSE: SO), announced on
February 24, 2016.
The U.S. Federal Trade Commission previously granted early
termination of the waiting period under the Hart-Scott-Rodino
Antitrust Improvements Act with regard to the companies' proposed
merger. Today's vote by PowerSecure stockholders represents the
last major approval before the companies can complete the proposed
merger. The transaction is expected to close in the coming
days.
About Southern Company
With more than 4.5 million
customers and approximately 44,000 megawatts of generating
capacity, Atlanta-based Southern
Company (NYSE: SO) is the premier energy company serving the
Southeast through its subsidiaries. A leading U.S. producer of
clean, safe, reliable and affordable electricity, Southern Company
owns electric utilities in four states and a growing competitive
generation company, as well as fiber optics and wireless
communications. Southern Company brands are known for excellent
customer service, high reliability and affordable prices that are
below the national average. Through an industry-leading commitment
to innovation, Southern Company and its subsidiaries are inventing
America's energy future by developing the full portfolio of energy
resources, including nuclear, 21st century coal, natural gas,
renewables and energy efficiency, and creating new products and
services for the benefit of customers. Southern Company has been
named by the U.S. Department of Defense and G.I. Jobs magazine as a top military employer,
listed by Black Enterprise magazine as one of the 40 Best Companies
for Diversity and designated a 2014 Top Employer for Hispanics by
Hispanic Network. The company earned the 2014 National Award of
Nuclear Science and History from the National Atomic Museum
Foundation for its leadership and commitment to nuclear
development, and is consistently ranked among the top utilities in
Fortune's annual World's Most Admired Electric and Gas Utility
rankings. Visit our website at www.southerncompany.com.
About PowerSecure
PowerSecure International, Inc. is a
leading provider of utility and energy technologies to electric
utilities, and their industrial, institutional and commercial
customers. PowerSecure provides products and services in the areas
of Interactive Distributed Generation ® (IDG®), solar energy,
energy efficiency and utility infrastructure. The company is a
pioneer in developing IDG® power systems with sophisticated smart
grid capabilities, including the ability to 1) forecast electricity
demand and electronically deploy the systems to deliver more
efficient, and environmentally friendly, power at peak power times,
2) provide utilities with dedicated electric power generation
capacity to utilize for demand response purposes and 3) provide
customers with the most dependable standby power in the industry.
Its proprietary distributed generation system designs utilize a
range of technologies to deliver power, including renewables. The
company's energy efficiency products and services include energy
efficient lighting solutions that utilize LED technologies to
improve lighting quality, and the design, installation and
maintenance of energy conservation measures which the company
offers, primarily as a subcontractor, to large energy service
company providers, called ESCOs, for the benefit of commercial,
industrial and institutional customers as end users and directly to
retailers. PowerSecure also provides electric utilities with
transmission and distribution infrastructure maintenance and
construction services, and engineering and regulatory consulting
services. Additional information is available at
www.powersecure.com.
Cautionary Statements Regarding Forward-Looking
Information
This press release contains forward-looking statements within
the meaning of and made pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995.
Forward-looking statements are all statements other than statements
of historical facts, including but not limited to statements
concerning the expected benefits of the transaction and the
expected timing of the completion of the transaction. These
forward-looking statements are often characterized by the use of
words such as "expect," "anticipate," "intend," "estimate," "plan,"
"believe," "may," "project," "potential," "forecast," "target,"
"guidance," "outlook," "should," "will," "could," "continue" and
the negative or plural of these words and other comparable
terminology.
Although Southern Company and PowerSecure believe that the
expectations reflected in such forward-looking statements are
reasonable, such statements involve risks and uncertainties and
undue reliance should not be placed on any forward-looking
statements. Forward-looking statements are not guarantees of
future performance or events and are subject to a number of known
and unknown risks, uncertainties and other factors that are
difficult to predict and could cause actual results to differ
materially from those expressed, projected or implied by such
forward-looking statements. Important risks, uncertainties and
other factors include, but are not limited to, the occurrence of
any event, change or other circumstance that could give rise to the
termination of the merger agreement; the risk that the businesses
will not be integrated successfully; the possibility that the
anticipated benefits from the transaction cannot be fully
realized or may take longer to realize than expected; the
possibility that costs related to the integration of Southern
Company and PowerSecure will be greater than expected; the ability
to retain and hire key personnel and maintain relationships with
customers, suppliers or other business partners; the diversion of
management time on transaction-related issues; the on-going
uncertainty and inconsistency in the economy, financial markets and
business markets; the impact of legislative, regulatory and
competitive changes; and other risks, uncertainties and other
factors identified from time to time in each of Southern Company's
and PowerSecure's reports filed with or furnished to the Securities
and Exchange Commission, including their most recent Annual Report
on Form 10-K, as well as subsequently filed Quarterly Reports Form
10-Q and Current Reports on Form 8-K, copies of which may be
obtained by visiting the investor relations page of each company's
website or the SEC's website at www.sec.gov.
There can be no assurance that the transaction will in fact be
consummated.
Southern Company and PowerSecure caution that the foregoing
list of important factors that may affect future results is not
exhaustive. When relying on forward-looking statements to make
decisions with respect to Southern Company and PowerSecure,
investors and others should carefully consider the foregoing
factors and other uncertainties and potential events. All
subsequent written and oral forward-looking statements concerning
the transaction or other matters attributable to Southern Company
or PowerSecure or any other person acting on their behalf are
expressly qualified in their entirety by the cautionary statements
referenced above. The forward-looking statements contained herein
speak only as of the date of this release. Neither Southern Company
nor PowerSecure undertakes any duty or obligation to update or
revise any forward-looking statement for any reason, whether as the
result of changes in expectations, new information, future events,
conditions or circumstances or otherwise, except as may be required
by law.
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SOURCE Southern Company