OAKVILLE, ON, Aug. 1, 2019 /PRNewswire/ - Spark Power
Group Inc. (TSX: SPG)(SPG.WT), parent company to Spark Power Corp.
("Spark Power" or the "Company"), a leading independent provider of
integrated power solutions to industrial, commercial,
institutional, and utility customers across North America, today announced the acquisition
of 3-Phase Electrical Ltd. ("3-Phase"), by way of a share price
agreement ("SPA"). 3-Phase is a low-voltage electrical service and
contracting firm based in Winnipeg,
Manitoba. It will become a wholly-owned subsidiary of Spark
Power, operating within its Technical Services Group. While
the terms of the deal are confidential, the acquisition is expected
to be immediately accretive to earnings.
3-Phase specializes in delivering medium to large-scale
electrical installations and providing value-added services to
blue-chip customers in the industrial and commercial sectors. This
acquisition will further expand Spark Power's geographic coverage
in the Canadian midwest and round out its capabilities in
low-voltage to deliver more fully-integrated power service
offerings to its customers in that market.
"We want to be our customer's Trusted Partner in Power and their
first and only call for delivering integrated, end-to-end solutions
that encompass their entire electrical power infrastructure," said
Jason Sparaga, Co-Founder and
Co-CEO, Spark Power Corp. "3-Phase is a leader in the Manitoba market with a long history of
delivering high calibre electrical installations and value-added
services. Their highly skilled and COR-certified technical
staff, strong reputation within the industry, and blue-chip
customer base makes them an ideal partner. We are very excited to
welcome the 3-Phase team to the Spark Power Group of
Companies."
"3-Phase is a recognized industry leader in electrical power
services and project management in the Winnipeg market," said 3-Phase Co-Founders,
John Gigliotti, Brent Prusak, and Vince
Audino. "We see a tremendous opportunity to lever the Spark
Power platform to accelerate our growth beyond the local market and
deliver a more comprehensive and integrated suite of services to
our long-standing, blue-chip customers."
In the near term, 3-Phase will continue to operate under its
brand name and the management team will remain as key members of
the Spark Power organization.
About Spark Power Group Inc.
Spark Power Group Inc., ("Spark Power") is committed to becoming
the Trusted Partner in Power and the leading independent and
integrated power solutions provider to the industrial, commercial,
institutional, and utility markets across North America. Spark delivers cost-effective,
customer-centric solutions that address cost, quality, reliability,
and power sustainability to integrate new technologies and help
transition our customers to the grid of the future. Learn more at
www.sparkpowercorp.com and Like us on social @SparkPowerCorp.
About 3-Phase Electrical Ltd.
3-Phase Electrical, a Spark Power company, is an industrial and
commercial electrical projects and services firm based in
Winnipeg, Canada. With over 17
years of experience in all facets of electrical construction and
service, 3-Phase delivers quality, reliability, and experience to
large commercial and industrial projects. Learn more at
www.3phaseelectrical.com
Caution Regarding Forward-Looking Statements
This news release may contain forward-looking statements (within
the meaning of applicable securities laws) which reflect Spark
Power's current expectations regarding future events.
Forward-looking statements are identified by words such as
"believe", "anticipate", "project", "expect", "intend", "plan",
"will", "may", "estimate" and other similar expressions. These
statements are based on Spark Power's expectations, estimates,
forecasts and projections and include, without limitation,
statements regarding the future success of the Company's business,
including revenue growth, synergistic savings expected to be
realized, potential expansion of the business and include, without
limitation, statements regarding the growth and financial
performance of Spark Power's business and execution of its business
strategy by Messrs. Sparaga and Clark.
The forward-looking statements in this news release are not
guarantees of future performance and involve risks and
uncertainties that are difficult to control or predict. A number of
factors could cause actual results to differ materially from the
results discussed in the forward-looking statements. Readers,
therefore, should not place undue reliance on any such
forward-looking statements. Further, these forward-looking
statements are made as of the date of this news release and, except
as expressly required by applicable law, Spark Power assumes no
obligation to publicly update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
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SOURCE Spark Power Group Inc.