Microfield Announces Shareholder Approval of Sale of Christenson Electric Inc.
Sale will allow Microfield to focus on Demand Response Business EnergyConnect, Inc.
Portland, OR – March 11, 2008: Microfield Group, Inc. (OTCBB:MICG), an innovator in the demand response marketplace, has announced that the company’s shareholders, in a meeting that took place at the company’s headquarters yesterday, voted to approve the sale of its subsidiary, Christenson Electric Inc., to the Christenson management team. The closing will occur shortly. Christenson is a full-service electrical contractor headquartered in Portland, Oregon.
“The sale of Christenson Electric is well-timed to allow Microfield’s management team to focus our attention on our fast-growing core business, EnergyConnect, Inc, a leader in innovative Demand Response technologies,” said Rodney M. Boucher, Chief Executive Officer of Microfield Group. “We are confident that Christenson will prosper under the leadership of the Christenson management team.”
EnergyConnect’s proprietary web-based Demand Response platform provides real-time guidance and automated execution that allows participants to shape and curtail energy usage patterns 24/7 in response to wholesale electric market prices. EnergyConnect’s industry leading expertise and real-time automated technology makes it profitable for major industrial facilities to proactively control and manage their electricity consumption and generate new revenue by automatically shedding load and shifting electricity usage when the electric grid is stressed.
“The Microfield management team is committed to helping EnergyConnect grow and thrive in a market that increasingly recognizes the value of improving the efficiency and reliability of the nation’s electric grid,” said Randy Reed, Chief Financial Officer of Microfield Group. “EnergyConnect’s automated systems enhance the energy management capabilities of our direct participants and expand the offerings of our key partners, including Johnson Controls and Suez Energy North America; making EnergyConnect a leader in ushering in positive changes for the electric industry.”
About Microfield Group, Inc.
Microfield Group is the first company to deploy market-disruptive energy automation technology in the demand response marketplace. Utilizing an industry-leading intellectual property portfolio, the Company’s EnergyConnect platform and technology enables large consumers of energy — such as buildings, campuses and factories — to exploit unprecedented revenue opportunities in the wholesale market for electricity.
Microfield’s senior management team has identified an initial $12 billion sector of the $300 billion market for electricity in the United States. This virtually untapped target market, consisting of large commercial, industrial and governmental energy consumers, is located within 20 of the nation’s largest metropolitan centers.
For investor-specific information and resources, including news and stock quotes, please visit http://www.trilogy-capital.com/autoir/micg_autoir.html.
For further information, please contact:
Media Relations:
Kate Casolaro, kcasolaro@rasky.com
617-443-9933 x338
Investor Relations:
Randy Reed, Chief Financial Officer, Microfield Group, Inc.
503-419-3580
Posted on Tuesday, March 11th, 2008 - Press Releases