ONEnergy Inc. Reports Q3 2018 Results and Provides Update on Corporate Activities

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(TheNewswire)

 

TORONTO, CANADA / TheNewswire / November 26, 2018 – ONEnergy Inc. (“ONEnergy” or the "Company”) (TSXV: OEG), an energy management firm serving commercial, industrial, multi-residential and residential customers in Canada and the U.S. via its ONEnergy™ and Sunwave™-branded energy and energy-efficiency businesses today announced its financial results as at, and for the three and nine-month periods ended September 30, 2018.  All amounts are in Canadian dollars unless otherwise noted.

For the three-month period ended September 30, 2018, revenues from continuing operations were ($32,000) resulting from customer credits issued compared to $159,000 during the corresponding period in 2017.   Loss from continuing operations was $425,000 compared to a loss of $1.1 million for the third quarter of 2017.

For the nine-month period ended September 30, 2018, revenues from continuing operations were $193,000 versus $1.7 million during the corresponding period in 2017.   Loss from continuing operations was $1.1 million compared to a loss of $3.4 million for the nine-month period ended September 30, 2017.

The Company’s Home Comfort and Gas & Power businesses are both classified as held-for-sale as of September 30, 2018 and December 31, 2017, and are presented as discontinued operations.  Home Comfort and Gas & Power are, therefore, excluded from the operating results reported above.  

As announced on October 4, 2018, the Company entered into a definitive agreement with C Wave Power & Gas Inc. (“C Wave”) under which C Wave will acquire its U.S. Gas & Power business (the “C Wave Transaction”).  As required under the policies of the TSX Venture Exchange (the “Exchange”), the C Wave Transaction will be subject to the approval of the Company’s shareholders (“Shareholders”) and the Exchange.  The Company received Shareholder approval at a special meeting of Shareholders held on November 26, 2018.   The Company received conditional acceptance from the Exchange on October 15, 2018.

The Company continues to negotiate a definitive agreement with Cricket Energy Holdings Inc. (“Cricket”) under which Cricket will acquire its Home Comfort business (the “Cricket Transaction”).  As required under the policies of the Exchange, the Cricket Transaction is subject to the approval of the Shareholders and the Exchange.  ONEnergy received Shareholder approval at a special meeting of Shareholders held on September 28, 2017 and received conditional acceptance from the Exchange on April 3, 2017.  The Cricket Transaction is expected to close in December 2018.

 

About ONEnergy Inc.

ONEnergy is an energy management firm serving commercial, industrial, multi-residential and residential clients via its ONEnergy™ and Sunwave™-branded energy and energy-efficiency businesses.  ONEnergy specializes in helping customers use energy more wisely by minimizing their energy consumption and then cost-effectively managing the balance. ONEnergy serves customers in both Canada and the United States, with offices in Toronto and Stamford, CT.  ONEnergy's corporate website may be found at www.onenergyinc.com and you can learn more about Sunwave’s offerings at www.gosunwave.com. 

ONEnergy common shares are listed on the TSX Venture Exchange under the symbol "OEG".  Material information about ONEnergy can be found on SEDAR under the Company’s issuer profile at www.sedar.com.  

For additional information, please contact:                       

Stephen J.J. Letwin, Chairman, [email protected]                                 

Ray de Ocampo, Chief Financial Officer, [email protected], (647) 253-2534  

Beverly Brooks, Brooks Communications, [email protected], (416) 546-2336

  

The corporate information contained in this release includes forward-looking statements regarding future events and the future performance of ONEnergy and its subsidiaries that involve risks and uncertainties that could cause actual results to differ materially. Assumptions used in the preparation of such information, although considered reasonable by ONEnergy at the time of preparation, may prove to be incorrect. The actual results achieved may vary from the information provided herein and the variations may be material. Consequently, there is no representation by ONEnergy that actual results achieved will be the same, in whole or in part, as those forecast.

Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

 

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