Smart energy efficiency company Octus. has acquired substantially all of the assets of Quantum Energy Solutions, a smart energy efficiency company that reduces energy costs for commercial and institutional buildings through energy-efficient lighting, HVAC and energy management systems.
Founded in 1974, Quantum is one of the first energy management companies in the United States to specialize in energy efficiency.
Quantum has executed more than 1,500 energy projects totaling more than $100 million in value for clients including ARCO, Bank of America, Blockbuster, Chevron, Delta Airlines, Frito Lay, Hewlett-Packard, Home Depot, Ikea, Nabisco, Pepsi, Petco, Safeway, Sears, Siemens, and University of California.
“Quantum is a leader in implementing energy efficiency solutions for commercial, industrial and institutional building owners and managers,” said Chris Soderquist, Octus CEO. “This expansion catalyzes our mission to significantly reduce energy expenses and increase cash flow — immediately and perpetually — for building owners, managers and occupants. We believe there has never been a better time to invest in energy efficiency.”
Pursuant to the asset purchase agreement, Octus purchased substantially all of the assets of Quantum for a purchase price subject to certain post-closing adjustments described in the agreement, and the company agreed to assume certain liabilities associated with Quantum. Consideration to be paid and liabilities assumed by Octus in the transaction include: 150,000 shares of common stock granted to Quantum; assumption of approximately $108,000 in Quantum accounts payable and credit facilities; assumption of $130,000 in Quantum long-term debt; and assumption of approximately $50,000 in Quantum accounts receivable. In addition, Octus entered into a two-year consulting agreement with Quantum president Jim Collins.
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