|By Marketwired .||
|July 17, 2014 12:30 PM EDT||
TORONTO, ONTARIO -- (Marketwired) -- 07/17/14 -- EnerCare Inc. ("EnerCare") (TSX: ECI) and EnerCare Solutions Inc. ("EnerCare Solutions" and with EnerCare, the "Company"), one of Canada's leading providers of energy conservation products and services, responded today to the letter issued by August Advisors, LLC to EnerCare's shareholders. Following receipt of the letter of indication sent by TPG Special Situations Partner, LLC ("TSSP") to EnerCare in late May 2014, the Company's Board met and carefully considered the letter of indication. After careful consideration, including considering financial and other information provided by the Company's advisors, the Company's Board unanimously determined that the indicated price of between $13.50 and $15.00 per share did not represent full value for EnerCare's shares and was not sufficient to form the basis of meaningful discussions.
In its response to TSSP's letter, the Board reiterated to TSSP, and today reiterates, that it is always open to considering value maximizing opportunities.
About EnerCare and EnerCare Solutions
EnerCare and EnerCare Solutions own a portfolio of approximately 1.1 million installed water heaters and other assets, rented primarily to residential customers in Ontario. EnerCare also owns EnerCare Connections Inc., a leading sub-metering company, with metering contracts for condominium and apartment suites in Ontario, Alberta and elsewhere in Canada.
Source: EnerCare Inc.