Press release from CNW Group
Crius Energy Launches Citra Solar, New Solar Brand
Wednesday, April 16, 2014
Crius Energy Launches Citra Solar, New Solar Brand07:00 EDT Wednesday, April 16, 2014
/NOT FOR DISTRIBUTION IN THE UNITED STATES OR OVER UNITED STATES WIRE SERVICES/
TORONTO, April 16, 2014 /CNW/ - Crius Energy Trust (TSX:KWH.UN), today announced the launch by Crius Energy Trust LLC of a new stand alone solar brand, Citra Solar™, to focus on capturing value in the fast-growing solar sector and complement the company's well-differentiated portfolio of energy brands, product offerings and distribution channels. The new brand allows Crius to leverage its diversified sales and marketing platform to reach customers through more of its channels. Initially, Citra Solar™ services will be offered to customers of Frontier Communications, a strategic marketing partner of Crius Energy.
The launch of Citra Solar follows on Crius Energy's introduction of solar services in September 2013 through its network marketing distribution channel, which saw immediate success and has continued to expand rapidly. That success points up a nationwide trend: Residential solar adoption continues to grow across the US, with solar representing the second-largest type of new energy generation capacity added in 2013, second only to natural gas. Amid this rapid growth, the introduction of the Citra Solar brand enables Crius to better scale its solar program and provides it with the flexibility to capture value by participating across the solar value chain.
"We are confident that this distinctive new addition to the Crius family of brands will allow us to accomplish three goals: leverage our existing distribution channels to reach more customers, increase our total volume of solar capacity sold and increase our margin per solar customer through a more integrated solar offering," said Michael Fallquist, CEO of Crius Energy Trust and Crius Energy. "Solar will play an important role in the generation of power in the decades to come and we are pleased that our diversified platform will enable more Americans to realize the benefits of this clean and affordable source of energy."
Citra Solar™ services are initially being offered through the company's strategic marketing partnership channel. In addition, the company plans to utilize direct marketing efforts to expand the brand's presence in its solar markets, which include Arizona, California, Colorado, Connecticut, DC, Delaware, Hawaii, Maryland, Massachusetts, New York, New Jersey, Oregon and Texas. In so doing, it offers more homeowners a simple and easy way to benefit from America's most important energy trend.
About Citra Solar
Citra Solar will leverage Crius Energy's sales and marketing strengths and will add value to the customer experience by connecting solar prospects with a team of solar experts. These highly-trained representatives act as personal advisors to remove the most common barriers to solar installation: the guesswork, homework, and legwork involved in choosing a solar provider. Citra's advisors answer any questions prospective customers may have, and make recommendations based on the homeowner's specific needs. More information is available at www.citrasolar.com.
About Crius Energy Trust
Crius Energy Trust was established to provide investors with a distribution-producing investment through the acquisition of a 26.8% ownership interest in Crius Energy. With more than 610,000 residential customer equivalents, Crius Energy is a comprehensive energy solutions partner that provides electricity, natural gas and solar products to residential and commercial customers. Crius Energy connects with energy customers through an innovative family-of-brands strategy and multi-channel marketing approach. This unique combination creates multiple access points to a broad suite of energy products and services that make it easier for consumers to make informed decisions about their energy needs. Crius Energy currently sells energy products in 19 states and the District of Columbia with plans to continue expanding its geographic reach.
Crius Energy Trust intends to qualify as a "mutual fund trust" under the Income Tax Act (Canada) (the "Tax Act"). The Trust will not be a "SIFT trust" (as defined in the Tax Act), provided that the Trust complies at all times with its investment restriction which precludes the Trust from holding any "non-portfolio property" (as defined in the Tax Act). Material information pertaining to Crius Energy may be found on www.sedar.com or www.criusenergytrust.ca.
Caution Regarding Forward-Looking Statements
This press release contains "forward-looking statements" within the meaning of applicable Canadian securities laws, including (but not limited to) statements about the Board's belief that the Bid may represent a responsible investment of funds on hand. A statement is forward-looking when it uses what Crius knows and expects today to make a statement about the future. Forward-looking statements may include words such as anticipate, assumption, believe, could, expect, goal, guidance, intend, may, objective, outlook, plan, seek, should, strive, target and will. These statements relate to future events or future performance and reflect current assumptions, expectations and estimates of management regarding growth, results of operations, performance, business prospects and opportunities, Canadian economic environment and liability to attract and retain customers. Such forward-looking statements reflect current assumptions, expectations and estimates of management and are based on information currently available to Crius as at the date of this press release.
Forward-looking statements are subject to certain risks and uncertainties, and should not be read as guarantees of future performance or results and actual results may differ materially from the conclusion, forecast or projection stated in such forward-looking statements. These risks, uncertainties and other factors include but are not limited to, Crius Energy's objectives and status as a mutual fund trust and not a SIFT trust, results of operations, financial position or cash flows, customer revenues and margins, customer additions and renewals, customer attrition, customer consumption levels, general and administrative expenses, treatment under governmental regulatory regimes, distributable cash and Crius Energy's expectations and estimates regarding the payment of distributions to unitholders. Such assumptions, expectations, estimates, risks and uncertainties are discussed under "Risk Factors" and "Forward-Looking Statements" in Crius Energy Trust's Annual Information Form dated March 26, 2014. Consequently, we cannot guarantee that any forward-looking statements will materialize. Readers should not place any undue reliance on such forward-looking statements.
SOURCE Crius Energy Trust
Image with caption: "Citra Solar brand launched by Crius Energy (CNW Group/Crius Energy Trust)". Image available at: http://photos.newswire.ca/images/download/20140416_C4028_PHOTO_EN_39326.jpg
For further information:
Chief Executive Officer
Chief Financial Officer
(416) 815-0700 ext. 290