PowerSecure Announces Modification of Service Deal with Major Utility Customer

PowerSecure International, Inc.

today announced that it has successfully modified the service arrangement with one of its major utility customers to improve the terms of its ongoing service.  The modifications include adjustments to pricing, work assignments, and expected improvements in the ongoing scope of work. Based on these improvements, and the new mix of work expected to be allocated to PowerSecure, PowerSecure believes these changes will restore the profitability of the work provided to this utility and provide a solid platform for PowerSecure to continue serving, and potentially expanding, its work for the customer. "Our strong preference was to correct the profitability challenges we were having with this customer by working with them to find a solution that would enable us to continue to provide our service to them over the long-term. We appreciate our customer's collaborative approach and are delighted to have finalized this new business arrangement," said Sidney Hinton, chief executive officer of PowerSecure. "We are extremely grateful for the opportunity to continue serving this outstanding utility customer, and for the dedication, focus and performance our employees have demonstrated as we worked to improve our terms of service," Hinton continued. "We remain focused on delivering outstanding service to our customers and to returning our utility services business to growth on this even stronger foundation," Hinton added.