Telkonet Makes $7-Million Deal with Smart Systems International
GERMANTOWN, Md. - Telkonet, Inc. (AMEX:TKO) has announced that the Company has executed a definitive agreement with Smart Systems International (SSI) to acquire substantially all the assets of SSI for cash and Company common stock having an aggregate value of $7,000,000.
Founded in 1992, SSI, a leading energy management solution provider, has installed over 60,000 of its patented intelligent thermostat, smart packaged terminal air conditioner (PTAC) controller and wireless sensors in a wide range of situations where individual room control is essential for occupancy comfort, such as lodging, education, multi-unit housing and commercial applications. SSIís solutions reduce energy consumption by eliminating unnecessary heating and cooling of unoccupied rooms using its patented fixed recovery time technology for ensuring that occupancy comfort is maintained while maximizing energy savings.
Telkonet plans to integrate its proprietary Telkonet iWire Systemô with SSIís proprietary energy management products to enable networking, remote management, monitoring and analysis, thus creating a complete web-based Enterprise Energy Management System. The web-based energy management solution will provide an economical, efficient approach to reducing energy consumption by up to 30%.
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