LANGHORNE, PA - February 7, 2002 - E-MON Corporation, a leading manufacturer of electric meters and other energy hardware, software, and services for the electric submetering industry, announced that its assets and operations have been acquired by Hunt Power, L.P. of Dallas, TX.
E-MON's well-developed, end-user market focus and extensive sales channels perfectly complement Hunt's expertise in utility data collection, distributive generation and large scale generation. With over 3,000 distributors supported by 29 independent sales representative agencies, E-MON's extensive national network is the most complete and comprehensive in the industry. Hunt views E-MON's impressive sales infrastructure as a major motivation behind the acquisition, and pledged to support E-MON's 20-year commitment to keep its existing sales and operations channels intact. The acquisition offers E-MON's existing employees tremendous growth opportunities and the financial backing of a very well respected and operated private company. E-MON will be able to take advantage of Hunt's international experience to further develop its foreign markets.
Executives of both companies see this acquisition as extremely beneficial for the growth of their respective organizations. "We're committed to using these additional resources to grow our company and its product line while providing the same quality of products that our electrical contractors and building owners have come to expect from E-MON," said Don Millstein, President of E-MON. This synergistic combination of resources is expected to open significant new market and product development opportunities for both entities by enabling each to leverage the other's technical expertise.
E-MON's brand recognition and dominance of the electric submeter market was another factor in the acquisition. Hunt Power Vice President Daniel Price said, "As the established number one player, E-MON is a logical fit with Hunt Power and its subsidiaries. These synergies will allow us to offer a full slate of demand-side and billing solutions to our current utility customers and E-MON's existing end-users. Needless to say, we're quite pleased with the new doors this will open for us."
E-MON's Langhorne, Pennsylvania office will continue as the company's executive, sales and marketing, manufacturing and engineering operations while the San Diego, California facility will continue to provide additional manufacturing support and house the West Coast sales/marketing team. In addition, the E-MON name will remain, as the company will operate as E-MON, L.P.
Established in 1981 in Skillman, New Jersey, E-MON, L.P. is the industry leader in solid-state electronic kilowatt-hour meters, submeters, automatic meter reading software and accessories, and load profilers. E-MON's products are installed worldwide for tenant billing, cost allocation, demand-side management and load profiling in skyscrapers, shopping centers, airports, factories, office buildings, apartment complexes, industrial, governmental and educational facilities. The company's customer base ranges from small retail stores to Fortune 500 corporations.
About Hunt Power
Hunt Power provides solutions in the electric industry in traditional IPP generation, distributive generation, metering and information. Hunt Power's other subsidiaries in metering include MeterSmart, L.P. and Utility Data Resources, Inc. which provide services in remote meter data collection, data verification, and data presentation primarily for electric utilities. MeterSmart provides all metering functions for Sharyland Utilities, an electric utility based in McAllen, Texas. E-MON will reside as a subsidiary of MeterSmart, L.P.
Don Millstein, President, E-MON, L.P.
One Oxford Valley, Ste 418
Langhorne, PA 19047
Phone: (800) 334-3666; (215) 752-2845
Jim Oberwetter, Vice President, Public Affairs
Hunt Power, L.P.
Phone: (214) 978-8534