Comverge Announces Filing of Registration Statement East Hanover, NJ: October 22, 2007 – Comverge, Inc. (NASDAQ: COMV), a leading clean energy company providing capacity through demand response and energy efficiency, announced today the filing of a registration statement on Form S-1 with the Securities and Exchange Commission for an offering of shares of its common stock. The offered shares will be sold by Comverge and certain selling stockholders. As set forth in the registration statement, we anticipate that the underwriters will be granted an over-allotment option to purchase additional shares. We plan to use the net proceeds from the offering to finance current and future capital requirements of our Virtual Peaking Capacity(TM) (VPC(TM)) contracts, to finance research and development, to fund any cash consideration for future acquisitions and for other general corporate purposes. We will not receive any proceeds from the sale of shares by selling stockholders.
The underwriters of the offering will be Citi and Goldman, Sachs & Co., as joint book-running managers. Cowen and Company, LLC and RBC Capital Markets Corporation will be co-lead managers. Pacific Growth Equities, LLC will be a co-manager. The number of shares to be offered and the offering price have not yet been determined. The offering will be made only by means of a prospectus. When available, a copy of the preliminary prospectus relating to the offering may be obtained from Citi, Brooklyn Army Terminal, 140 58th Street, 8th Floor, Brooklyn, N.Y. 11220, (718) 765-6732, fax (718) 765-6734 and Goldman, Sachs & Co., Attn: Prospectus Dept., 85 Broad St., New York, N.Y. 10004, fax (212) 902-9316 or email at prospectus-ny@ny.email.gs.com.
A registration statement relating to these securities has been filed with the Securities and Exchange Commission but has not yet become effective. These securities may not be sold nor may offers to buy be accepted prior to the time the registration statement becomes effective. This press release shall not constitute an offer to sell, or the solicitation of an offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.
About Comverge
Comverge is a leading provider of clean energy solutions that improve grid reliability and supply electric capacity on a more cost effective basis than conventional alternatives by reducing base load and peak load energy consumption.
For Comverge Investors
This release contains forward-looking statements which are made pursuant to the safe harbor provisions of Section 21E of the Securities Exchange Act of 1934. The forward-looking statements, including statements in regards to future use of proceeds and matters related to the proposed offering of our common stock, in this release do not constitute guarantees of future performance. Those statements involve a number of factors that could cause actual results to differ materially, including risks associated with the company's business involving the company's products, their development and distribution, economic and competitive factors and the company's key strategic relationships, and other risks more fully described in our most recently filed Quarterly Report on Form 10-Q and other of the company's filings with the Securities and Exchange Commission. Comverge assumes no obligation to update any forward-looking information contained in this press release or with respect to the announcements described herein.
Contact Comverge
Investor Relations
Michael Picchi
770-696-7660, invest@comverge.com
Media Relations
Chris Neff
973-947-6064, cneff@comverge.com
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