DSSI's Comverge Technologies Awarded Large Scale Peak Load Reduction Program
FLORHAM PARK, NJ - June 12, 2001 - Comverge Technologies, Inc. announced today that it has received a new contract with LG&E Energy of Louisville, KY, a Powergen company, for a new VHF based direct load control program. The DLC program calls for Comverge to deliver a load management controller, the interface to a local paging company and 120,000 load management receivers. These will be delivered over a three- to seven- year period depending on the response of LG&E Energy's customers.
The program will be implemented over both the Louisville Gas & Electric and Kentucky Utilities territories. The program is called "Demand Conservation" and is being marketed to potential customers with central air conditioning systems, and swimming pool pumps. These customers will be able to lend a hand to LG&E Energy in keeping their combined rates the lowest in the nation, and will also earn a $20 incentive each year.
When it is fully implemented, LG&E Energy will be able to reduce its peak demands by approximately 120 megawatts on hot summer days when they experience their highest demand for electricity.
"We congratulate LG&E and the Kentucky Public Service Commission for having the foresight and innovation to launch one of the largest load management programs in the country," stated Frank Magnotti, President of Comverge Technologies. "Peak load reduction has become a more important part of the power picture through out the country."
Comverge Technologies, a subsidiary of Data Systems & Software Inc. (NASDAQ:DSSI), is the "new power in power technologies" providing over 5,000 MW of peak load reduction to over 450 energy companies worldwide. Comverge provides end-to-end, two-way communication solutions including automated meter reading, utility and/or customer controlled appliance cycling, outage detection, load profiling, home automation, environmental monitoring and distributed generation monitoring. Comverge is headquartered in Florham Park, NJ, with offices, research facilities, representatives and agents around the world. For more information visit Comverge's website at www.comverge-tech.com. In addition to the energy product solutions business conducted through Comverge, DSSI is a provider of computer consulting and development services, and is an authorized direct seller and value added reseller of computer hardware.
This release contains forward-looking statements as defined in Section 21E of the Securities Exchange Act of 1934, including statements about the anticipated implementation of the Demand Conservation program. The level of sales by Comverge to LG&E Energy under the program will depend upon successful marketing and impelementation of the program. There is no assurance as to when, or whether, the program will be fully implemented. Sales by Comverge to LG&E Energy under the program will be made pursuant to purchase orders received from LG&E from time to time.