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Kinetiq Grows with Acquisition of Demand
Response
- September 2003
Auckland, 18 Spetember 2003
Spectrum Resources Ltd (NZX: SPE), today announced that
its wholly owned subsidiary Kinetiq has acquired Demand
Response Limited. Demand Response Limited, whom
Kinetiq has been working with to provide solutions to
customers, is a provider of real time energy management
services to the electricity industry, major industrial
companies and mainstream commercial consumers of electricity.
The acquisition, which was completed in early September
2003, will complement Kinetiq’s PowerView products
with Demand Response’s services expertise to focus
on helping customers drive energy efficiencies and utility
savings while expanding Kinetiq’s capabilities
and market reach to include mainstream industrial customers.
As a wholly-owned Kinetiq subsidiary, remaining as
‘Demand Response Limited,’ the company brings
into the Kinetiq fold both electricity consultants and
industrial process consultants with extensive industry
experience.
Gavin Mitchell, CEO of Kinetiq, said the acquisition
enables Kinetiq to provide complete solutions for organisations,
especially those that are looking to drive energy efficiencies
into their manufacturing processes.
“In light of increasing pressures on companies
to reduce energy use, new pressures from the Kyoto Protocol
or simply pressures to decrease exposure to high spot-market
prices, there is a growing need for complete solutions
involving both software and specialist interpretation
of energy data,” said Mitchell. “Together,
Kinetiq and Demand Response bring a very compelling
offering to the market; a complete solution to help
mainstream industry effectively deal with the corporate
citizenship and economic pressures associated with energy
consumption.”
Stephen Drew, Managing Director of Demand Response,
said the acquisition is an excellent growth opportunity
for Demand Response as well.
“As part of Kinetiq, Demand Response will remain
focused on delivering our core services to drive down
the utility operating costs for our clients. We can
also now expand and grow the business through the additional
resources Kinetiq brings, including capital and access
to international sales channels,” said Drew. “In
addition, Kinetiq and Demand Response will both benefit
from shared intellectual capital and the collaboration
to develop solutions directly for our customers.”
About Kinetiq
Kinetiq is a wholly owned subsidiary of Spectrum Resources
Ltd. Kinetiq is a software development company that
provides customer management systems to energy companies.
The company’s flagship product, PV2, assists energy
companies in creating innovative combinations of products,
prices and services for their largest commercial and
industrial customers through quote and contract management,
complex billing and load analysis. Kinetiq is
exporting its solutions to energy companies around the
world.
FOR MORE INFORMATION, VISIT WWW.KINETIQ.COM
OR CONTACT:
Gavin Mitchell Chairman Chief Executive
Spectrum Resources Limited and Kinetiq Limited
Phone: (09) 374 4223 Mobile: 021 448 865
gmitchell@kinetiq.com
Tom Clancy,
Account Manager
AUGUST.ONE COMMUNICATIONS,
Phone: (09) 913 7520 / +64 21 376 402,
Tom.Clancy@augustone.co.nz
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