WALTHAM, Mass., Oct. 22 /PRNewswire-FirstCall/ --American DG Energy Inc. (NYSE-Amex: ADGE), a leading On-Site Utility, offering clean electricity, heat, hot water and cooling solutions to healthcare, hospitality, housing and athletic facilities, today announced that it has signed a five-year exclusive distribution agreement with Ilios Dynamics, a subsidiary of Tecogen, Inc. Under terms of the agreement, American DG Energy will have the exclusive rights to incorporate Ilios Dynamics' ultra high-efficiency heating products in its energy systems throughout the European Union (EU) and New England. American DG Energy will also have non-exclusive rights to distribute Ilios Dynamics' product in the remaining parts of the United States and the world in cases where American DG Energy retains ownership of the equipment for its On-Site Utility business. The initial term of the agreement is five years with an option for renewal.
Ilios Dynamics' ultra high-efficiency heating products are targeted for high-usage commercial and industrial applications and are typical of the established American DG Energy customer base. Distribution is expected to commence upon successful completion of the Ilios Dynamics product development, anticipated in 24 months.
Barry J. Sanders, President and Chief Operating Officer of American DG Energy and Chairman of Ilios Dynamics, commented, "American DG Energy is focused on being the leader in on-site energy solutions and we continuously look to deploy state-of-the-art technologies to more effectively address the energy needs of our growing customer base. When launched, the Ilios Dynamics ultra high-efficiency heating technology, which is more advanced than any boiler or hot water heater available today, will augment our ability to increase energy efficiency and reduce the costs of energy to our customers. This agreement will expand our position as the most efficient, clean, cost-effective, and risk-free energy option for commercial, institutional and industrial customers."
About American DG Energy
American DG Energy supplies low-cost energy to its customers through distributed power generating systems. The Company is committed to providing institutional, commercial, and small industrial facilities with clean, reliable power, cooling, heat and hot water at lower costs than charged by local utilities -- without any capital or start-up costs to the energy user -- through its On-Site Utility energy solutions. American DG Energy is headquartered in Waltham, Massachusetts. More information can be found at www.americandg.com.
About Ilios Dynamics
Ilios Dynamics, a subsidiary of Tecogen Inc., was formed in April 2009 to develop and distribute a line of ultra high-efficiency heating products for commercial and industrial applications utilizing advanced thermodynamic principles. The Ilios Dynamics products will incorporate mechanical work to extract heat from the environment in order to supplement the chemical energy available in the fuel. The result is a significant boost in efficiency and carbon emissions benefit relative to conventional heating systems. Both Tecogen Inc. and American DG Energy Inc. will distribute lIios Dynamics products. For more information please visit www.iliosdynamics.com.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements under the Private Securities Litigation Reform Act of 1995 that involve a number of risks and uncertainties. Important factors could cause actual results to differ materially from those indicated by such forward-looking statements, as disclosed on the Company's website and in Securities and Exchange Commission filings. This press release does not constitute an offer to buy or sell securities by the Company, its subsidiaries or any associated party and is meant purely for informational purposes. The statements in this press release are made as of the date of this press release, even if subsequently made available by the Company on its website or otherwise. The Company does not assume any obligation to update the forward-looking statements provided to reflect events that occur or circumstances that exist after the date on which they were made.
SOURCE American DG Energy Inc.
American DG Energy Inc.
