Denver, CO – August 16, 2010 – Green Energy Corp (GEC), leading the
global transformation of electric grids, and Magpie TI, a premier
provider of software engineering services, announce the completion of a
corporate merger effective today. The merged company, operating as
Green Energy Corp and headquartered in Denver, Colorado, leverages
world-class industry expertise and software engineering skills to
provide software and services for utilities, communication and smart
energy companies.
The merger produces an established company with
a strong track record of financial performance, long-term customer
relationships, proven products and services, and mature business
infrastructure. GEC will continue to grow its profitable services
business, including the delivery of software engineering and energy
consulting services. In parallel, the company will accelerate the
delivery of its Total Grid Management™ (TGM) System, a suite of software
and services to successfully transform operations IT systems into the
smart grid; and the GEC Green Bus™ platform, the only open source, open
API, open standard solution that supports interoperability of legacy and
new applications for smart grid implementations.
GEC will
also continue its leadership role, directed by Dan Gregory, GEC Founder
and Chairman, in establishing an internationally sponsored energy plan
for emerging nations that includes the reconstruction of Haiti’s energy
infrastructure. Mr. Gregory has authored the Global Energy Model™
(GEM) which incorporates GEC solutions to establish open, sustainable,
smart infrastructures and promote economic growth for
energy-impoverished nations. Mr. Gregory is also a member of the Clinton
Global Initiative, serves on the Colorado Governor’s Smart Grid Task
Force, and chairs the Industry Advisory Board for the National Science
Foundation FREEDM (Future Renewable Electric Energy Delivery &
Management) Center in North Carolina.
The newly formed GEC
executive team, including Margaret A. Burd, CEO Magpie TI and Peter J.
Gregory, CEO Green Energy, anticipates a seamless integration of two
organizations with highly compatible cultures, business model and
capabilities.
"The merger combines the strengths of both
companies to deliver an organization that is significantly greater than
the sum of its parts,” says Peter Gregory. "We are already moving to
execute on a revised business plan, intended to ramp revenue, growth and
profitability very aggressively.”
Ms. Burd will manage the
combined technical teams to lead product development, engineering and
service delivery in her role as Chief Operating Officer. "The merger
allows us to build upon Magpie’s tradition of quality, on-time delivery
and long-lasting customer relationships,” says Ms. Burd. "By combining,
we instantly enhance the company’s value as we engineer GEC software
using the very skills that our mutual customers have come to rely on.”
Elaine
S. Pelletier, previously Magpie Vice President Sales, completes the
Executive team by assuming the position of Chief Commercial Officer to
direct the company’s business strategy, sales, marketing and business
development to deliver GEC solutions in existing and new markets. The
management leadership team includes key resources from both companies
who have operated in close partnership throughout 2010. Corporate
offices will be consolidated at the Magpie location in Denver, Colorado
while engineering divisions in Raleigh, NC and Durango, CO will remain
intact.
About Green Energy Corp Green Energy Corp (GEC) is a
technology company that provides software engineering services to
communications, utilities and energy companies and delivers software
products to enable the smart grid of the future. Our team includes
senior business leaders and top industry experts with deep experience
managing technology companies and building energy and communications
solutions. Our Total Grid Management™ (TGM) System is a full suite of
software and services that allows utilities to successfully transform
their operations IT systems into the smart grid. The GEC Green Bus™
platform is the only open source solution that supports interoperability
of legacy and new applications. Because we deliver our solutions via
an open source platform and cloud computing architecture, our customers
are enabled to meet critical business imperatives for compliance, cost
efficiency, security and renewable resource integration. For additional
information, visit www.greenenergycorp.com or www.magpieti.com.
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