This excerpt taken from the ENOC 8-K filed Aug 7, 2008.
Item 8.01. Other Events.
On July 8, 2008, the Company announced that it surpassed $500 million in contracted revenues. The Company currently expects approximately 90% of this contracted revenue to be earned by May 31, 2012 and the remainder to be earned through 2018. Contracted revenues represent the Company's estimate of total payments that it currently expects to earn in connection with providing demand response solutions to grid operators and utilities under long-term contracts and pursuant to open market bidding programs, as well as providing energy management solutions to its commercial, institutional and industrial end-use customers.
The contracted revenues estimated from the Company's long-term contracts, open market bidding programs and its provision of energy management solutions have been prepared by management and are based upon contractual terms, open market bidding program rules and a number of assumptions, including:
- the Company's ability to provide to its utility and grid operator customers the capacity that it has committed to provide under long-term contracts and pursuant to open market bidding programs. The Companys expectations are based on its experience to date in building out its existing load management systems;
- the Company's contracts with its utility and grid operator and commercial, institutional and industrial end-use customers not being terminated, modified or delayed or becoming subject to governmental regulation that could materially and adversely affect the Company's interests;
- the rules and assumed pricing of the various open market bidding programs in which the Company participates remaining unchanged in all material respects;
- the rate of termination of the Company's commercial, institutional and industrial end-use customers under its long-term contracts remaining consistent with the Company's historical average;
- the electricity consumption of the Company's commercial, institutional and industrial end-use customers remaining consistent with historical use throughout the term of its contracts with such customers; and
- the Company's ability to obtain regulatory approval for its long-term contracts with certain utility customers where such approval is required. Approximately 10% of the contracted revenue referenced herein is subject to such regulatory approval.
Any differences among these assumptions, other factors, and the Company's actual experiences may result in actual revenues earned in future periods differing from management's current estimate of contracted revenues to be earned. In management's view, such information was prepared on a reasonable basis, reflects the best currently available estimates and judgments, and, to the best of management's knowledge and belief, presents the assumptions and considerations on which the Company bases its belief that it can earn such contracted revenues.
This excerpt taken from the ENOC 8-K filed Mar 14, 2008.
Item 8.01. Other Events.
On March 13, 2008, the Company announced that it, certain of its officers, and the members of its Board of Directors have been named as defendants in purported securities class action lawsuits filed in the United States District Court for the District of Massachusetts. The lawsuits allege, among other things, that the defendants made false and misleading statements and failed to disclose material information in various Securities and Exchange Commission filings, press releases and other public statements from November 1, 2007 through February 27, 2008, including in connection with the Companys November 13, 2007 offering of common stock. The Company believes that it has substantial legal and factual defenses, which it intends to pursue vigorously. In addition, the Company will continue to focus on developing and providing what it believes to be the most reliable demand response and energy management solutions to address the unprecedented energy challenges our country faces today.
The Company does not intend to file further Current Reports on Form 8-K describing any additional lawsuits that may be filed that are based on allegations substantially similar to those described above.
A copy of the press release relating to such announcement is attached to this Current Report on Form 8-K as Exhibit 99.1 and is incorporated herein by reference in its entirety.
This excerpt taken from the ENOC 8-K filed Jan 7, 2008.
On January 7, 2008, the Company issued a press release announcing the appointment of Mr. Brady as Chief Operating Officer and Senior Vice President of the Company. The full text of this press release is attached as Exhibit 99.1 to this Current Report on Form 8-K and is incorporated herein by reference.