SERVIDYNE ACQUIRES ATLANTIC LIGHTING AND SUPPLY, STRENGTHENING LIGHTING CAPABILITIES
06.09.2008 – ATLANTA - June 9, 2008 - SERVIDYNE, INC. (NASDAQ - SERV), a building performance expert services and real estate company, today reported that it has acquired Atlanta-based Atlantic Lighting and Supply Company, a distributor of cutting-edge energy efficient lighting products. The acquisition brings Servidyne more than 1,250 new lighting customers. Rob Edwards, a selling co-owner of Atlantic Lighting and Supply, is joining Servidyne and will continue as Atlantic's president.
"We continue to look for opportunities to augment our growth and expand Servidyne's commitment and value to our customers, who count on us to provide top-line technology, service and support. The acquisition of this niche lighting distributor will help us further meet their needs," said Alan R. Abrams, Servidyne's Chairman, President and CEO.
Mr. Edwards agrees that the pairing benefits all stakeholders. "Servidyne is well-known for its leadership in this market, I am excited about joining the team, and I look forward to continuing to strengthen our place in the energy efficiency marketplace with our combined capabilities."
As a material inducement for him to join the Company, Mr. Edwards was granted 2,000 shares of restricted common stock and 50,000 stock appreciation rights (SARs) with an exercise price of $5.25 per share, Servidyne's closing price on Friday. The restricted shares, which were not issued under Servidyne's 2000 Stock Award Plan, have a two-year vesting period. The SARs, which were not issued under Servidyne's 2000 Stock Award Plan, contain the same 5-year vesting provisions as the SARs awarded to certain other executives under that Plan.
Atlantic Lighting and Supply will operate as a division of Servidyne in Atlantic's existing facility at 218 Ottley Drive in Atlanta.
About Atlantic Lighting and Supply
In business since 1979, Atlantic Lighting and Supply provides lighting solutions for the commercial, industrial, multifamily and institutional markets, with an emphasis on helping its customers save time and money through the use of energy saving lighting, efficient lighting design and lighting systems management. Atlantic's customers range from Fortune 500 companies to small builders. For more information about Atlantic Lighting and Supply, please visit www.atlanticlightingandsupply.com.
Certain statements contained in this news release are forward-looking statements within the meaning of federal securities laws. Such forward-looking statements involve known and unknown risks, uncertainties and other matters, including the risks and uncertainties set forth under the heading "Risk Factors" in the Company's Annual Report on Form 10-K, which may cause the actual results, performance or achievement of Servidyne, Inc. to be materially different from any past or future results, performance, or uncertainties expressed or implied by such forward-looking statements. Servidyne, Inc. does not undertake to update these forward-looking statements.
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