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YOLO COUNTY NEWS
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So Cal firm gains ownership of Octus

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February 25, 2011 | Leave Comment

Davis-based Octus Inc. has signed an agreement giving majority ownership of the building energy efficiency company to Lin-Han Equity Corp. of Burbank.

In the deal, valued at $630,000, Octus receives working capital to fund its growth as well as common stock in privately-held Healthcare of Today Inc.

Octus also announced an agreement to acquire Élan Energy Corp. and Sunarias Corp. from Florida-based Alternative Energy Partners Inc. (AEGY) in exchange for common shares of Octus, a news release said. Like Octus, AEGY works to improve energy efficiency in buildings.

“The addition of Élan Energy, a proven, profitable and vibrant HVAC and refrigeration efficiency contractor, immediately boosts Octus’ financial strength, customer offerings and market reach,” Octus CEO Chris Soderquist said in the release.

“Market demand for combined energy and water-saving solutions, coupled with utility company rebates and project financing, has increased steadily in the last few months and these transactions will enable Octus to aggressively pursue existing and new business opportunities.”

The deals with Lin-Han and AEGY, detailed in a filing with the Securities and Exchange Commission on Tuesday, are expected to close by March 15.

Before the deals close, Octus must resolve existing liabilities. In December, Octus disclosed that investor EAM Inc. declared the Davis company in default on a $500,000 loan after Octus failed to make a $30,000 interest payment.

As part of the latest transactions, Octus’ current business operations will be transferred to a new, wholly-owned subsidiary operating company. Octus will become a public holding company for its operating subsidiaries, providing administrative and related services to the entire corporate group.

Octus reduces the utility costs of commercial and institutional buildings through energy-efficient lighting, heating and air conditioning, and water management systems and products. Octus’ project development division, Quantum Energy Solutions, has completed more than 1,500 smart energy projects for 300-plus clients including ARCO, Bank of America, Blockbuster, Chevron, Delta Airlines, Frito Lay, Hewlett-Packard, Home Depot, Ikea, Nabisco, Pepsi, Petco, Safeway, Sears, Siemens and University of California.

Enterprise staff

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