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Parent of Retail Supplier Purchases Provider of LED Lighting Solutions, Retrofits

May 1, 2015

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Copyright 2010-15 EnergyChoiceMatters.com
Reporting by Karen Abbott • kabbott@energychoicematters.com

ONEnergy Inc., the parent of Sunwave Gas & Power, announced that it has acquired all of the outstanding shares of 0867893 B.C. Ltd., which operates as PVL Projects, for a total consideration of $697,667 (all $ Canadian).

PVL, which is based in Vancouver, British Columbia, is a privately-held provider of retrofit LED lighting solutions for commercial and industrial customers including applications for ports, aircraft maintenance facilities, arenas and gymnasiums, warehouses, offices and general industrial facilities.

PVL currently operates in western Canada. The company generated revenues of $1.9 million in 2014, and Q1 2015 revenues of $1.6 million. Over the past three fiscal years PVL has grown at an average annual rate of 265%, ONEnergy said.

Concurrently with the closing of the acquisition, PVL's employees including founders Terry Stone and Bob Dowbiggin, have joined ONEnergy. PVL will continue to operate under the PVL name and will be integrated into ONEnergy's Sunwave Energy Efficiency business.

"The acquisition of PVL is consistent with ONEnergy's strategy of adding capabilities and geographies to serve high-growth, high margin markets to meet the energy efficiency needs of our customers on a coast-to-coast basis," ONEnergy said.

ONEnergy further said that the acquisition brings:

• An immediate presence in the "attractive" western Canada LED retrofit market, with a platform for expansion into the Pacific Northwest United States;

• A "marquee" list of customers which include Canfor, CN Rail, DP World Vancouver, Kal Tire, Million Air Vancouver, Port Metro Vancouver, Tolko Forest Products and Simon Fraser University

• A "strong and growing" backlog of LED retrofit installations, and;

• Immediate operational synergies within Sunwave Energy Efficiency including sourcing and back office functions.

The purchase consideration for PVL of $697,667 was satisfied by the issuance of 2,248,400 Multiple Voting Shares and 2,051,280 Subordinate Voting Shares of the ONEnergy Inc. and $312,667 in cash. In addition, ONEnergy Inc. granted options to purchase up to 850,000 subordinate voting shares of ONEnergy to former PVL employees. With the exception of 100,000 Options which vest immediately, 250,000 Options vest over a four year period and 500,000 Options vest over a five year period. All Options are exercisable at a price of $0.10 per share and expire in April 2025. The grants are governed by the provisions of the Corporation's Stock Option Plan.

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