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Retail Supplier To Sell Network Marketing Channel, Enters Partnership With New Owner To Expand Channel

July 18, 2016

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Copyright 2010-16 EnergyChoiceMatters.com
Reporting by Paul Ring • ring@energychoicematters.com

Crius Energy, LLC has entered into an asset purchase agreement with Viridian International Management LLC, a newly formed, private company headquartered in Dallas, Texas, to transfer certain assets held by Viridian Network, LLC, a wholly-owned subsidiary of Crius that has managed the network marketing sales channel of the company, to Viridian International.

Following the completion of the transaction, Crius will hold a 10% ownership interest in Viridian International and will hold exclusive rights as the electricity, natural gas and solar energy provider for Viridian International for the next five years.

Crius will continue to directly own and service all existing and future electricity and natural gas customer relationships under the channel.

The asset purchase agreement includes payments to Crius Energy totaling $10 million over five years, which may be abated if specified sales targets are achieved, as well as $2 million in cash upon completion of the transaction, and a $4 million promissory note due to Crius in 12 months.

Viridian International will be led by Chief Executive Officer Paul Booth, a network marketing industry veteran, and Cami Boehme, who will transition from her role as Chief Strategy Offer of Crius to become Chief Operating Officer of Viridian International (as well as a Partner).

Booth is the founder of Data Paradigm, Inc.

Peter Hirsch, described as a renowned social entrepreneur, author, and inspirational speaker, has also joined Viridian International as Chief Development Officer

As a result of the transaction, Viridian International will acquire the independent contractor agreements, intellectual property and marketing assets of Viridian Network, with the goal of expanding the product offerings and geographic reach of the network marketing sales channel. As a result of its ownership interest, Crius will benefit from all of Viridian International's future domestic and international market and product expansions, Crius said

Crius said that the transaction is expected to streamline operations while maintaining access to a high-performing network marketing sales channel. Crius also said that the transaction will reduce its risk and increase customer growth, and also allow it to focus on efficiently delivering its energy products and customer experience.

"As with our other exclusive partnerships, Viridian International will be responsible for sales and marketing while Crius will provide energy service to all existing and future customers. In addition, Crius will be able to transition fixed costs associated with management of the network marketing sales channel into variable costs tied directly to customer growth," said Michael Fallquist, Crius Energy's CEO

Fallquist, who founded the Viridian sales channel in 2009, will serve on Viridian International's Board of Directors.

Apart from offering Crius Energy products, Viridian International has also begun to forge alliances with strategic partners in other product categories

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