| Cannon
Technologies Attracts Substantial Investment from Large
Energy Focused Investment Firm
Minneapolis, MN, March 2, 2005 -
Cannon Technologies, Inc., a leading supplier of automation
solutions for electric utilities, announced today that it
has accepted a substantial investment from GFI Energy Ventures,
LLC, a leading provider of capital to growth companies serving
the energy and utility industries. Cannon helps utilities
improve their customer service, system reliability and cost
effectiveness with an innovative set of offerings in automated
load control, capacitor control, substation monitoring and
meter reading. The partnership with GFI will provide financial
and strategic support, enabling Cannon Technologies to continue
its strong track record of growth, profitability and customer
service.
Ed Cannon, CEO of Cannon Technologies, said:
"We have averaged over 25 percent per year growth since
our inception in 1987, but we see larger opportunities for
our solutions both domestically and overseas. We were looking
for a financial partner to help us capitalize on these opportunities.
GFI is the perfect match for us as they have a successful
history of helping companies in our space build value and
expand markets. Their tremendous financial capability gives
us the resources to consider targeted acquisitions to complement
our strong internal growth.”
Andrew Osler, Senior Vice President of GFI
Energy Ventures, said: "Cannon caught our attention
about five years ago when they outlined their strategy to
become the dominant provider of automation solutions that
help utilities improve the utilization and reliability of
their distribution networks. During this time, Cannon has
exhibited a strong track record of growth and profitability
through innovative product introductions that deliver the
solutions leading utilities demand. Our due diligence confirmed
customers’ high regard for Cannon’s ability
to deliver cost-effective solutions that uniquely meet utilities
automation challenges. We are excited about contributing
our financial strength and utility knowledge in this partnership
to help build a platform company that will supply a range
of critical automation solutions for the electric utility
industry."
About Cannon Technologies
Cannon Technologies was founded in 1987 to deliver software
for load management and automated distribution to electric
utilities. Today, Cannon Technologies' customers include
nearly 400 electric utilities across the USA. Cannon systems
are used by many of the country's leading utilities to manage
peak load, improve system power factor, read meters remotely,
and improve substation reliability. Cannon supports systems
at utilities of all sizes with a staff of seasoned professionals
expert in the field of power systems, metering and energy
management. For more information, please visit www.cannontech.com.
About GFI Energy Ventures, LLC
GFI Energy Ventures, LCC (www.gfienergy.com)
is an investment company focused on providing growth capital
and owner-liquidity to successful companies providing systems,
software, equipment and services to the energy, utility
and related sectors. Since 1995, GFI has originated more
than forty investments with an aggregate market value in
excess of $2.5 billion. GFI is the co-general partner with
Oaktree Capital Management, LLC of the OCM/GFI Power Opportunities
Funds I and II.
Contacts:
Ed Cannon
CEO
Cannon Technologies, Inc.
763-595-7777
ed@cannontech.com
Andrew Osler
Senior Vice President
GFI Energy Ventures
310.442.0542
andrew@gfienergy.com
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