Funded by the 2009 American Recovery and Reinvestment Act, the State of Georgia estimates this project will save taxpayers more than $2 million annually in energy costs

ATLANTA – October 22, 2010 – SERVIDYNE, INC. (Nasdaq: SERV), an energy efficiency and demand response company, announced today that it is starting work on an approximately $5.8 million design-build retro-commissioning (RCx) project for the Georgia Department of Corrections (GDC), under a contract with the Georgia Environmental Finance Authority (GEFA). The project is the second largest of the 135 energy efficiency projects being coordinated by GEFA as a result of the State’s receipt of $63.1 million through the American Recovery and Reinvestment Act (ARRA). Upon its completion, the State estimates that this RCx project will save Georgia’s taxpayers more than $2 million a year in avoided energy costs.

Servidyne’s engineers will immediately commence the process of auditing more than 170 buildings at 60 GDC locations in order to identify and prioritize the energy savings opportunities that can be achieved through retro-commissioning. Servidyne will then perform the energy savings work at the approximately 5.64 million square feet of GDC facilities over the next 12 to 15 months, with the assistance of local contractors and other small businesses.

“Servidyne was awarded this project in August, as we reported in our recent SEC Form 10-Q Quarterly Report, and it represents a significant contract for our Company on many levels,” noted Alan R. Abrams, Servidyne’s Chairman and CEO. “First and foremost, it is a great honor and opportunity, and we are pleased to have been selected by GEFA based on our corporate experience and expertise. It also is an important and ambitious endeavor for our home state, and we believe it represents one of the nation’s largest retro-commissioning projects currently underway.  This energy savings project will employ dozens of contractors, and should benefit a number of small business owners throughout the State.”  

Retro-commissioning is the systematic process of assessing and then improving the overall energy efficiency of existing building systems. Upgrades and changes implemented during RCx projects may include optimizing building controls, restoring building equipment and systems to their original settings, optimizing HVAC systems, and reducing facility water consumption. The focus of RCx is to identify low cost energy efficiency improvement opportunities that offer short and simple financial paybacks.

In a September 2009 press release, Georgia’s Governor Sonny Perdue announced that ARRA funds received by the State would be used to support energy efficiency projects as part of the State Facilities Retrofit Program administered by GEFA. Through the Governor’s Energy Challenge, the Governor directed State agencies to reduce their energy consumption by fifteen percent below 2007 levels. The State forecasts that upon completion, the energy efficiency projects coordinated by GEFA will save Georgia’s taxpayers approximately $15.1 million a year in avoided energy costs, resulting in a four-year payback on the State’s investment, and estimated annual energy savings of 976,692 million BTUs (equivalent to the amount of energy consumed by approximately 4,544 houses in one year). To date, ARRA has financed more than 7,000 energy efficiency projects across the United States.

About Servidyne
Established in 1925, Servidyne, Inc. is headquartered in Atlanta, Georgia, and operates globally through its wholly–owned subsidiaries. The Company provides comprehensive energy efficiency and demand response solutions, sustainability programs, and other products and services that significantly enhance the operating and financial performance of existing buildings. Servidyne enables its customers to cut energy consumption and realize immediate cost savings across their portfolios, while reducing greenhouse gas emissions and improving the comfort and satisfaction of their buildings’ occupants. The Company serves a broad range of markets in the United States and internationally, including owners and operators of corporate, commercial office, hospitality, gaming, retail, light industrial, distribution, healthcare, government, multi-family and education facilities, as well as energy services companies and public and private utilities. Servidyne also owns commercial income-producing properties in the Southeast. For more information, please visit or call 770-953-0304.

Certain statements contained or incorporated by reference in this press release, including without limitation, statements containing the words “believe,” “anticipate,” “estimate,” “expect,” “plan,” “project,” “forecast,” “should,” and words of similar import, are forward-looking statements within the meaning of the federal securities laws. Forward-looking statements in this release include statements regarding the following matters: the Company’s expectations of starting its project work under the contract almost immediately and completing its work over the next twelve to twenty-four months; the expectation that the new strategic partnership between Servidyne and its customer will continue for an additional two to three years beyond the term of the initial contract, in a comprehensive effort by the customer to expand the energy efficiency program to all of its existing stores, as well as its new locations and its franchisees; the Company’s estimate that the customer’s investment will yield a return on investment in excess of 40%; and the Company’s hope of expanding other similar pilot demonstration programs for other major customers into large scale implementation programs in the near future. Forward-looking statements involve known and unknown risks, uncertainties and other matters which may cause the actual results, performance, or achievements of Servidyne, Inc. to be materially different from any future results, performance, or uncertainties expressed or implied by such forward-looking statements. Factors affecting forward-looking statements in this release include, without limitation, the factors identified under the caption “Risk Factors” in the Company’s Annual Report on Form 10-K for the year ended April 30, 2009, as updated from time to time in the Company’s Quarterly Reports on Form 10-Q. Servidyne, Inc. does not undertake to update these forward-looking statements.


Leave a Reply