BEN REQUEST ------- Advantage IQ Acquires Cadence Network
SPOKANE, WA, June 30, 2008. Advantage IQ, a subsidiary of Avista Corp. (NYSE: AVA) announced today that it has signed a definitive agreement with Cadence Network, Inc. to become one company. The two leading providers of expense management solutions for multi-site businesses will form the premiere technology based business process outsourcing solution delivering comprehensive expense analytics and sustainability solutions. The transaction is expected to close by early third quarter 2008, following the completion of necessary regulatory approvals and other closing conditions.
The integration of Advantage IQ and Cadence Network unites the industry pioneers and will result in the most comprehensive facility invoice processing and reporting systems in the industry. This collective technology and expertise provides critical intelligence about facilities and costs that in turn enable our clients to deliver better business results with positive bottom line impacts.
"Our proven processes and industry leading technologies will enable better collective delivery of services", said Stu Stiles, Advantage IQ president and CEO. "Although we have been competitors there are many complementary skill sets and capabilities within each organization. Ultimately, the combined entities will provide greater services to our clients, compete more aggressively in the marketplace and be positioned for significant growth."
"This is an exciting time to join two market leaders. The maturity of the marketplace as well as that of the two companies makes this the ideal opportunity," noted Jeff Hart, Cadence Network president and CEO. "Both entities are on solid ground from a business continuity standpoint and the combined entity will be a formidable force in the market. Moreover, the significant growth opportunities related to sustainability and environmental stewardship are better achieved through one company."
Over the past decade the two companies have shared a common approach with clients to manage energy costs, identify areas for immediate cost savings and improved efficiencies while capitalizing on opportunities in deregulated markets. A key focal point for the new organization will be the continued efforts with clients related to emissions and sustainability for long term business viability.
The company will be headquartered in Spokane, Washington and plans call for maintaining existing offices in Cincinnati, Denver and Atlanta. In addition to Stu Stiles leading the organization as president and CEO, former Cadence Network CEO and president Jeff Hart will become the Chief Operating Officer of the company.
The collective client list includes the most recognized companies in business and 70 Fortune 500 clients. Services are provided to a variety of market segments including retail, banking/finance, hospitality, industrial, grocery, convenience stores, restaurants, healthcare, telecommunications, and energy. The company will serve over 500 clients representing in excess of 500,000 sites across the U.S., Canada and Puerto Rico.
About Advantage IQ
Advantage IQ is a leading provider of comprehensive cost management services for utility, telecom and waste expenses, including strategic energy management services. Its patented technology and services provide multi-site companies with critical, yet easy-to-access information that enables companies to proactively manage and reduce expenses. Advantage IQ's patented Facility IQ(TM) System provides online access to consolidated costs as well as powerful analytical consulting services and real-time reporting tools. For more information about Advantage IQ, visit http://www.advantageIQ.com or call toll-free 1-800-767-4197.
About Cadence Network
Headquartered in Cincinnati, Ohio, Cadence Network, Inc. specializes in helping companies manage energy costs and their carbon footprints. Cadence delivers comprehensive utility, telecommunications and lease facility expense management to more than 150 multiple-site businesses nationwide. At work in more than 350,000 locations, Cadence Network is a founding member of the Carbon Management Council, an EnergyStar(R) Partner of the United States Environmental Protection Agency and a proud supporter of The Arbor Day Foundation. For more information, please visit http://www.cadencenet.com
About Avista Corp.
Avista Corp. is an energy company involved in the production, transmission and distribution of energy as well as other energy-related businesses. Avista Utilities is our operating division that provides service to 352,000 electric and 311,000 natural gas customers in three Western states. Avista's primary, non-regulated subsidiary is Advantage IQ. Avista Corp. stock is traded under the ticker symbol "AVA." For more information about Avista, please visit www.avistacorp.com. Avista Corp. and the Avista Corp. logo are trademarks of Avista Corporation. All other trademarks mentioned in this document are the property of their respective owners.
This news release contains forward-looking statements regarding the company's current expectations. Forward-looking statements are all statements other than historical facts. Such statements speak only as of the date of the news release and are subject to a variety of risks and uncertainties, many of which are beyond the company's control, which could cause actual results to differ materially from the expectations. These risks and uncertainties include all of the factors discussed in the company's Annual Report on Form 10-K for the year ended Dec. 31, 2007, and the Quarterly Report on Form 10-Q for the quarter ended March 31, 2008.
Press contact:
Lucy Fortin
Account Coordinator
Gregory FCA
Ph: 610-642-8253, ext. 154
Company contact:
Jerry Schmits
Director, Product Marketing
Cadence Network, Inc.
Ph: (513) 763-3100
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