MINNEAPOLIS, March 3, 2005 (PRNewswire) — Cannon Technologies, Inc., a supplier of automation solutions for electric utilities, announced 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, Inc. [ www.cannontech.com ]
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.
About GFI Energy Ventures, LLC [ www.gfienergy.com ]
GFI Energy Ventures, LCC 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.