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CONTACT INFORMATION
NWP
www.nwpco.com
FOR IMMEDIATE RELEASE
NWP Continues to Demonstrate
Success and Secure Support from Leading Venture Capitalists
SANTA ANA , CA., August 27, 2002 - National Water &
Power (NWP), the fastest-growing utility billing and customer care
services provider, today announced it has closed a $10 million round
of financing from new and existing investors including a $5 million
investment underwritten by its largest shareholder and private equity
investor Endeavor Capital Management.
The secured financing allows the company to fulfill its strategic
initiatives, including the expansion of utility billing services
for water, electricity and other utility services. Additionally,
NWP will use the capital to introduce and establish additional product
offerings and services such as the newly announced Energy Information
Services+ to help multi-tenant property owners manage and lower
their utility consumption.
“In the current capital market, many private companies are finding
it difficult to secure financing," said Randy Lintecum, chairman
and chief executive officer of NWP. "Our ability to generate
continued confidence with our existing investors and attract new
investors is a testament to NWP's strong history of performance
and growth potential.
NWP continues to strengthen its management team, adding four key
executives in 2002 with considerable operating and billing system
experience. Its customer base also continues to grow and diversify,
with a significant number of new billing units added in 2002.
“The combination of National Water & Power's experienced management
team and its superior utility billing services, positions the company
to grow and lead this market in the years ahead," said Anthony
Buffa, managing general partner, Endeavor Capital Management.
About National Water & Power
National Water & Power (NWP) is a privately held company headquartered
in Santa Ana, Calif. NWP provides a broad range of billing and customer
care solutions to both the real estate and utility industries. NWP's
billing and sub-metering operations service more than a half million
apartment units in 43 states for some of the country's largest
public and private property owners. Open-c Solutions, is a wholly
owned subsidiary of NWP, and is located in Minneapolis. Open-c Solutions
develops and implements customer information systems (CIS) software
for major utilities, services providers and billing service bureaus.
For more information, call NWP at 800-323-3178 or log onto www.nwpco.com.
For more information on Open-c Solutions, call 952-842-3200 or log
onto www.open-c.com.
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