TORONTO,
Nov. 25, 2013 /CNW/ - ONEnergy Inc.
("ONEnergy" or the "Corporation") (TSXV: OEG) and (TSXV:
OEG.A) announced today that its wholly-owned subsidiary Sunwave Gas
& Power Inc. ("Sunwave") has entered into agreements with Shell
Energy North America (Canada) Inc.
and Shell Energy North America (US), L.P. (collectively "Shell
Energy") under which Shell Energy will supply energy, credit
support, and environmental commodities to Sunwave in multiple North
American natural gas and power retail markets.
"As the industry leader in comprehensive supply
solutions for Retail Energy Marketers, Shell Energy offered the
most competitive and flexible solutions for our needs," said
Sunwave President Robert Weir.
"We are excited to launch and grow our US business with their
support."
The commodity supply agreements allow for Shell
Energy to provide Sunwave with wholesale electricity, natural gas,
carbon offsets, and renewable energy credits in Canada and five US states, namely Connecticut, New
York, Pennsylvania,
Illinois and Massachusetts. The agreements can be
further expanded to cover additional states as Sunwave moves into
additional deregulated markets for natural gas and electricity.
Under the credit facility agreements Shell
Energy will be providing Sunwave with credit to help support growth
in its targeted Canadian and US markets. Sunwave is currently
submitting license applications and building infrastructure to
implement operations in several markets.
About ONEnergy Inc.
ONEnergy, through Sunwave, is a licensed
retailer of energy commodity products to the residential and
commercial customer market in Ontario. Sunwave was granted its natural
gas marketer license and electricity retailer license from the
Ontario Energy Board in June
2012. ONEnergy's business can be divided into three
customer segments: residential, small commercial and large
commercial.
ONEnergy shares are listed on the TSX Venture
Exchange under the symbols "OEG" for Multiple Voting Shares and
"OEG.A" for Subordinate Voting Shares. ONEnergy's website may be
found at www.onenergyinc.com.
The corporate information contained in this
release includes forward-looking statements regarding future events
and the future performance of ONEnergy that involve risks and
uncertainties that could cause actual results to differ materially.
Assumptions used in the preparation of such information, although
considered reasonable by ONEnergy at the time of preparation, may
prove to be incorrect. The actual results achieved may vary from
the information provided herein and the variations may be material.
Consequently, there is no representation by ONEnergy that actual
results achieved will be the same, in whole or in part, as those
forecast.
Neither the TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
SOURCE ONEnergy Inc.