Key Developments For Echelon Corp
Echelon Corp (ELON.O) (Consolidated Issue listed on NASDAQ Global Market)
Echelon Corporation's M. Kenneth Oshman To Step Down As CEO
Echelon Corporation announced that M. Kenneth Oshman, the Company's Chairman and Chief Executive Officer (CEO), has been diagnosed with lung cancer. Mr. Oshman has decided to step down as CEO of the Company to insure that there is dedicated full-time leadership at the Company and to provide him with time to focus on his recovery. Mr. Oshman intends to remain an active Executive Chairman of the Company and intends to continue to be involved with the Company as much as possible. The Company also announced that its Board of Directors has appointed Robert R. Maxfield, a current member of the Board, to serve as Chief Executive Officer effective November 5, 2009, while the company launches a search for a new CEO.
Echelon Corporation Issues Q4 2009 Guidance; Revenue Guidance Above Analysts' Estimates
Echelon Corporation announced that for the fourth quarter of 2009, it expects total revenue to be approximately $33.0 to $35.0 million, non-GAAP loss per share to be $0.06 to $0.10 and GAAP loss per share of between $0.15 and $0.19. According to Reuters Estimates, analysts on an average were expecting the Company to report GAAP net loss per share of $0.19 on revenue of $31.1 million for the same period.
Echelon Corporation And Onzo Become Smart Grid Partners To Develop Consumer Touchpoints For Echelon`s NES System
Echelon Corporation and Onzo Ltd. announced a collaboration to develop consumer displays for Echelon`s Networked Energy Services (NES) System, a advanced metering infrastructure solution. Onzo has signed an agreement to become a value-added developer for the NES System. The U.K. plans to require all households to have smart meters by 2020.
Echelon Corporation and T-Mobile Announce Alliance
Echelon Corporation and T-Mobile USA, Inc. announced that they have entered into an alliance to accelerate the adoption of the smart grid in the North American market by reducing the communications cost of smart meters through the deployment of the Company's Networked Energy Services (NES) system over T-Mobile`s GSM cellular network. As part of the agreement, the Company will utilize an embedded T-Mobile SIM within a cellular radio module to enable all the Echelon smart meters on a given low voltage transformer to communicate back to the utility over the smart grid, and T-Mobile will offer users of the Company's NES system innovative and cost-effective pricing plans for data usage.
City of San Jose Selects Echelon Corporation's Intelligent Controls Technology for Energy Efficient LED Streetlight Demonstration
Echelon Corporation announced that it has won a tender for California's first smart streetlight project. The City of San Jose has selected Echelon`s LonWorks technology for its second LED streetlight pilot. Streetlights networked with Echelon`s intelligent controls for smart networks can significantly reduce a city`s energy and maintenance costs while improving light quality, decreasing light pollution, and providing increased safety.
