Expected to be Completed in First Quarter of
2021
The Peck Company Holdings, Inc. (NASDAQ: PECK) (the “Company” or
“Peck”), a leading commercial solar engineering, procurement and
construction (EPC) company, is pleased to announce the signing of a
5.3MW contract in Rhode Island, from a long time customer.
The $7.256 million contract for a project located in Rhode
Island is targeted to be completed in the first quarter of 2021.
Peck’s expansion into Rhode Island adds to the recent news about
the Company’s expansion into Maine. Today’s announcement of this
5.3MW contract is significant by exemplifying again that Peck is
expanding its geographic footprint across the northeastern states
and proving to accomplish its goals.
A recent report by Cambridge, Mass.-based Synapse Energy
Economics Inc. concludes that Rhode Island can produce a greater
amount of electricity than it consumes by installing solar arrays
on more roofs, landfills, brownfields, gravel pits, and parking
lots.
The Peck Company Holdings Chairman of the Board and Chief
Executive Officer, Jeffrey Peck, commented, “This is our first
project in Rhode Island, so we are very excited about working in
the state and helping with their renewable energy goals. Our
organic growth strategy of serving our existing customer base in
other states is working and benefitting all stakeholders. We look
forward to our continued expansion into Rhode Island, Maine, other
states in the northeast and coast to coast. We would also like to
thank our valued partners who continue to rely on Peck for our
expertise and craftsmanship. These long-term relationships are an
integral component of our current and future growth.”
Mr. Peck continued, “This momentum is important as we advance
our efforts to close the previously announced business combination
with Sunworks, Inc. (NASDAQ: SUNW). As detailed in the preliminary
joint proxy statement/prospectus, we filed with the Securities and
Exchange Commission on October 1, 2020, we believe the transaction
with Sunworks will allow us to leverage the combined synergies to
create a larger solar EPC platform with greater geographical reach
and enhanced financial resources which will benefit our partners,
customers and shareholders.”
Since becoming a public company in 2019, Peck has been
successfully executing its three-pronged growth strategy
including:
(1) Organic expansion across the Northeastern
United States
(2) Conducting accretive merger and
acquisition transactions to expand geographically
(3) Investing in company-owned solar assets
that provide recurring revenue
The Peck Company Holdings is guided by the mission to facilitate
the reduction of carbon emissions through the expansion of clean,
renewable energy and it believes that leveraging such core values
to deploy resources toward profitable business is the only
sustainable strategy to achieve these objectives.
About The Peck Company Holdings,
Inc.
Headquartered in South Burlington, VT, The Peck Company
Holdings, Inc. is a 2nd-generation family business founded in 1972
and rooted in values that align people, purpose, and profitability.
Ranked by Solar Power World as one of the leading commercial solar
contractors in the Northeastern United States, the Company provides
EPC services to solar energy customers for projects ranging in size
from several kilowatts for residential properties to multi-megawatt
systems for large commercial and utility scale projects. The
Company has installed over 165 megawatts worth of solar systems
since it started installing solar in 2012 and continues its focus
on profitable growth opportunities. Please visit
www.peckcompany.com for additional information.
Forward Looking
Statements
This press release includes forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Exchange Act of 1934, which are made
pursuant to the safe harbor provisions of the Private Securities
Litigation Reform Act of 1995, as amended. Words or phrases such as
"may," "should," "expects," "could," "intends," "plans,"
"anticipates," "estimates," "believes," "forecasts," "predicts" or
other similar expressions are intended to identify forward-looking
statements, which include, without limitation, earnings forecasts,
effective tax rate, statements relating to our business strategy
and statements of expectations, beliefs, future plans and
strategies and anticipated developments concerning our industry,
business, operations and financial performance and condition.
The forward-looking statements included in this press release
are based on our current expectations, projections, estimates and
assumptions. These statements are only predictions, not guarantees.
Such forward-looking statements are subject to numerous risks and
uncertainties that are difficult to predict. These risks and
uncertainties may cause actual results to differ materially from
what is forecast in such forward-looking statements, and include,
without limitation, the risk factors described from time to time in
our filings with the Securities and Exchange Commission, including
our Annual Report on Form 10-K.
All forward-looking statements included in this press release
are based on information currently available to us, and we assume
no obligation to update any forward-looking statement except as may
be required by law.
No Offer or Solicitation
This press release does not constitute an offer to sell or the
solicitation of an offer to buy any securities or a solicitation of
any vote or approval with respect to the proposed transaction with
Sunworks or otherwise. No offer of securities shall be made except
by means of a prospectus meeting the requirements of the Securities
Act of 1933, as amended, and no offer to sell or solicitation of an
offer to buy shall be made in any jurisdiction in which such offer,
solicitation or sale would be unlawful.
Additional Information and Where to
Find It
In connection with the proposed transaction with Sunworks, on
October 1, 2020, we filed with the SEC a registration statement on
Form S-4 (Registration No. 333-249183) (the “Registration
Statement”), which included a document that serves as a prospectus
of Peck and a joint proxy statement of Sunworks and Peck (the
“Joint Proxy Statement”). These materials have not yet been
declared effective, are not yet final and may be amended. After the
Registration Statement has been declared effective by the SEC, the
Joint Proxy Statement will be delivered to stockholders of Sunworks
and Peck. BEFORE MAKING ANY VOTING OR INVESTMENT DECISION, SECURITY
HOLDERS OF SUNWORKS AND PECK ARE URGED TO READ THE REGISTRATION
STATEMENT, THE JOINT PROXY STATEMENT (INCLUDING ALL AMENDMENTS AND
SUPPLEMENTS THERETO) AND OTHER DOCUMENTS RELATING TO THE PROPOSED
TRANSACTION FILED WITH THE SEC WHEN THEY BECOME AVAILABLE BECAUSE
THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE
PROPOSED TRANSACTION.
Free copies of the Joint Proxy Statement, as well as other
filings containing information about Peck and Sunworks, may be
obtained at the SEC’s website, www.sec.gov, when they are filed.
Stockholders and investors will also be able to obtain these
documents, when they are filed, free of charge, by directing a
request to The Peck Company Holdings, Inc., 4050 Williston Road,
#511 South Burlington, Vermont 05403, Attention: Corporate
Secretary, or by calling (802) 658-3378, or to Sunworks, Inc., 1030
Winding Creek Road, Suite 100, Roseville CA 95678, Attention:
Corporate Secretary, or by calling (916) 409-6900, or by accessing
Peck’s website at www.peckcompany.com under the “Company –
Investors” tab or by accessing the Sunworks’ website at
www.sunworksusa.com under the “Investor Relations” tab.
Participants in the
Solicitation
Peck, and its respective directors, and certain of its executive
officers and employees may be deemed to be participants in the
solicitation of proxies from the stockholders of Peck in connection
with the proposed transaction. Information about Peck’s directors
and executive officers is available in its Annual Report on Form
10-K for the fiscal year ended December 31, 2019, which was filed
with the SEC on April 14, 2020. Information regarding all of the
persons who may, under the rules of the SEC, be deemed participants
in the proxy solicitation and a description of their direct and
indirect interests, by security holdings or otherwise, are
contained in the Joint Proxy Statement regarding the proposed
transaction and other relevant materials to be filed with the SEC
when they become available. Free copies of these documents may be
obtained as described in the preceding paragraph.
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version on businesswire.com: https://www.businesswire.com/news/home/20201007005266/en/
Michael d’Amato IR@peckcompany.com p802-264-2040
ClearThink nyc@clearthink.capital
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