[ACCESSWIRE]
Exercise Demonstrates Significant Confidence In Company's Execution and Strategy
MILWAUKEE, WI / ACCESSWIRE / April 19, 2016 / Telkonet, Inc. (OTCQB: TKOI), creator of the EcoSmart platform of intelligent room automation solutions supporting the emerging Internet of Things (IoT) is pleased to announce that as of April 8, 2016, all of the holders of its April 2011 Series B convertible preferred stock placement exercised their warrants for an aggregate of 5,211,542 shares of the company's common stock at $0.13 per share. The net proceeds of the warrant exercise, amounting to $677,500, will be added to the company's paid-in capital and will increase the company's working capital by the same amount.
"The exercise of these warrants represents the tremendous confidence in the company's strategy by the company's largest institutional shareholder," stated Jason Tienor, President and CEO of Telkonet. "The additional capital will allow Telkonet to continue to drive innovative product development and ramp topline growth through the rapidly growing Internet of Things industry."
Telkonet will continue to accelerate innovation through research and development to put the company at the forefront of the IoT industry by expanding the EcoSmart suite and its associated analytics and mobile software. The new funds will also be used to enhance sales and marketing efforts expanding market penetration and increasing channel development.
"The Internet of Things offers unbounded opportunities to grow our business across broad vertical markets. We look forward to introducing our innovative IoT platform to broader markets more rapidly, offering them extensive benefits including energy and operational savings, comfort and productivity enhancements and increased efficiency and analytics," stated Tienor. "The additional capital provides fuel for our growth and positions the company well for its activities in 2016."
ABOUT TELKONET
Telkonet is a leading provider of intelligent automation solutions throughout commercial markets worldwide, including the EcoSmart platform of intelligent in-room automation solutions, designed to optimize comfort, energy efficiency and operational analytics in support of the emerging Internet of Things (IoT). The Internet of Things (IoT), offers considerable energy cost reductions, staff productivity enhancements and carbon footprint reductions through intelligent networked communications, improved asset utilization and data analytics. IoT platforms like Telkonet's EcoSmart enable users to achieve savings, value and service through networked connectivity providing monitoring, control, analytics, convenience and the ability to participate with the emerging Smart Grid through automated demand response initiatives.
Telkonet serves vertical markets that have established the company as a leading networking, efficiency and energy management technology provider. Those markets consist of Hospitality, Education, Military, Government, Healthcare and Public Housing. Telkonet's business divisions include EcoSmart, a networked automation platform featuring Recovery time technology offering cost savings, energy reductions, optimized asset utilization and improved comfort, and EthoStream®, one of the largest hospitality High-Speed Internet Access networks in the world providing public Internet access to more than 8 million monthly users.
For more information, visit www.telkonet.com.
For news updates as they happen, follow @Telkonet on Twitter.
To receive updates on all of Telkonet's developments, sign up for our email alerts HERE.
FORWARD LOOKING STATEMENTS
Statements included in this release may constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements involve a number of risks and uncertainties such as competitive factors, technological development, market demand and the Company's ability to obtain new contracts and accurately estimate net revenue due to variability in size, scope and duration of projects, and internal issues in the sponsoring client. Further information on potential factors that could affect the Company's financial results, can be found in the Company's Annual Report on Form 10-K for the year ended December 31, 2015 and in its Reports on Forms 8-K filed with the Securities and Exchange Commission (SEC).
Media Contacts:
Telkonet Investor Relations
414.721.7988
[email protected]
SOURCE: Telkonet, Inc.
