Established in 1925, Servidyne, Inc. (NASDAQ: SERV) provides comprehensive energy efficiency and demand response solutions, sustainability programs, and other products and services that enhance the operating and financial performance of existing buildings. Operating through its wholly-owned subsidiaries, Servidyne enables its customers to cut energy consumption and realize immediate cost savings across their portfolios, while reducing greenhouse gas emissions and improving the comfort and satisfaction of their buildings’ occupants. Today, the company is trading at $2.58, up $0.39 or 17.81%. It released 3 pieces of information today, including announcing the sale of an investment property, declaring a quarterly dividend, and naming a new president and Chief Operating Officer.
The investment property sale reported by the company consisted of the successful close on the sale of its shopping center in Jacksonville, Florida. This event generates a gain on sale in the 1st quarter of fiscal 2011, ending July 31, 2010, and net cash proceeds of approximately $2 million. The company also reported that the Board of Directors has declared the company’s 124th consecutive quarterly dividend amounting to $.01 per share, payable on July 15, 2010, to shareholders of record on June 24, 2010. The Board of Directors’ election of Mr. Todd Jarvis as the company’s new President and COO represents a well deserved promotion for Jarvis. Alan R. Abrams, CEO, stated, “As a leader of our core BPE Segment, Todd has been instrumental in helping us reposition the company for accelerating growth, and he continues to have a creative and constructive impact on the company and our business prospects.” Mr. Jarvis joined the Servidyne in December 2003, upon the acquisition of the Wheatstone Energy Group, Inc., which he co-founded in 1992.
“It is my privilege to lead Servidyne’s highly credentialed team of experts, who we have assembled to help our customers achieve their energy efficiency and demand response goals and objectives, and meet the difficult challenges they face in managing the ever increasing energy and operating costs associated with operating their buildings,” noted Mr. Jarvis. “I believe Servidyne is well positioned to take advantage of the expected growth in market demand in the United States, and I am excited about our prospects for continuing growth in the near term, as well as over the longer term.”
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