| |
|
May 17, 2000
- For Immediate Release
Spokane, WA - LineSoft Corporation of Spokane,
WA and GFI Energy Ventures LLC (GFI) of Los Angeles, CA announced today
a $26 million minority investment in LineSoft by the $454 million OCM/GFI
Power Opportunities Fund, L.P. The financial investment and industry expertise
provided by GFI will extend LineSoft's leadership as a provider of the
software and services utilities need to design, construct, and manage
electrical transmission and distribution systems.
"The GFI investment further validates our direction and success here at
LineSoft," said Fred A. Brown, LineSoft President and CEO. "GFI has a
proven track record of providing the capital, strategic insights, and
active support that companies need to make the most of opportunities in
today's competitive energy marketplace. Our alliance with GFI will help
us stay at the front of the pack in delivering engineering design and
asset management solutions, and aid us in continuing our present strong
growth strategy."
"We are delighted to be LineSoft's partner in meeting an important utility
industry need," said Lawrence Gilson, Chairman of GFI Energy Ventures.
"It was sufficient in the past for utilities to design systems to achieve
traditional reliability and safety standards. In the new competitive environment,
they must focus on the capital and operating costs of system designs,
upgrades, and service too. These tough decisions require reconciling complex
economic and engineering factors. Under Fred Brown's strong leadership,
we know LineSoft will continue delivering deep technical knowledge and
experience and a driving focus on customer-friendly solutions. We are
enthusiastic about this partnership."
LineSoft will use the GFI investment to support the continued growth of
the organization. "We're recruiting top talent in electrical, civil, mechanical,
and software engineering, and in sales, marketing, and executive management,"
says Brown. "Our customers depend on our software and personnel to compete.
We owe them breakthrough products, responsive support, and a well-run
company. This new relationship will help us further excel in each of these
areas."
Founded in 1989, LineSoft's engineering software is used by such industry
leaders as American Electric Power (AEP), Entergy, TVA, Georgia Power,
Portland General Electric, Alabama Power, Sacramento Municipality Utility
District and others. These leading companies use LineSoft software and
processes to optimize the engineering designs of electrical transmission
and distribution systems. LineSoft also provides contract services, employing
its own software and workforce to perform engineering functions for utility
clients. In addition, because of the extraordinary investment in communications
infrastructure that attaches to utility power poles or uses conduits and
rights-of-way (commonly referred to as joint use) for delivering telephone
and cable services, LineSoft helps utilities analyze and manage the engineering,
administrative and financial implications associated with such joint use.
The OCM/GFI Power Opportunities Fund, L.P. is the $454 million investment
vehicle of GFI Energy Ventures LLC and its co-general partner Oaktree
Capital Management LLC. Since 1995, GFI has originated and overseen a
growing portfolio of investments in established companies positioned to
provide the equipment, systems and software needed by utilities and new
market entrants in the competitive energy sector. Oaktree Capital Management
LLC is a Los Angeles-based investment firm with over $15 billion under
management.
For further information about LineSoft, please contact the company at
12310 E. Mirabeau Parkway, Spokane, WA 99216, or visit the website at
www.linesoft.com.
For further information about GFI Energy Ventures and the Power Fund,
please contact GFI at 11611 San Vicente Blvd., Suite 710, Los Angeles,
CA 90049 or visit the website at www.gfienergy.com.
|
