Fort Wayne Company Adds Goshen Manufacturer

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Fort Wayne-based WaterFurnace Renewable Energy Inc. has agreed to acquire a Goshen heating and cooling technology manufacturer. As part of the deal, Chillit Chillers LLC will continue operations in the Elkhart County city. May 7, 2014

News Release

FORT WAYNE, Ind. - WaterFurnace Renewable Energy, Inc. [WFI:TSX] announced that it has entered into an agreement to acquire the assets and technology of Chillit Chillers, a growing manufacturer of innovative heating and cooling products located in Goshen, Indiana, USA.

Chillit Chillers manufactures specialty chillers and geothermal heat pumps for large commercial and industrial applications. The company has seen increasing sales since its establishment in 2009 and brings with it an expertise in the development of controls, building automation and remote monitoring software that work together to optimize equipment performance. The acquisition supports WaterFurnace and Chillit's shared mission to bring energy efficient products and technologies to the commercial market and will provide synergies to both companies.

"The acquisition of Chillit fits well into our long term commercial strategy and strengthens our position in that market," said Herb Batrouny, Sr. Vice President at WaterFurnace. "Chillit not only expands our product line to 500 tons but also provides us with new technologies and access into adjacent markets."

WaterFurnace plans to continue Chillit's operations from its facility in Goshen, Indiana while it determines the best way to maximize operating efficiencies going forward.

"We're excited to partner with Chillit Chillers," said Tom Huntington, President and CEO at WaterFurnace. "The Chillit brand has developed a strong reputation for quality innovation. Their strengths complement our own and align with our long-term growth objectives. We welcome them into the WaterFurnace family."

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WaterFurnace International, Inc. is a leading manufacturer of residential, commercial, industrial and institutional geothermal and water source heat pumps. Although it earned a reputation as a leader in geothermal heat pumps, WaterFurnace has worked in recent years to innovate new technologies, integrate key trends and grow the core business to represent a portfolio of clean and sustainable solutions. WaterFurnace (TSX:WFI) was founded in 1983, and the company is headquartered in Fort Wayne, Ind.

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WaterFurnace Renewable Energy, Inc. is traded in both Canadian dollars and U.S. dollars on the Toronto Stock Exchange under the symbol WFI for Canadian dollars and WFI.U for U.S. dollars.

Source: WaterFurnace Renewable Energy Inc.