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May 7, 2014: WaterFurnace to Acquire Chillit Chillers

Acquisition Expected to Provide Synergies to Both Companies

FORT WAYNE, Ind. — WaterFurnace Renewable Energy Inc. announced that it has entered into an agreement to acquire the assets and technology of Chillit Chillers, Goshen, Indiana, a manufacturer of specialty chillers and geothermal heat pumps for large commercial and industrial applications.

WaterFurnace said that Chillit Chillers 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. WaterFurnace expects the acquisition to 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, senior 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.”

For more information about Chillit Chillers, visit www.chillitchillers.com.

For more information about WaterFurnace, visit www.waterfurnace.com.

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