American telecommunications software company OptiCon Systems Inc. announced June 9 that it will be spinning off its PowerCon Energy Systems division that produces software for the renewable energy industry.

OptiCon will transition PowerCon from a business unit into a separate company but remaining as a wholly-owned subsidiary. This will be the first move in the preparation to possibly turn PowerCon Energy Systems into a public company. Making PowerCon into a public company is still subject to the final approval of the majority shareholders and board of directors. Plans of spinning-off PowerCon were first announced in mid-May this year.

PowerCon Energy Systems is a complete software solution used to manage the delivery of wind, solar, and hydro-kinetic electricity to the end consumer. The software isolates cable cuts, breaks, and faults in large power networks and renewable energy systems. The software can identify problems within five of the actual problem, and relay the information over a global positioning system locator.

Acting CEO of OptiCon Sam Talari said, “We are pleased to announce this initial stage of spinning-off of PowerCon from a business unit into a wholly owned subsidiary of the Company by establishing it as a separate entity. This initial process will allow us to move to the second stage and spin-off PowerCon as a public company to unlock shareholder value. We believe current market need for energy related enterprise software in this high flying 'Green' market coupled with the government's and private sector's support for renewable energy, will make this move very attractive not only to our customers but also to the investor community. "

OptiCon Systems Inc. is based in St. Petersberg, Florida. The company is listed on the OTCBB as OPCN. Stock was up 7.14% by the end of the June 9 trading day, closing at $0.135.

-  Mike R. Lopez

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Sources:

¹ Market Wire
² http://www.opticonsystemsinc.com