EXHIBIT 99.1
 press release
 
For further information contact:
John Hatsopoulos, American DG Energy
Telephone: 781.522.6020

American DG Energy Reports 2009 FY and Fourth Quarter Financial Performance

WALTHAM, Mass. – March 24, 2010 –
American DG Energy Inc., (NYSE Amex: ADGE), a leading On-Site Utility, offering clean electricity, heat, hot water and cooling solutions to hospitality, healthcare, housing and athletic facilities, reported overall revenues of $5,763,827 in 2009, compared to revenues of $6,579,437 in 2008. The core On-Site Utility energy revenues decreased by 9.9% to $4,632,988 in 2009 compared to revenues of $5,144,505 in 2008. GAAP diluted earnings per share (EPS) remained the same at $(0.07) for both 2009 and 2008, and GAAP operating income was a loss of $(1,954,072) in 2009, compared to a loss of $(1,593,941) in 2008.

Major Highlights in 2009:

 
·
The price of natural gas, which is the key component in calculating our thermal or hot water revenue, was significantly lower in 2009 compared to 2008. When comparing rates in the National Grid natural gas territory, which is our largest market, the price of natural gas was 32% lower in December 2009 compared to the same period in 2008. This had the dual effect of lowering our energy revenue by 10% while increasing our energy gross profit margin, without depreciation, by 4%. Our actual gross profit without depreciation increased by $28,510 in 2009 compared to 2008.
 
·
Our turnkey revenue decreased by 21% in 2009 compared to 2008, however, our gross profit margin increased by 36% and our actual gross profit increased by $403,702 for the same period. We receive the majority of the revenue from turnkey projects upfront versus the 15-year period of our On-Site Utility energy projects and our 2008 revenues included a large turnkey contract.
 
·
Our installed and operating project base increased by 20% in 2009 compared to 2008.
 
·
We installed six new energy systems, three of which became operational in December, and at year-end we had 62 systems operating. Therefore, our remaining backlog was 18% of our installed fleet.
 
·
We grew our business in 2009, as indicated by our new installations, and progressed closer to becoming cash-flow positive, as seen in our cash-flow statement. Our net cash used by operating activities was reduced by 47%, to $648,816 in 2009 compared to $1,227,183 in 2008.
 
·
During the year, we raised over $6.3 million in three separate transactions of common stock and filed a Form S-3 with the SEC to register the underlying shares. The S-3 was cleared by the SEC in early February 2010.
 
·
We entered into a Revolving Line of Credit Agreement with John N. Hatsopoulos, our Chief Executive Officer for $5 million, to ensure we have enough access to capital to pursue new sales.
 
·
In 2009, we received $232,483 in rebates and incentives, (or a total of $390,365 through March 10, 2010) for the efficiency of our energy systems. This cash is not recognized on our income statement.
 
·
We grew our staff by 25% by adding to our sales and operations teams.
 
·
In October 2009, we began trading our common stock on the NYSE Amex under the ticker symbol “ADGE” and spent an initial listing fee of approximately $77,000, not including legal fees and expenses.
 
·
We finished the year with approximately $4.2 million in cash, cash equivalents, and due from related party.
 
·
We signed a distribution agreement with Ilios Inc., a subsidiary of Tecogen, Inc., to exclusively market its high-efficiency water heater products in Europe and New England.



 

The following information was filed by American Dg Energy Inc (ADGE) on Wednesday, March 24, 2010 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.

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