WaterFurnace Renewable Energy, Inc. to Acquire Chillit Chillers

FORT WAYNE, Ind., March 8, 2014 /PRNewswire/ — WaterFurnace Renewable Energy,
Inc. (TSX: WFI) 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.”

More Information:
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.

For the latest news and updates from WaterFurnace, connect with us on your
favorite social media sites – follow us on Twitter (@WaterFurnace), like us on
Facebook (facebook.com/WaterFurnaceFans) or view the WaterFurnace YouTube
Channel (youtube.com/waterfurnace). Additional information about the Company and
its products is available on the Company’s website: www.waterfurnace.com. Or
call (260) 478-5667 and ask for investor relations.

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.

Forward-Looking Information Cautionary Notice
Certain statements in this release constitute forward-looking statements within
the meaning of applicable Canadian securities laws. Forward-looking statements
include statements as to growth opportunities and the potential benefits
associated with WaterFurnace’s acquisition of Chillit Chillers. Readers are
cautioned not to place undue reliance on such statements. Investors should not
rely solely on this information to make investment decisions. These statements
are subject to certain assumptions, risks and uncertainties, including the
following: uncertainty regarding the future sales performance and revenue
associated with assets and technology acquired; WaterFurnace’s ability to
successfully market the acquired technology; the risk that expected synergies
resulting from the Acquisition will not materialize; and the risk of incurring
unexpected costs integrating the assets and technology acquired from Chillit
Chillers. In addition, WaterFurnace’s sales are related to the cost and
stability of electricity, fuel oil, propane and natural gas. Federal, state and
provincial building codes and energy incentives can also impact sales.
WaterFurnace is subject to standard risks associated with most companies, such
as normal competitive pressures. These and other risks could cause
WaterFurnace’s actual results, performance, achievements and developments to
differ materially from the results, performance, achievements or developments
expressed or implied by such forward-looking statements. Other risk factors can
be found in WaterFurnace’s Annual Information Form dated March 25, 2014 and
other public documents filed by WaterFurnace with Canadian securities regulatory
authorities. WaterFurnace assumes no obligation to update or revise any
forward-looking statements, whether as a result of new information, future
events or otherwise, except as expressly required by law.

SOURCE WaterFurnace Renewable Energy, Inc.

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