Green Energy Live Executes Letter of Intent to Acquire Leading Electrical Services Company with $6 Million in Revenue
24 Febrero 2010 - 3:00AM
Marketwired
Green Energy Live, Inc. (OTCBB: GELV), a growing clean energy
company engaged in developing sustainable biomass-to-energy
conversion solutions for the U.S. livestock industry, is pleased to
announce that the company is moving forward with an acquisition of
Peck Electric Inc., a Vermont corporation. On February 23, 2010
Green Energy Live updated its Letter of Intent to acquire 100% of
the stock in Peck Electric, an established provider of electrical
contracting services which generated $6 million in gross revenue
last year.
Established in 1972, Peck Electric is Vermont's leading provider
of electrical contracting services. The company's long roster of
customers includes IBM, UPS, Energizer Battery Company and Ben
& Jerry's, among others. Peck provides commercial and
residential electrical contracting, installs telecommunications
systems, provides solar power installations, and designs and
develops clean energy products. Upon acquisition Peck will become a
wholly owned subsidiary of Green Energy Live. Green Energy Live,
Inc. is conducting its due diligence phase of this acquisition and
will commence the required financial audits in March 2010. Upon
completion of these pre-acquisition investigations, Green Energy
Live, Inc. and Peck Electric will determine a closing date for this
transaction.
Jeff Peck, President of Peck Electric, commented: "We have been
in business for 38 years and pride ourselves on our quality of
service, longstanding customer relationships, and ability to
innovate to meet market demand. Peck generated $6 million in gross
revenue in calendar year 2009. We believe our established
electrical contracting services business will be significantly
augmented by our new clean energy initiatives as well as exposure
to the public markets. We are eager to combine forces with Green
Energy Live."
Karen Clark, President/CEO of Green Energy Live, commented:
"Green Energy Live chose Peck Electric for its excellent management
team, extensive systems design and development expertise, ongoing
revenue and exciting new clean energy product development. Upon
closing of the acquisition we look forward to helping Peck achieve
continued growth and expanded market penetration. Peck Electric
brings several critical components to Green Energy Live that will
allow us to offer clean energy solutions in the marketplace."
About Green Energy Live (OTCBB: GELV)
Green Energy Live, Inc. is engaged in developing sustainable
biomass-to-energy conversion technology to meet a critical need for
the nation's $154 billion livestock industry. The company plans to
use its proprietary gasification technology for the development of
highly innovative, on-site manure-to-electricity conversion systems
to enable livestock farmers and ranchers to convert their animal
waste into clean, renewable energy. Green Energy Live acquired
Comanche Livestock Exchange in July 2009. The wholly owned
subsidiary enhances Green Energy Live's ability to bring its clean
energy technology to market by providing ongoing revenue to support
technology development, livestock industry experience, contacts
with potential customers, and an established sales channel.
This press release may contain certain forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, that are intended to be covered by the safe
harbor created by such sections and other applicable laws. Such
forward-looking statements include, without limitation, plans and
expectations regarding the development of GELV's gasification
technology and other projects and operations. GELV has tried,
whenever possible, to identify these forward-looking statements
using words such as "anticipates," "believes," "estimates,"
"expects," "plans," "intends," "potential" and similar expressions.
Where the Company expresses or implies an expectation or belief as
to future events or results, such expectation or belief is
expressed in good faith based upon currently available information,
and is believed to have a reasonable basis. However,
forward-looking statements are subject to risks, uncertainties and
other factors, which could cause actual results to differ
materially from future results expressed, projected or implied by
such forward-looking statements. Such risks include, but are not
limited to: (1) GELV's need for additional financing, which is not
assured and which may result in dilution of shareholders; (2)
GELV's status as a small company with a limited operating history;
and (3) regulatory restrictions in the production of bio-fuels. For
a more detailed discussion of such risks and other factors, see the
Company's 2008 Annual Report on Form 10-K, filed on March 31, 2009,
with the Securities and Exchange Commission, and its other SEC
filings. The Company does not undertake any obligation to release
publicly revisions to any "forward-looking statement," to reflect
events or circumstances after the date of this news release, to
update or provide advice in the event of any change, addition or
alteration to the information contained in this news release
including such forward-looking statement, or to reflect the
occurrence of unanticipated events, except as may be required under
applicable securities laws.
Contact: Investor Relations: 1-866-460-7336 Email Contact Green
Energy Live, Inc. 1740 44th Street, Suite 5-230 Wyoming, MI
49519-6443 www.greenenergylive.com
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