Solar Energy Is a New Revenue Source for Green Energy Live's Acquisition Target
09 Marzo 2010 - 6:00AM
Marketwired
Green Energy Live Inc. (OTCBB: GELV), a clean energy company
engaged in developing sustainable biomass-to-energy conversion
solutions for the U.S. livestock industry, is pleased to report
that Peck Electric Inc.'s solar power system design and
installation business is growing and has significant potential for
increased sales this year. Green Energy Live has executed a letter
of intent to acquire Peck Electric, Vermont's leading provider of
electrical contracting services.
Peck Electric has been in business since 1972. Although Green
Energy does not possess a complete set of financial statements for
Peck Electric, Peck Electric's statement of revenue and expenses
for 2009, which is not audited, indicates that it generated $6
million in gross revenues and net income of $128,908. Historically,
costs of sales have represented between 78% and 81% of gross
revenues. The majority of sales were contributed by Peck's
established electrical contracting services division. A small
percentage of revenue (approximately 8%) was represented by Peck's
solar division, which provides complete solar photovoltaic power
system design, supply, installation and training for commercial,
industrial and residential customers. Green Energy hopes that
revenues from the solar division established in 2009 will increase
in the future. However, there is no assurance that this will
occur.
Karen Clark, President/CEO of Green Energy Live, commented, "To
minimize their ecological footprint, combat rising energy costs,
and improve their corporate image, companies are turning to clean
energy sources. Peck is establishing itself as the go-to source for
solar in Vermont. While installations were a relatively small
source of revenue in 2009 at approximately $500,000, we hope that
Peck's solar business will increase revenue and market penetration
significantly this year."
In addition to electrical contracting services and solar
installations, Peck deploys telecommunications systems and designs
and develops clean energy solar systems.
On February 23, 2010, Green Energy Live signed a Letter of
Intent to acquire 100% of the stock of Peck. Assuming this
acquisition occurs, upon closing of the transaction, Peck will
become a wholly owned subsidiary. The parties intend to sign a
definitive agreement and close the purchase transaction by April
25, 2010. However, the letter of intent is not a binding agreement,
the transaction is contingent upon the satisfactory completion of
due diligence. There is no assurance the transaction will be
completed and the anticipated closing date may be extended if
certain terms and conditions are not met, or the pre-acquisition
audit is not completed by this date. If the acquisition does occur,
there is a risk that the benefits anticipated through such
acquisition will not be realized due to, among other things, GELV's
possible inability to successfully integrate Peck Electric into its
existing business structure.
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.
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