Green Energy Live Reports on Customer Base and Revenue From Acquisition Target's Telco Division
11 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, has executed a letter of
intent to acquire Peck Electric, Vermont's leading provider of
electrical contracting services. Green Energy Live is pleased to
report that Peck's telecommunications division continues to
maintain longstanding relationships with existing customers and
make contacts with potential new customers.
In business since 1972, Peck Electric provides electrical
contracting services, installs solar energy systems, develops clean
energy products and deploys telecommunications systems. Peck's data
and telecommunications division has more than twenty years of
experience and a staff of thirty-five to serve the network and
voice cabling needs of its customers. Peck provides services
ranging from large telecommunications infrastructure installations
to daily site moves, adds and changes for industrial, commercial
and residential customers. The company has experience with a
diverse array of industries including manufacturing, clean areas,
hospitals, schools, and office work environments. The division has
multiple certifications and also offers consulting, project
management and design services.
Karen Clark, President/CEO of Green Energy Live, commented:
"Peck Electric is an ideal fit for Green Energy Live. Peck is a
strong, healthy business with outstanding technical, sales and
management teams, strong revenue and established customers. Peck
has built an excellent reputation providing telecommunications
systems for clients and its data division is a key source of
customer contacts. Green Energy Live is excited to pursue clean
energy initiatives leveraging their technology expertise for the
benefit of both companies as well as our shareholders."
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. Revenues from Peck
Electric's telecommunications division represented approximately
$1.6 million. Historically, costs of sales have represented between
78% and 81% of Peck Electric's overall gross revenues. Green Energy
Live does not possess a complete set of financial statements for
Peck Electric, which it hopes to obtain during its due diligence.
The parties intend to sign a definitive agreement and to 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. 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, Green Energy's possible inability to
successfully integrate Peck.
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 supports Green Energy's clean energy 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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