Green Energy Live Sees Growth Potential for Target Acquisition's Solar Division, $5 Million in Proposals Submitted
18 Marzo 2010 - 3:00AM
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 identified
considerable potential for growth in Peck Electric Inc.'s solar
energy system design and installation business. Based on the number
of bids submitted, new inquiries, contracts awarded and projects in
progress, Peck believes its solar panel installation division has
the potential to significantly increase revenue this year.
Green Energy Live has executed a letter of intent to acquire
Peck Electric, Vermont's leading provider of electrical contracting
services. 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.
Peck's solar division provides complete solar photovoltaic power
system design, supply, installation and training for commercial,
industrial and residential customers. Currently the company has
submitted approximately $5 million in proposals for new solar
projects. While there is no assurance that Peck will be awarded
these contracts, or that it will receive any related revenues, the
number and amount of bids submitted represent a significant
increase over proposals submitted last year.
Karen Clark, President/CEO of Green Energy Live, commented: "In
response to rising energy costs and environmental concerns,
commercial and residential customers are looking to solar energy
systems for clean power generation. Green Energy Live believes Peck
is ideally positioned to grow sales and revenue serving this
lucrative market segment. We see the increases in requests for
proposals, bids submitted and contracts awarded as highly
encouraging indicators."
Peck Electric has been in business since 1972. Although Green
Energy Live does not possess a complete set of financial statements
for Peck Electric, that company's statement of revenue and expenses
for 2009, which is not audited, indicates that it generated $6
million in gross revenues and $128,908 in net income. 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. Peck's solar
division contributed $500,000, approximately 8% of total revenue,
last year. Green Energy is optimistic that revenues from Peck
Electric's solar division will increase this year. However, there
is no assurance that this will occur.
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 supporting 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.
Green Energy Live (CE) (USOTC:GELV)
Gráfica de Acción Histórica
De May 2024 a Jun 2024
Green Energy Live (CE) (USOTC:GELV)
Gráfica de Acción Histórica
De Jun 2023 a Jun 2024