IX Energy Holdings Consummates Merger and Announces Trading Symbol
02 Febrero 2009 - 9:22AM
Marketwired
Yoo Inc. (OTCBB: YOOO) , the parent company of IX Energy, Inc.,
announced today that it has changed its name to IX Energy Holdings,
Inc. ("IX Energy") and that the Company's common stock is trading
on the over-the-counter bulletin board under the new ticker symbol
(OTCBB: IXEH).
IX Energy Holdings, Inc. is a renewable energy solutions company
engaged in the design, marketing and development of solar power and
other renewable energy solutions targeting federal and civilian
agencies. The Company's emphasis in the federal sector helps
government agencies comply with mandates for implementation of
technologies that support renewable energy.
Under Executive Order 13423, renewable electricity consumption
by the federal government cannot be less than 3% from fiscal year
2007 through fiscal year 2009, 5% from fiscal year 2010 to fiscal
year 2012 and 7.5% thereafter, and at least half of the renewable
energy must come from new sources (in service after January 1,
1999). In 2007, total electricity consumption from government
agencies was 193.8 trillion BTU, or 56.79 million MWh.
"The federal government's mandate for renewable energy is
enormous, and we think we have established key strategic
relationships that will enable us to successfully service this
market, which will call for distributed generation systems such as
solar electric, solar lighting, geothermal, and other generation
systems including fuel cell, cogeneration and highly efficient
alternatives," commented Steve Hoffman, CEO of IX Energy.
Through the nine months ended September 30, 2008, IX Energy
recorded revenue of approximately $6.5 million. The majority of
revenue for 2008 was derived from the federal agency sector.
Hoffman added that, "We work closely with our customers to
ensure that they use less energy, pay less for energy, and secure
reliable, high-quality power for their critical operations. Federal
agencies are seeking ways to save energy and use renewable
resources and we are committed to providing solar, and a platform
of related renewable energy solutions to enable them to meet these
goals. We will continue to be opportunistic in other key markets as
well including commercial and select utility scale projects."
Recent Operational Highlights
-- Executed 5-year agreement to manufacture solar modules marketed to
U.S. government customers. The first 24MW fabrication facility came online
January this year and is expected to commence production in February. IX
Energy will begin selling its initial line of completed products from the
first facility to U.S. government customers in the first quarter, 2009.
-- IX Energy supply partners include Q-Cells, Tynsolar and Gintech.
Mr. Hoffman leads an experienced management team with deep
experience in the energy industry. He has extensive leadership
experience in solar energy, HVAC systems, automation and energy
management systems. Prior to founding IX Energy, Mr. Hoffman served
as National Service Manager for Solar Integrated Technologies, and
in 2003 was awarded a grant program in New Jersey, the Photovoltaic
New Jersey infrastructure development program in conjunction with
the board of public utilities and NJCEP, RWE Schott, to create
certified accredited PV training programs. Prior to entering the
energy services sector, he worked for an industrial supply and
distribution which was later acquired by Control Associates.
About IX Energy Holdings, Inc.
Founded in 2006, IX Energy Holdings, Inc. is a renewable energy
services company engaged in the design, marketing and development
of solar power systems and other renewable energy solutions to
federal and civilian agencies. IX Energy Holdings, Inc. was
recently acquired by Yoo Inc., pursuant to an Agreement and Plan of
Merger and Reorganization dated December 30, 2008. Additional
information about the merger and IX Energy can be found on IX
Energy Holdings, Inc.'s current report on Form 8-K as filed with
the SEC on January 6, 2009.
Forward-Looking Statements
Statements in this press release that are not statements of
historical or current fact constitute "forward-looking statements"
within the meaning of the Private Securities Litigation Reform Act
of 1995. Such forward-looking statements involve known and unknown
risks, uncertainties and other unknown factors that could cause the
actual results of the Company to be materially different from the
historical results or from any future results expressed or implied
by such forward-looking statements. In addition to statements which
explicitly describe such risks and uncertainties, readers are urged
to consider statements with the terms "believes," "belief,"
"expects," "intends," "anticipates," "will" or "plans" to be
uncertain and forward-looking. The forward-looking statements
contained herein are also subject generally to other risks and
uncertainties that are described from time to time in the Company's
reports and registration statements filed with the Securities and
Exchange Commission.
Company Contacts Corporate Communications Aspire Clean Tech
Communications, Inc. Todd M. Pitcher 760-798-4938
IX Energy (CE) (USOTC:IXEH)
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