Cirque Energy, Inc., formerly Green Energy Renewable Solutions, Inc. (EWRL), announced today that the Asset Purchase Agreement and court-approved Sale Order for the Davison Landfill entered into on June 11, 2013 has been terminated. The court approved sale order had a closing date of July 1, 2013.
Under the terms of Cirque Energy’s Asset Purchase Agreement underlying the court Sale Order, completion of a Consent Action Plan and Remedial Action Plan, which are required by the Michigan Department of Environmental Quality (MDEQ) to issue operating licenses, is necessary in order to close the sale transaction. While Cirque and the MDEQ are in material agreement on these plans, the documents have not been completed and therefore the Company was not prepared to close.
The effect of the termination of this agreement is to cancel the negotiated terms defined under the Asset Purchase Agreement, including price. It further allows the Trustee to negotiate with other potential buyers for the landfill and its assets. Cirque Energy continues to work with both the Trustee and the MDEQ to complete the Consent Action and Remedial Action Plans and the resulting licenses, and intends to complete its closing on the Davison Landfill soon after these agreements are in place.
Joseph DuRant, Chief Executive Officer of Cirque Energy, Inc, stated, “Cirque Energy remains fully committed to the Davison Landfill project, and to the best of our knowledge at this time we are the sole buyer pursuing the purchase of these assets. The remedial action and consent action plans required by MDEQ are essential to define compliance requirements as we begin operations. Unfortunately, the time required to complete these documents is taking longer than projected.” Mr. DuRant continued, “We are working diligently with the MDEQ to address and resolve any remaining details necessary to finalize and complete these plans, and expect to have a revised target date for closing the landfill acquisition within the next two to three weeks. We will advise shareholders when that date is confirmed. We remain confident in our ability to complete the transaction to acquire the Davison landfill and look forward to commencing operations by the end of the 3rd quarter.”
About Cirque Energy, Inc.
Cirque Energy, Inc. is a renewable energy development company based in Michigan, whose team has strong experience in development, design, financing, construction, and operations of renewable energy facilities. Cirque develops, builds, and operates small to midsize renewable energy power plants utilizing gasification technology, providing new base-load energy demands with sustainable energy solutions. Cirque Energy is also a developer and operator of municipal solid waste and construction and demolition waste processing and recycling facilities. The Company operates with long-term supply agreements to process waste materials into valuable recyclables and reduce waste volume going into landfills by up to 85%. Cirque’s focus includes working with industrial clients, schools, hospitals, and universities to develop solutions to provide long-term predictable costs of energy, while maximizing energy efficiency through the use of combined heat and power (CHP) systems. For more information about Cirque Energy please visit: http://www.cirque-energy.com.
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