Green Energy Renewable Solutions, Inc. (EWRL) (“Green Energy”) announced today that it has merged with Cirque Energy II, LLC, (“Cirque Energy” or “Cirque”) a privately-owned renewable energy development company based in Michigan.
Cirque’s executive management team, consisting of Tom Coté, Roger Silverthorn and Richard Fosgitt will become officers of Green Energy. Mr. Silverthorn and Mr. Coté will also join the company’s Board of Directors. Frank O’Donnell will continue as Chairman of the Board and Joe DuRant and Dan Garmin will continue as Directors.
Green Energy intends to change its name to Cirque Energy, Inc. and intends to apply for a new trading symbol. The company will continue to trade under its present symbol, EWRL, until a new trading symbol is assigned. The new Green Energy management team is comprised of Frank O’Donnell, Chairman of the Board; Joseph DuRant, Chief Executive Officer; Roger Silverthorn, Chief Financial Officer; Tom Coté, Chief Operating Officer; and Richard Fosgitt, Design and Development Officer. Background information on the new management team is included as an appendix to this release.
Cirque Energy, based in Ithaca, Michigan, has specific expertise and extensive experience in the development, design, financing, construction, and operation of landfill operations, renewable energy and traditional distributed generation power projects. The addition of the Cirque management team provides Green Energy with essential execution capabilities that will enable the company to successfully transition from planning to operations in the near term. Cirque also brings project opportunities that are expected to rapidly mature and financing resources that will facilitate securing contracts and implementation.
Joe DuRant, Chief Executive Officer of Green Energy, stated, “Our merger with Cirque came together as a result of our shared vision to create a unique energy development company that provides end-to-end expertise in the development, implementation and operation of renewable energy projects that conserve natural resources and minimize negative environmental impact. Cirque’s senior management team brings skills sets and expertise that are unparalled in the energy development industry and our combined strengths will enable Green Energy to successfully transition from a development stage company to a full operating company with the capability to execute and finance renewable energy projects. Cirque Energy has developed a diversified portfolio of potential renewable energy projects that are ready for implementation and which carry with them above-market return on investment.”
Tom Coté, President and Chief Executive Officer of Cirque Energy LLC, commented, “We are truly excited to be joining forces with Green Energy to achieve our common goals by challenging the mind-sets and principles of the traditional thought processes relating to waste, waste management, and creating energy from alternative fuels. By leveraging Green Energy’s expertise in landfill operations and deploying processes and technologies that focus on converting materials typically considered waste into a fuel to create renewable energy, our environmentally sustainable projects will deliver positive results now and for the foreseeable future.”
About Cirque Energy, LLC
Cirque Energy LLC is a renewable energy development company based in Michigan, whose team has strong experience in development, design, financing, construction, and operations of biomass facilities. The Cirque team develops, builds, and operates small to midsize renewable energy power plants utilizing gasification technology, providing new base-load energy demands with sustainable energy solutions. Our focus includes working with industrial clients 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.
About Green Energy Renewable Solutions
Green Energy Renewable Solutions is 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%. Green Energy Renewable Solutions has developed a strategic plan to create sustainable renewable energy with waste-to-energy power plants and the production of waste derived fuels. For more information about Green Energy (Cirque Energy) please visit http://www.cirque-energy.com.
Cirque Energy New Management Team
Frank A. O’Donnell, Chairman of Board of Directors
Mr. O'Donnell founded Universal Electronics Inc. which went public in '93 and has sold over 200 million universal remotes. He was responsible for the establishment of the universal remote control in the cable television and satellite industries with companies like Motorola, Scientific Atlanta, Time Warner Cable and Comcast. Mr. O’Donnell serves as a director of several other companies including E World Corp, a renewable energy solutions company and Battery Power Technologies, Inc. Mr. O’Donnell graduated from Northern Illinois University and holds both a bachelor’s degree in Finance and MBA from NIU.
Joseph L. DuRant, CEO
Mr. DuRant has been an entrepreneur and business consultant for the past 25 years. His expertise includes structuring, developing, operating and financing start-up and early-stage companies including one that went public as NASDAQ listed company. Mr. DuRant formed Green Renewable Energy Solutions in 2009 and dedicated the next two years to conducting extensive research of renewable energy technologies, including wind, solar, landfill methane production and gasification applications. The plan developed for commercial deployment of waste-to-energy generation production using conversion and diversion strategies became the basis for the Green Energy business model. In 2011 Mr. DuRant joined with Frank O’Donnell to launch Green Energy Renewable Solutions. Mr. DuRant earned a B.S. Degree in Finance and Business Administration from Newberry College in South Carolina.
Thomas Coté, COO
Mr. Coté is a construction and real estate professional with 28 years of experience. Most recently he has been involved in the development of several energy projects including; ethanol, biomass, waste to energy and agricultural products to energy. Tom brings the team an experienced hands-on approach to project development and implementation. In his career, Tom has been responsible for delivering complex construction projects in the United States, Europe, and Asia. Tom’s focus includes; establishing the overall business strategy, providing the vision and purpose to advance the company’s mission and objectives as well as project planning, go / no go decision making, pre-construction, customer relations, business development, and program management support.
Roger Silverthorn, CPA, Chief Financial Officer
Mr. Silverthorn has over 30 years of experience in the renewable energy business and power plant owner and operator of eight solid fuel biomass power plants in two countries and several states. He led the development of a vertically integrated fuel system in appropriate jurisdictions. Roger also developed a renewable energy marketing company, among the first in the United States. He was an early entrant to the renewable energy business when renewable power generation was in its infancy. His background as a CPA in public accounting has been invaluable to his success.
Richard Fosgitt, PE, Design and Development Officer
Mr. Fosgitt is a professional engineer with over 20 years of experience in engineering projects in a diverse array of size in the industrial, energy and development sectors. He has recently been involved in the development of several energy projects including biomass, waste to energy, agricultural products to energy, and wind energy. His design experience with a number of energy systems allows him to assess customer desires and develop the optimum system to meet those needs within the required economic parameters. In addition, he is experienced with site assessment, due diligence, environmental permitting, and engineering approvals
Dan Garman, Director and Marketing Advisor
Mr. Garman is a broker in the waste and recycling industry. He has been a broker for waste and recycling providers in Michigan since April 2002. Currently, his business is servicing over $40MM annually in government contracts and over $10MM in private industry. Mr Garman, and his company, Crossroads Consulting, Inc., have been engaged as the lead recycling broker for Green Energy Renewable Solutions.
Joseph DuRant, CEO, 888-963-2622
Porter, LeVay & Rose, Inc.
Michael J. Porter, 212-564-4700