RenuEn Corporation Announces the Release of 2013 Q2 Financials
St. Cloud, FL, August 23, 2013 – (Accesswire) - RenuEn Corporation (RENU) a Renewable Energy Development Company announces the filing of their 2nd Quarter 2013 financial statements to OTC Markets. The financial results do not include the operating entities of Total Exteriors Corporation.
CEO Don Wood stated, “On April 1, 2013, the Company agreed to acquire Total Exteriors Corporation (“TOTAL”) located in Union, NJ. The Company intended to have TOTAL operate as a wholly owned subsidiary of RenuEn and report its financial position and results of operation as part of RenuEn’s consolidated quarterly and yearly financial statement. The financial terms of the agreed acquisition of TOTAL were the issuance of 50 Million shares of common stock and a 5-year Promissory Note in the amount of $400,000 with interest of 3% per annum. As part of the acquisition, Chris Edwards was to be named as President of RenuEn in addition to his role as President of TOTAL upon completion of the terms of the acquisition agreement.”
Wood continued, “As the deadline for the filing of the 2013 Q2 neared, the financials and paperwork provided by TOTAL, while incomplete, were sufficient enough for review by a third party Financial Advisor to the Company. The outside reviewer concluded that the revenue forecasts and earnings that we expected and the actual numbers were significantly different from the preliminary operating results provided by TOTAL. The Company was initially excited by the top-line sales figures that were verified via signed contracts, but the Company’s Management determined that the profitability was greatly diminished from expectations. As a result, Management decided that the financial terms of the agreement were not justified by the operating results. The Company has been able to mitigate any losses due to the fact that we were able to divest without any financial penalties or obligations. There were no shares issued in this transaction. Chris Edwards is a valued shareholder and the Company plans to continue a working relationship with TOTAL moving forward.
“RenuEn will be completing its entry into the Florida Commercial Energy, Solar and Construction market. The General Contractors License and Solar License of EVP Walter Kritsky are currently being transferred to RenuEn Corporation where we will have more control of operational, marketing and construction costs.”
Wood added, “As CEO, this situation is ultimately my responsibility, and from the beginning I have strived for transparency with all aspects of our business operations. This is why I feel I have let our valued shareholders down. We went into this merger with the highest of hopes and rationality, and though my respect for Chris is undiminished, as CEO I had to make the fiscally prudent decision which has been a difficult one to make. One of the aspects that attracted me to RenuEn in the first place was the strict usages of our common stock. From the beginning, clawing back stock and cleaning up the balance sheet made this company very valuable. That mandate is the foundation of my governing philosophy. I will not give away our stock unless it is of exceptional value for the company. Considering the nature of abuse we see with some companies’ lack of care in the issuance of their stock, I hope this restraint is appreciated.”
Wood concluded, “If any of our valued shareholders have direct and specific questions of the Management of RenuEn, please email investor relations and all questions will be addressed promptly. I will be announcing our next scheduled shareholder conference call date sometime next week.”
About RenuEn Corporation
RenuEn Corporation is a Renewable Energy Development company. The company focuses on Landfill Compressed Natural Gas capture, International Renewable Power projects and the development of solar, geothermal and other renewable energy strategies.
Safe Harbor Statement
Forward Looking Statements: Statements in this document contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. These statements are based on many assumptions and estimates and are not guarantees of future performance. These statements may involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of RenuEn Corporation to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. RenuEn Corporation assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future. Our actual results may differ materially from the results anticipated in these forward-looking statements due to a variety of factors. There may be other factors not mentioned above that may cause actual results to differ materially from those projected in any forward-looking statement. We assume no obligation to update any forward-looking statements as a result of new information, future events or developments, except as required by applicable securities laws.
Contact and Inquiries for Investor Relations:
Paramount Advisors, LLC
SOURCE RenuEn Corporation