NEW YORK, NY and ST. CLOUD, FL--(Marketwire -07/26/12)- RenuEn Corporation (RENU), a rapidly expanding renewable energy roll-up company focused on solar, wind and geothermal energy solutions, today announced that the Company has signed a Letter of Intent to acquire Team Energy, Inc., a developer of renewable energy projects based in St. Cloud, Florida. The non-binding Letter of Intent is the first step required in the acquisition process, which the companies expect to complete within the next month.
Team Energy has over 75 years experience in power project development and management, both domestically and internationally. Their unique focus on Landfill Compressed Natural Gas (CNG) as a commercial power vertical not only solves a major asset utilization issue for the respective municipality, but also functions as a viable source of clean power. Currently, landfills burn the accumulating gas by flaring, thereby wasting a valuable asset and increasing gas emissions. Team Energy can capture this gas and convert it into a usable power source, putting it back into the already existing gas pipelines.
James Scott, CEO of RenuEn, commented on the acquisition by saying, "I am very excited to bring in the incredible talent and resources of Team Energy. Their extensive history of completing large commercial power projects is the perfect fit for RenuEn, and will allow us to continue our exponential growth. The size and scope of some of Team Energy's projects are truly amazing, and will solidify our position as the 'go-to' company for any power project."
"Over the past months, we have been purposefully silent on all corporate matters while we sought out the perfect candidate for this acquisition. I am pleased that our tenacity has been rewarded with an acquisition of this magnitude, and to announce that this 'blackout' period is over," Mr. Scott went on to say. "We will be bringing our financials up to date and communicating frequently with our shareholders, who we value greatly. There are many important power projects that Team Energy will be bringing to RenuEn, and we are committed to keeping open and frequent communication with our shareholders and the investment community as developments are made."
Don Wood, CEO of Team Energy, stated, "Joining with RenuEn allows us as a private company to achieve scale in a compressed time frame; that due to our growth prospects, we felt needed to happen. James and the RenuEn team have a policy strength that is vital in the renewable sector that frankly, we do not have. The fit is mutually beneficial and we are very excited to bring all that we have together with RenuEn."
The Terms of the acquisition will be disclosed at the closing of the agreement.
For more information regarding Team Energy, Inc., please visit: www.teamenergy-inc.com
About RenuEn Corporation
RenuEn Corporation focuses on Geothermal, Wind and Solar Energy Systems sales and installation for the residential, commercial and governmental market place enhanced with a keen eye toward Economic Think Tank Participation specific to the Renewable Energy Industry. Our goal is to be the premier gateway to the renewable energy market for both technology developers and consumer solutions while providing leadership to an expansive and rapidly growing yet simultaneously fragile industry. For more information regarding RenuEn Corporation, please visit: www.renuen.com
Safe Harbor Statement
This press release contains 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. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.