NEW YORK, NY and ST. CLOUD, FL--(Marketwire -09/04/12)- RenuEn Corporation (RENU), a rapidly expanding renewable energy roll-up company focused on solar, wind and geothermal energy solutions, today announced that the Company's acquisition of Team Energy, Inc. has been finalized. The most immediate corporate change for RenuEn is the appointment of new CEO and Chairman of the Board, Mr. Don Wood of Team Energy.
James Scott, current CEO of RenuEn, said, "I am very pleased to complete this major strategic acquisition, and to announce Mr. Wood as our new CEO and Chairman. He has a proven record as a leader in the industry, and has assembled a world-class team of Energy Project experts. I will still be very involved with the Company's operations, specifically with the legislative prerogatives. The Landfill Compressed Natural Gas (CNG) business is primarily with municipalities, and this aspect of our business is integral to the success of obtaining such projects."
The terms of the acquisition were the issuance of 200 million shares of RenuEn common stock to Team Energy. Also, one preferred share will be issued to Team Energy, which will consist of a 50.1% voting right. This share is not convertible into common, nor will it be listed or traded separately. There was no cash remuneration.
"There will be other positive developments in the near future, such as getting our consolidated financial statements brought up-to-date and ultimately filed with OTC Markets so that the Company's reporting status will be upgraded to current," Mr. Scott went on to say. "We are very focused on providing transparency within our company, which in tandem with Mr. Wood's industry expertise is precisely what RenuEn needs to enhance our presence within the investment and alternative energy communities. With the current projects that we are working on, we feel that we will be an attractive prospect for institutional investors, which means that we are committed to providing clear and concise disclosures of our operations and financials."
Don Wood, incoming CEO of RenuEn, commented on the acquisition closing by saying, "We are excited to get this transaction closed so that we can focus on executing our business plan. With James' political expertise and our project experience, I feel that we are in a great position to reward our shareholders. I look forward to providing the Company with the leadership it deserves; and in keeping with our goal of full transparency, look forward to keeping our valued shareholders informed of the progress of the multiple exciting projects that we are working on."
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.