RenuEn Corporation Issues Shareholder Update
ST. CLOUD, FL--(Marketwire - Dec 17, 2012) - RenuEn Corporation (PINKSHEETS: RENU), a Power Project Development company, today issued a shareholder update for year end. CEO Don Wood discusses activity of the newly acquired Team Energy, Inc. and the St. Cloud landfill project.
Mr. Wood states: "This has been a very monumental year for not only Team Energy but RenuEn as well. With the acquisition completed in the early fall, and the Team Energy group taking the full reigns of the company we have been able to achieve some important milestones. But first, I would like to personally thank all the great shareholders of RENU and their patience. I know there has been turmoil and lack of transparency from the past, but with the current developments under way, all of our valued shareholders will be rewarded with a great operating company."
According to Mr. Wood, the company has been very focused on the St. Cloud Landfill project achieving operational status. Since the acquisition of Team Energy, the details attended to the project are listed:
Prepare Performance Bond applications for St. Cloud project -- negotiate agreements with Insurance companies
Acquire bond for St. Cloud project
Preparing weekly reports for the City of St. Cloud
Preparation and review of engineering documents for St. Cloud project
Preparation and review of FDEP (Florida Department of Environmental Protection) application to modify the landfill permit
Preparation and review of local building and construction applications to DRC (Development Review Committee)
Preparation for meetings with City officials responsible for issuing permits
Preparation for bi monthly presentations for St. Cloud City Council
Weekly meetings with engineers to discuss project process and review equipment specifications
Arrange for equipment delivery and storage
Prepare and update business plan and pro-formas for presentations to investors and lenders
Negotiate with equipment manufacturer, lenders on terms St. Cloud project
Prepare presentations and attend meetings with potential off take agreement customers
The company has successfully completed and submitted the necessary permits and anticipates the various Authorities to grant them shortly. The equipment is currently near the site waiting for the permits in order to construct the site.
RenuEn Activity
Mr. Wood states: "There were several issues that were not disclosed that came to light after the acquisition of Team Energy. These issues took time to resolve and created the delay in preparing accurate financial statements. Now that they are resolved we thought it prudent to provide a shareholder update with a strategy for moving forward. We can make the financials available using December 31st numbers as opposed to September 30th. We will post these financials the first week of January. We intend to have the financial statements audited in 2013 in order to move to a fully reporting company. This will be in preparation of an aggressive M&A strategy in 2013. Some of the opportunities worked on by RenuEn prior to my involvement have been resurrected and details will be forthcoming in early January."
He continues: "The Company has cleaned up the balance sheet and Capital table extensively, and with the project moving forward to production, I feel we are now properly positioned. The productivity of our Team these past months has been truly amazing! In particular I would like to thank Paramount Advisors for their effort in all these matters."
The company will conduct webinars at the end of each quarter in 2013 to keep shareholders updated.
About RenuEn Corporation
RenuEn Corporation is a Power Project Development company. The company focuses on Landfill Compressed Natural Gas capture and International Renewable Power projects.
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.
