LAS VEGAS, NV--(Marketwire - Oct 10, 2012) - PacWest Equities, Inc. (PINKSHEETS: PWEI) today announced that it has entered into a Letter of Intent to purchase PurGro Electronics, LLC in exchange for cash and stock, in a deal valued at US$15M. Included in the proposed transaction are PurGro's current sales volume of $1.5M annually along with 5 international patents pending in China and 11 patents to be filed in the US.
This acquisition could propel the Company and its wholly owned subsidiary, World Eco Source Corp., to quickly become the leader of technology-based Organic Food Production companies. When coupled with World Eco Source's unique MobileFeed® and MobileFood® systems for year round organic food production, even in the harshest of climates, PurGro's technological advances in the automation of hydroponic growing systems make sense in this key acquisition.
PurGro's proprietary, automated growing solutions virtually eliminate the need for human interaction in the growing cycle, with automatic temperature, humidity, and watering programming. Any variations in the preset optimum growing environment cause the system to immediately send out text and email alerts to prevent a disruption in the growing cycle. When combined with World Eco Source's proprietary water and electrical conservation techniques, the economic gains make the MobileFeed® and MobileFood® systems sustainable and profitable.
About PacWest Equities, Inc.
PacWest Equities, Inc. specializes in working with under performing companies and bringing together the resources needed for them to attain financial stability and growth. Our focus is on companies showing a positive upside while struggling to bring new bio-technologies and unique products to market.
About World Eco Source Corp.
The World Eco Source MobileFeed® and MobileFood® units provide turnkey systems for either the production of livestock-based consumables or human-based protein and vegetable consumables. The MobileFeed® units are truly a global sustainable, green life cycle farming system. Using both solar power and water conserving growing systems, one trailer can produce 1,500 pounds daily of organically grown grass for year round livestock consumption, thus lowering feed costs by 80% while producing Certified Organic, Grass Fed livestock and increasing profitability of the final product.
The MobileFood® units enable the rapid production of certified, organic vegetables and proteins for humans through life cycle harmonic integration of fish farms and hydroponic vegetables, with one half of the system feeding/fertilizing the other half, and vice versa. Raising Tilapia side-by-side with vegetables and using the same water from the fish to fertilize the greens is not something new, but by combining the hydroponic know-how with World Eco Source patented technologies, the outputs have finally become commercially feasible.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.The words or phrases "would be," "would allow," "intends to," "will likely result," "are expected to," "will continue," "anticipate," "expect," "estimate," "project," "indicate," "could," "potentially," "should," "believe," "considers," or similar expressions are intended to identify "forward-looking statements." Actual results could differ materially from those projected in the forward-looking statements as a result of a number of risks and uncertainties. These include the Company's historic lack of profitability, end user customer acceptance and actual demand, which may differ significantly from expectations, the need for the Company to manage its growth, the need to raise funds for operations and other risks within the regulation of the industry. Statements made herein are as of the date of this press release and should not be relied upon as of any subsequent date. The Company's past performance is not necessarily indicative of its future performance. The Company does not, undertake, and the Company specifically disclaims any obligation, to update any forward-looking statements to reflect occurrences, developments, events or circumstances after the date of such statement.