JUPITER, FL--(Marketwired - Dec 20, 2013) - RenuEn Corporation (OTC Pink: RENU), a Renewable Energy Development and EPC Company, announced today that CEO and Chairman Don Wood has resigned. In addition, Wood and all of the officers of Team Energy Inc. have resigned from RenuEn and voluntarily returned the 200,000,000 million restricted common shares that were issued to them as part of the St. Cloud development project.
Jeff Nemes, COO of RenuEn, stated, "Don Wood has submitted his resignation as Chairman and CEO of RenuEn. In addition, the officers and directors of Team Energy have resigned from RenuEn. Team Energy and RenuEn have collectively decided to part ways." Nemes added, "Don Wood and the officers of Team Energy were unable to execute or complete the St. Cloud landfill project through no fault of their own. In keeping with past practices of the company, coupled with the inability to complete the project, generate revenue and create shareholder value, Team Energy felt the proper thing to do was return the shares and resign from the company."
Mr. Nemes continued, "Don and his team tirelessly worked for nearly three years to get the St. Cloud project built in the emerging landfill compressed natural gas (LCNG) arena. However, the hurdles they faced were too much to overcome and as a result it hindered their ability to generate revenue. Team Energy will no longer be operating under the control of RenuEn and will be continuing their quest to develop landfills and renewable projects privately. I wish them success in their future endeavors. The resignations and return of stock was not as a result of any dispute with Don Wood, Team Energy or any of its officers."
Mr. Nemes further stated, "I have been named CEO and interim Chairman of the Board of Directors and I will continue overseeing the day to day operations of the company and staff. The first order of business will be to continue transitioning the Company from a development-stage company to a full service Engineering, Procurement and Construction company headed by our President, Walter Kritsky. His credentials, education and experience are well suited for development of the Energy Solutions business. With a continued focus on generating revenue, creating earnings and building a strong financial foundation, we are endeavoring to take this company into cash-flow positive territory. I am fortunate to be surrounded by a very talented and experienced team of business-minded individuals who have the same philosophy as I do; generating revenue and gross profit, managing expenses, reducing debt and creating shareholder value."
"I have spent the final days of this quarter finalizing agreements with four national Financial Institutions that will allow us to implement a multi-state expansion of our Energy Solutions division. We now have the ability to offer up to $55,000 of third party financing to home owners and small businesses so that they can make their properties more energy efficient. This is an increase of $15,000 in additional credit to our clients resulting in larger projects and higher savings. The ability to provide this third party financing to consumers will be the catalyst to our 'dealer' expansion model, which will provide serious organic and vertical growth from a more cost effective approach. Our Energy Solutions team of talented employees and sub-contractors will enable us to expand into any viable market in the United States by opening an Energy Solutions dealership. RenuEn will offer sales training and support, leads, financing, installation support, consolidated services and overall business management assistance to the dealers. The dealer model reduces our risk while generating revenue and earnings so we can test new markets and the abilities of the individual dealers. This model will allow us to do a comprehensive market and business analysis before considering the dealer as an acquisition candidate. "
Nemes continued, "My financial team and I will be working to renegotiate any remaining debt leftover from the St. Cloud project. We are also very fortunate in that the equipment from the landfill project was able to be returned to Firm Green, the equipment supplier; and the Company no longer has the $2,500,000 liability, leaving approximately $500,000 of development cost liabilities on the books. A valued shareholder and early investor in RenuEn, Ken Moore, held a majority of this debt. Mr. Moore, former President and co-founder of Canada based Tenet Medical Engineering, invested in the early stages of Shaka Shoes as well as making an additional investment of $200,000 into Team Energy. As part of the restructuring of our company debt, the Company has issued Mr. Moore 100,000,000 shares of the restricted common stock that was returned from Team Energy. The remaining shares from Team Energy will be returned to treasury. In addition, Mr. Moore has been offered a seat on the Board of Directors of RenuEn and will be assisting management in our reorganization and growth plan moving forward."
Mr. Moore stated, "I am excited to work with Jeff, Walt, Alex and the rest of the RenuEn team building on the Energy Solutions expansion as well as other developing opportunities in the renewable energy sector. They have worked diligently to protect my investment in the company and I hope my business experience and contributions to the management team will prove to be an added asset and lead RenuEn to future growth and profitability."
Mr. Nemes ended by stating, "I have selected a final candidate to become our Chief Financial Officer and expect to be able to make an announcement in the early part of 2014. Alex Kim will be remaining as Chief Legal Officer and General Counsel and Walt Kritsky has been appointed as Chief Technical Officer in addition to his role as President. Additionally, I am continuing in my quest to reduce the current outstanding share structure of the Company with a goal of getting it at or near 500,000,000 shares while at the same time reducing old corporate debt. In accordance with that goal I will not personally accept any additional shares of the company as its CEO other than the 71,000,000 shares I currently control. I will only accept additional shares or options as part of a performance-based compensation package, as with the rest of the RenuEn team. In addition, I have signed a Board Resolution that permanently retires the preferred 50.1 percent voting share returned by Team Energy and Wood. I will be seeking candidates and additional Directors to the Board with plan to have all of the pieces in place by the end of the first quarter of 2014. The Board will be comprised of like-minded business persons and visionaries who share my desire to grow the company based on a sound fiscal policies and procedures that start with revenue and earnings. By following this basic fundamental approach, I intend to build trust in our efforts and generate substantial value to our loyal shareholders while attracting new interest in our company. We will be scheduling our quarterly conference call in late January to further inform our shareholders of current developments."
About RenuEn Corporation
RenuEn Corporation is a Renewable Energy Development, Engineering, Procurement and Construction (EPC) Company. The company focuses on Renewable Power projects and the development of solar, geothermal and other renewable energy strategies installing energy saving products and services for residential and commercial clients.
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.