Green Energy Live Sees Growth Potential for Target Acquisition's Solar Division, $5 Million in Proposals Submitted
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Press Release Source: Green Energy Live On Thursday March 18, 2010, 5:00 am EDT
GRAND RAPIDS, MI–(Marketwire – 03/18/10) – Green Energy Live Inc. (OTC.BB:GELV – News), a clean energy company engaged in developing sustainable biomass-to-energy conversion solutions for the U.S. livestock industry, has identified considerable potential for growth in Peck Electric Inc.'s solar energy system design and installation business. Based on the number of bids submitted, new inquiries, contracts awarded and projects in progress, Peck believes its solar panel installation division has the potential to significantly increase revenue this year.
Green Energy Live has executed a letter of intent to acquire Peck Electric, Vermont's leading provider of electrical contracting services. However, the letter of intent is not a binding agreement, the transaction is contingent upon the satisfactory completion of due diligence, there is no assurance the transaction will be completed, and the anticipated closing date may be extended if certain terms and conditions are not met. If the acquisition does occur, there is a risk that the benefits anticipated through such acquisition will not be realized due to, among other things, Green Energy's possible inability to successfully integrate Peck.
Peck's solar division provides complete solar photovoltaic power system design, supply, installation and training for commercial, industrial and residential customers. Currently the company has submitted approximately $5 million in proposals for new solar projects. While there is no assurance that Peck will be awarded these contracts, or that it will receive any related revenues, the number and amount of bids submitted represent a significant increase over proposals submitted last year.
Karen Clark, President/CEO of Green Energy Live, commented: “In response to rising energy costs and environmental concerns, commercial and residential customers are looking to solar energy systems for clean power generation. Green Energy Live believes Peck is ideally positioned to grow sales and revenue serving this lucrative market segment. We see the increases in requests for proposals, bids submitted and contracts awarded as highly encouraging indicators.”
Peck Electric has been in business since 1972. Although Green Energy Live does not possess a complete set of financial statements for Peck Electric, that company's statement of revenue and expenses for 2009, which is not audited, indicates that it generated $6 million in gross revenues and $128,908 in net income. Historically costs of sales have represented between 78% and 81% of gross revenues. The majority of sales were contributed by Peck's established electrical contracting services division. Peck's solar division contributed $500,000, approximately 8% of total revenue, last year. Green Energy is optimistic that revenues from Peck Electric's solar division will increase this year. However, there is no assurance that this will occur.
About Green Energy Live (OTC.BB:GELV – News)
Green Energy Live Inc. is engaged in developing sustainable biomass-to-energy conversion technology to meet a critical need for the nation's $154 billion livestock industry. The company plans to use its proprietary gasification technology for the development of highly innovative, on-site manure-to-electricity conversion systems to enable livestock farmers and ranchers to convert their animal waste into clean, renewable energy. Green Energy Live acquired Comanche Livestock Exchange in July 2009. The wholly owned subsidiary enhances Green Energy Live's ability to bring its clean energy technology to market by supporting technology development, livestock industry experience, contacts with potential customers, and an established sales channel.
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