Del Mar, CA – Green Energy Live Inc. (OTCBB: GELV), 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.
GELV President/CEO of Green Energy Live, commented: "Peck Electric is a solid, well-run company with multiple and consistent revenue streams as well as potential for significant expansion in clean energy offerings. In spite of extremely tough economic conditions Peck maintained its revenue levels last year, generating $6 million in gross revenue in 2009 as it did in 2008. Green Energy Live is extremely pleased to be moving forward with the acquisition of this growing enterprise."
About Peck Electric
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.
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 (OTCBB: GELV)
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.
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements include, without limitation, plans and expectations regarding the development of GELV's gasification technology and other projects and operations. GELV has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith based upon currently available information, and is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to: (1) GELV's need for additional financing, which is not assured and which may result in dilution of shareholders; (2) GELV's status as a small company with a limited operating history; and (3) regulatory restrictions in the production of bio-fuels. For a more detailed discussion of such risks and other factors, see the Company's 2008 Annual Report on Form 10-K, filed on March 31, 2009, with the Securities and Exchange Commission, and its other SEC filings. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, to update or provide advice in the event of any change, addition or alteration to the information contained in this news release including such forward-looking statement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
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