Attached files
| file | filename |
|---|---|
| EX-10.1 - LETTER OF INTENT - Green Energy Live Inc | f8k022310ex10_greenenergy.htm |
| 8-K - CURRENT REPORT - Green Energy Live Inc | f8k022310_greenenergy.htm |
Exhibit 99.1
Green
Energy Live Executes Letter of Intent to Acquire Leading Electrical Services
Company with $6 Million in Revenue
GRAND
RAPIDS, MI – February 24, 2010 – Green Energy Live Inc. (OTCBB: GELV), a growing
clean energy company engaged in developing sustainable biomass-to-energy
conversion solutions for the U.S. livestock industry, is pleased to announce
that the company is moving forward with an acquisition of Peck Electric Inc., a
Vermont corporation. On February 23, 2010 Green Energy Live updated its Letter
of Intent to acquire 100% of the stock in Peck Electric, an established provider
of electrical contracting services which generated $6 million in gross revenue
last year.
Established
in 1972, Peck Electric is Vermont’s leading provider of electrical contracting
services. The company’s long roster of customers includes IBM, UPS, Energizer
Battery Company and Ben & Jerry’s, among others. Peck provides commercial
and residential electrical contracting, installs telecommunications systems,
provides solar power installations, and designs and develops clean energy
products. Upon acquisition Peck will become a wholly owned subsidiary of Green
Energy Live. Green Energy Live, Inc. is conducting its due diligence
phase of this acquisition and will commence the required financial audits in
March 2010. Upon completion of these pre-acquisition investigations,
Green Energy Live, Inc. and Peck Electric will determine a closing date for this
transaction.
Jeff
Peck, President of Peck Electric, commented: “We have been in business for 38
years and pride ourselves on our quality of service, longstanding customer
relationships, and ability to innovate to meet market demand. Peck generated $6
million in gross revenue in calendar year 2009. We believe our established
electrical contracting services business will be significantly augmented by our
new clean energy initiatives as well as exposure to the public markets. We are
eager to combine forces with Green Energy Live.”
Karen
Clark, President/CEO of Green Energy Live, commented: “Green Energy Live chose
Peck Electric for its excellent management team, extensive systems design and
development expertise, ongoing revenue and exciting new clean energy product
development. Upon closing of the acquisition we look forward to helping Peck
achieve continued growth and expanded market penetration. Peck
Electric brings several critical components to Green Energy Live that will allow
us to offer clean energy solutions in the marketplace.”
About
Green Energy Live (GELV.OB)
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 providing ongoing revenue to support 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.
Contact:
Investor
Relations:
1-866-460-7336
investorrelations@greenenergylive.com
Green
Energy Live, Inc.
1740 44th
Street, Suite 5-230
Wyoming,
MI 49519-6443
www.greenenergylive.com