RenuEn Corporation (OTC Pink: RENU), a Renewable Energy Development Company, announced the acquisition of Total Exteriors Corporation. Total Exteriors Corporation is a Union, New Jersey based solar and renewable energy construction company.
Don Wood, CEO of RenuEn, stated: "I am extremely excited to announce the acquisition of Total Exteriors and its successful division, Energy Solutions by Total." Wood further stated, "As previously announced, I have spent a significant amount of time re-establishing RenuEn's relationship with the team at Total." Wood added, "Total, under the leadership of founder Chris Edwards and his team, has twenty plus years and a proven track record of providing quality home improvements to consumers in the New York metropolitan market."
Chris Edwards, President of Total, stated: "After adding our successful residential solar program to the menu of products at the Total companies, our merging into RenuEn is a very logical decision for me." Edwards added, "The Total companies have successfully provided and installed over $250,000,000 in products and services over the last 20 years. With our recent refocus on renewable energy and green building products we are expecting annualized sales revenue of $6,000,000 in 2013 before we even expand into new markets." J. Charles Nemes, Vice President of Energy Solutions, stated, "I have been tasked by Chris and Don to grow our company into additional markets in the coming year and I look forward to expanding our products and services into additional states before year's end." Edwards explained, "Having RenuEn as the parent company of both Energy Solutions and Team Energy, we believe that we have put together a successful business plan to develop residential, commercial, industrial and municipal markets that create revenue generating projects to coincide with Team Energy's development of landfill projects. We hope to be able to also provide the construction and management on a majority of RenuEn's future projects."
Don Wood added, "Total also brings with it a successful team with extensive experience in managing and building multi-state businesses." Wood continued, "Mr. Edwards has strategic alliances with the biggest suppliers and manufacturers in the nation and he currently serves on the Home Improvement Advisory Board of GE Capital. The advisory board is comprised of ten of the nation's best and brightest business owners along with senior executives of GE Capital. GE Capital is the one of the largest providers of consumer financing in the world." Wood added, "With the team at Total taking on our aggressive mergers and acquisition growth strategy, we can now accelerate our national expansion into the residential, commercial, industrial and municipal markets with very specific and strategic areas in mind." Wood continued, "Our immediate goal is to begin to generate revenue and bring value to our very loyal and patient shareholders."
"The financial terms of the acquisition of Total are 50 million in restricted stock and $400,000 in a promissory note. The note pays interest at 3% per annum and is for 5 years," stated Wood. "As part of the acquisition, Chris Edwards has been named President of RenuEn in addition to his role as President of Total. Additionally, J. Charles Nemes has been promoted to Executive Vice President of Total and RenuEn and will report directly to Wood and Edwards. They will both serve on the Board of Directors at RenuEn." Wood continued, "The day to day legal, marketing and accounting operations of Total and RenuEn will be combined and managed from our Union, NJ office and our St. Cloud office will remain as Corporate Headquarters." Wood added, "I look forward to introducing our executive team on Thursday's conference call and discussing other exciting news about RenuEn."
About Total Total Exteriors Corp (www.TotalRemodeling.com) and (www.EnergySolutionsByTotal.com) is a proven home improvement contractor that has installed over $250,000,000 in products for their 30,000+ customers. The company continues to focus on expanding their menu of products and services into multiple states and regions and expects significant growth into 2014.
About RenuEn CorporationRenuEn Corporation is a Renewable Energy Development company. The company focuses on Landfill Compressed Natural Gas capture, International Renewable Power projects and the development of solar, geothermal and other renewable energy strategies.
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.
Contact:Contact and Inquiries for Investor Relations:Michael IrvingParamount Advisors, LLC407email@example.com
SOURCE: RenuEn Corp
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Press Release Service provided by PRConnect.
Stock quotes supplied by Telekurs USA
Postage Rates Bots go here