I didn;t know this NR was coming butwe should near from PUC very soon and that will be very positive for the LLEG share price. This acquisition should only add fuel to the fire [pun intended)
Laidlaw Energy to Acquire California Biomass Plant
Ticker Symbol: U:LLEG
NEW YORK-- (Business Wire)--
Laidlaw Energy Group, Inc. (Ticker Symbol ?LLEG?), announced today thatit has entered into a Letter of Intent to acquire a 14 megawattbiomass-energy power plant from Renegy Holdings, Inc. and certain otheraffiliated shareholders.
Commenting on the contemplated acquisition, Laidlaw President & CEOMichael B. Bartoszek stated ?We are very pleased to be moving forwardwith the expansion of our business model to the West Coast. We are veryexcited about the California market for alternative energy and theopportunities it presents. We are also excited about the prospect of aclose working relationship with Bob Worsley and his team.? Mr. Worsleyis the President & CEO of Renegy as well as the founder and formerPresident & CEO of Skymall, Inc.
Bartoszek went on to state ?This transaction is part of a largerstrategy of growth and diversification that we have been working on forsome time. We shortly expect to announce another major acquisition thatwill further expand our business. In addition, we have been working toadd highly qualified project management personnel to our team so that wehave the necessary resources in place to manage multiple projects acrossthe U.S.?
Laidlaw does not anticipate any significant complexity with thistransaction and anticipates closing on the acquisition within 45 ? 60days.
About Laidlaw Energy Group
Laidlaw Energy is engaged in the development of independent power plantsthat generate electricity from renewable resources, with a particularemphasis on biomass power. Laidlaw Energy's mission is to build andmanage a profitable portfolio of biomass facilities through thedevelopment of new facilities and acquisition of existing facilities,and in so doing become the leading supplier of biomass power in theUnited States. Laidlaw Energy is headquartered in New York, New York.For more information, please visit our website at www.LaidlawEnergy.com.
This communication contains statements expressing expectations offuture events and/or results which may include, without limitation,statements concerning anticipated financial performance, businessprospects, technological developments, potential markets, new products,research and development activities and similar matters. Such statementsconstitute forward-looking statements made pursuant to the Safe Harborprovision of the Private Securities Litigation Reform Act of 1995. Allstatements based on future expectations rather than historical facts areforward-looking statements that involve a number of risks anduncertainties, and LLEG cannot provide assurance that such statementswill prove to be correct. LLEG undertakes no obligation to update orrevise any forward-looking statement, whether as a result of newinformation, future events or otherwise.
CONTACT
Laidlaw Energy Group, Inc.
Edward D. Meyers, 212-480-9882
VicePresident ? Investor Relations