Greentech Lead America: RenuEn Corporation has completed
the acquisition of Team Energy, a multi-disciplined Energy Service Company
(ESCO) which focuses on providing Commercial and Industrial customers with
performance based contracts through the delivery of Power Purchase Agreements.
Following the acquisition, Don Wood of Team Energy has
been appointed the new CEO and chairman of the Board.
“I am very pleased to complete this major strategic
acquisition, and to announce Mr. Wood as our new CEO and Chairman. He has a
proven record as a leader in the industry, and has assembled a world-class team
of Energy Project experts,” said James Scott, current CEO of RenuEn.
Scott further said he would be very involved with the
Company’s operations, specifically with the legislative prerogatives. “The
Landfill Compressed Natural Gas (CNG) business is primarily with
municipalities, and this aspect of our business is integral to the success of
obtaining such projects.”
For this acquisition 200 million shares of RenuEn common
stock were issued to Team Energy. Also, one preferred share will be issued to
Team Energy, which will consist of a 50.1 percent voting right. This share is
not convertible into common, nor will it be listed or traded separately. There
was no cash remuneration.
“With James’ political expertise and our project
experience, I feel that we are in a great position to reward our shareholders.
I look forward to providing the Company with the leadership it deserves; and in
keeping with our goal of full transparency, look forward to keeping our valued
shareholders informed of the progress of the multiple exciting projects that we
are working on,” Wood said.