Greentech Lead: CAVU Resources is set to acquire Sun
Packing, an oil field packing, logistics and solar company.
CAVU Resources will acquire Sun Packing and Wallisville
Partners. CAVU and SUN will each own 50 percent of CAVU’s outstanding common
shares, with both of the acquired companies remaining 100 percent wholly owned
subsidiaries of CAVU.
“This is a perfect combination of assets and
business models. The immediate and growing profitability in the oil, gas and
water reclamation business of CAVU and SUN’s growing logistics and solar
business should give the shareholders of both companies growing revenues, with
a target of the company moving to a listed exchange and future dividends,”
said Jon Grossman, CFO of SUN.
The acquisition enables CAVU to look for increased
revenues, assets and risk diversification over three distinct but related
energy business models. SUN grossed $9.7 million in 2011.
Late in 2011 SUN entered into an agreement for the
procurement and installation of photovoltaic systems. Under the current
contract, Sun intends to purchase and install between 30 and 50 MW of
photovoltaic solar panels in 2012 worth an estimated minimum of $59 million
SUN is seeing increased activities worldwide in its
export packing and crating logistics business for the oil and gas and energy
“We believe this acquisition will reward the
shareholders with assets in excess of the listed exchange requirements and
future revenue and project specific funding that will grow CAVU into a leading
Small Cap Energy company,” said William Robinson, CEO of CAVU.