Date: November 11, 2011
Source: Laidlaw Energy Group, Inc.
Laidlaw Energy Group, Inc. (New York, NY) bought a 12.5 megawatt biomass-energy power plant located in Susanville, CA, which is in the northeastern part of the state. Laidlaw Energy acquired all of the equity interest of Henri Susanville for cash and stock consideration from Renegy Susanville, LLC and Nature Energies. Financial terms of the transaction were not disclosed. The company, which is engaged in the development of independent power plants that generate electricity from renewable and other clean resources, said it is evaluating other potential acquisitions of biomass energy facilities in the US, including California.
November 10, 2011
Laidlaw Energy Completes Acquisition of Susanville, CA Biomass-Energy Facility
Laidlaw Energy Group, Inc. (Ticker "LLEG") (the "Company") announced today that it has completed the acquisition of a 12.5 megawatt biomass-energy power plant located in Susanville, California by acquiring all of the equity interest of Henri Susanville LLC for cash and stock consideration.
The sellers were Renegy Susanville, LLC which is owned by Renegy, Inc., an entity controlled by Robert M. Worsley, founder and former Chief Executive of SkyMall, Inc., and Nature Energies, Inc., which is owned by Hanalei Renewables, a renewable energy company based in France. Both companies will become equity holders in the Company and have certain registration rights with respect to their stock subject to certain selling limitations. Financial terms of the transaction were not disclosed.
Commenting on the transaction, Laidlaw Energy President & CEO Michael Bartoszek stated "We are pleased to have reached this agreement and welcome our new stockholders. We are excited to be engaged in the California renewable energy marketplace, a state that has enacted legislation to obtain 33 percent of its energy from renewable resources by 2020."
The Company is currently evaluating other potential acquisitions of biomass energy facilities in the US, including California, although no assurance can be provided that such acquisitions will be available on terms and conditions acceptable to the Company.
About Laidlaw Energy Group
The Company is engaged in the development of independent power plants that generate electricity from renewable and other clean resources, with a particular emphasis on biomass power and combined heat and power projects. The Company is headquartered in New York, New York. For more information, please visit our website at www.laidlawenergy.com.
This communication contains statements expressing expectations of future events and/or results which may include, without limitation, statements concerning anticipated financial performance, business prospects and similar matters. In some cases you can identify those so-called "forward-looking statements" by words such as "may," "will," "should," "expects," "plans," "targets," "believes," "anticipates," "estimates," "predicts," "potential," or "continue" or the negative of those words and other comparable words. Such statements constitute forward-looking statements made pursuant to the Safe Harbor provision of the Private Securities Litigation Reform Act of 1995. All statements based on future expectations rather than historical facts are forward-looking statements that involve a number of risks and uncertainties, including the potential future performance of the Susanville facility and the prospect for additional future acquisitions, and the Company cannot provide assurance that such statements will prove to be correct. The Company undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
For more information, contact:
Laidlaw Energy Group, Inc.
Edward D. Meyers, 212-480-9882
Vice President – Investor Relations