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This press release was originally distributed via the eWire press wire service (2002–2016). It is preserved here as a historical record.
Enviro-Energy Corporation, J.W. Reed, Inc. Final Agreement Regarding Enviro-Energy Subsidiary
ARCHIVED 2002–2016: Originally distributed via the eWire press wire service. Preserved as historical record.
Enviro-Energy Corporation, J.W. Reed, Inc. Final Agreement Regarding Enviro-Energy Subsidiary
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FOR IMMEDIATE RELEASE
Enviro-Energy Corporation, J.W. Reed, Inc. Final Agreement Regarding Enviro-Energy Subsidiary
SPOKANE, WASHINGTON, Apr. 4 -/E-Wire/-- Enviro-Energy Corporation (OTCBB:ENGY - news; Germany: 676401-EVM.BER) (Enviro), and J.W. Reed, Inc. (Reed) jointly announce that they have reached an agreement concerning the acquisition of Environmental Reclamation, Inc. (ERI).
The release clarifies an earlier release of today's date in which Enviro stated that it expected final documents to be completed within the next two weeks. Reed is acquiring Enviro's 50.3% interest in ERI for $150,000 and 5,000,000 common shares of Reed, representing a carried interest in Reed of approximately 9.9% for Enviro. Enviro has agreed to distribute a substantial amount of the 5,000,000 shares it receives to its shareholders by way of a special dividend.
Reed has assumed management control of ERI, advanced working capital, and is working towards expanding the operating and business base of ERI. Reed is further working towards seeking a public market for its shares as part of the agreement with Enviro.
"This move is a major step in our transition to a company focused on the opportunities of the bio-waste industry,' states Galen Loven, Chairman of Enviro-Energy Corporation. "We believe that passing on the majority of the shares the company receives from Reed to our shareholders recognizes the environmental interests of our shareholders and will allow them an opportunity to participate in the ongoing future of ERI as well as Enviro. Management is now able to direct its full attention and company resources to our wholly owned business unit, Energy Flow Management, Inc. (EFMI). The recent acquisition of Colvico gives EFMI its operating base and revenue stream from which to build and sell bio-waste systems.'
Enviro-Energy Corporation is a developer and operator of environmentally related businesses focused on bio-waste remediation and treatment technologies, facilities and services.
J.W. Reed, Inc. is a private investment banking company located in West Chester, PA.
Environmental Reclamation, Inc, is an environmental remediation and reclamation company.
The above news release contains forward-looking statements. These statements are based on assumptions that management believes are reasonable based on currently available information, and include statements regarding the intent, belief or current expectations of J.W. Reed, Enviro-Energy Corporation, Energy Flow Management, Inc., and their respective managements. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance, and are subject to a wide range of business risks, external factors and uncertainties, including without limitation, continued acceptance of the company's products, increased levels of competition for the company, new products and technological changes, the company's dependence on third party suppliers, intellectual property rights and the other risks detailed from time to time in the company's publicly available documents filed with the Securities and Exchange Commission. Actual results may differ materially from those indicated by such forward-looking statements. J.W. Reed, Enviro-Energy Corporation, and Energy Flow Management, Inc. assume no obligation to update the information contained in this press release, whether as a result of new information, future events or otherwise
Enviro-Energy Corporation
Enviro-Energy Corporation,
Galen Loven, 509/921-9150,
[REDACTED-EMAIL],
Alfonso Knoll,610/429-0817,
[REDACTED-EMAIL]
http://http://www.enviro-energycorp.com
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