Laidlaw Energy to Acquire California Biomass Plant
Feb, 2,2011
Laidlaw Energy Group, Inc. (Ticker Symbol "LLEG"), announced today that it has entered into a Letter of Intent to acquire a 14 megawatt biomass-energy power plant from Renegy Holdings, Inc. and certain other affiliated shareholders.
Commenting on the contemplated acquisition, Laidlaw President & CEO Michael B. Bartoszek stated "We are very pleased to be moving forward with the expansion of our business model to the West Coast. We are very excited about the California market for alternative energy and the opportunities it presents. We are also excited about the prospect of a close working relationship with Bob Worsley and his team." Mr. Worsley is the President & CEO of Renegy as well as the founder and former President & CEO of Skymall, Inc.
Bartoszek went on to state "This transaction is part of a larger strategy of growth and diversification that we have been working on for some time. We shortly expect to announce another major acquisition that will further expand our business. In addition, we have been working to add highly qualified project management personnel to our team so that we have the necessary resources in place to manage multiple projects across the U.S."
Laidlaw does not anticipate any significant complexity with this transaction and anticipates closing on the acquisition within 45 -- 60 days.
About Laidlaw Energy Group
Laidlaw Energy is engaged in the development of independent power plants that generate electricity from renewable resources, with a particular emphasis on biomass power. Laidlaw Energy's mission is to build and manage a profitable portfolio of biomass facilities through the development of new facilities and acquisition of existing facilities, and in so doing become the leading supplier of biomass power in the United States. Laidlaw Energy is headquartered in New York, New York. For more information, please visit our website at www.LaidlawEnergy.com.
