US Energy Initiatives Acquires Automated Engineering Corporation
Wednesday June 14, 7:00 am ET
15-Year Old Electronics Manufacturer Expands USEI Capabilities
TAMPA, Fla.--(BUSINESS WIRE)--June 14, 2006--US Energy Initiatives Corporation (OTCBB:USEI - News; US Energy or the "Company") the manufacturer of a patent dual fuel diesel to natural gas conversion system, today announced the acquisition of Automated Engineering Corporation ("AEC"), an electronics design and manufacturing company.
"High quality, a fifteen plus year track record of satisfied customers, and professional ISO 9001:2000 certifications were our main considerations in this strategic acquisition," said USEI CEO Mark Clancy. "With 2005 revenues of approximately $1,800,000, this profitable electronics design and manufacturing company is key to our plan of execution. The core of our patent dual fuel system is contained in our electronic control unit. Bringing this capability in-house allows us maximum control over deliverable timing and quality. Recently we've announced substantial agreements for the sale of our conversion systems both in the aftermarket as well as the OEM arena. As we now shift our focus to one of production, delivery and payment, our ability to ensure reliable delivery of a quality product is key to our long-term success. In addition, AEC has a foundation of revenue which we can build upon independent of the in-house production of our patent system," concluded Mr. Clancy.
About US Energy Initiatives Corporation. (OTCBB:USEI - News), formed in 1996, manufactures and markets its patent dual-fuel diesel to natural gas conversion technology through the automotive aftermarket and through certain original equipment manufacturers. The Company's primary facility is a 12,000 square foot state-of-the-art systems development and emission testing lab in Atlanta, Georgia.
The Company's current clients include
General Motors (NYSE:GM - News),
United Parcel Service (NYSE:UPS - News),
US Postal Service;
Dallas County School System,
Portland, Oregon School System;
Oklahoma Natural Gas and a host of private purchasers.
About Automated Engineering Corporation. (AEC) Tampa, Florida-based Automated Engineering Corporation, incorporated in 1987, began as an electronics design and manufacturing company. The primary focus of the company was providing OEM instrumentation and control electronics to the RV and consumer markets. Since its founding, AEC has been a leader in innovative design across a variety of electronic safety, metering, and control devices. In 1991 AEC entered into the field of Contract Manufacturing to better serve the needs of a broader range of clients.
