LLEG .035 x.04 news-
Laidlaw Energy Group, Inc. Announces Update On New Hampshire Renewable Energy Project
8/30/2006 10:00:11 AM
NEW YORK, Aug 30, 2006 (BUSINESS WIRE) -- Laidlaw Energy Group, Inc. ( LLEG ) announced today that it has received a positive decision from the Connecticut Department of Public Utility Control concerning its proposed development of a 16mW biomass energy plant located in New Hampshire. The decision confirms that the project qualifies as a class 1 renewable energy source pursuant to the Connecticut Renewable Portfolio Standard, subject to applicable emissions limits. This is necessary step in the development of the project that clarifies that the project should qualify for additional revenue from the sale of renewable energy credits ("RECs") generated in connection with the sale of the plant's electric output. RECs represent the premium paid for cleaner energy generated from renewable resources in addition to payments for the plant's electric output and capacity. The project is a joint venture between Laidlaw Energy and EcoPower, LLC and involves the modernization of an existing biomass energy plant.
Laidlaw Energy also recently announced a 10 for 1 forward stock split of the Company's common shares. Each shareholder of record at the close of business on September 8, 2006 will receive nine (9) additional shares for every outstanding share held as of the date thereof. The payment date for the additional shares will be September 9, 2006, with distribution of the new shares to occur on or about September 12, 2006.
About Laidlaw Energy Group
Laidlaw Energy Group (LLEG) is engaged in the development of independent power plants that generate electricity from renewable resources. LLEG's mission is to build and manage a profitable portfolio of renewable energy facilities through development, acquisition, conversion of existing facilities and through partnering with manufactures that have significant electric and thermal needs. LLEG is headquartered in New York, New York. For more information on LLEG, please visit our website at NYENRG.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, technological developments, potential markets, new products, research and development activities and similar matters. 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, and LLEG cannot provide assurance that such statements will prove to be correct. LLEG undertakes no obligation to update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.
SOURCE: Laidlaw Energy Group, Inc.
Laidlaw Energy Group, Inc.
Michael B. Bartoszek
Tel. 212-480-9884
Email info@LaidlawEnergy.com
Copyright Business Wire 2006
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