TGI Enters into Definitive Agreement to Acquire Interest in Lucent Energy Management https://www.otcmarkets.com/stock/TSPG/news/TGI-Enters-into-Definitive-Agreement-to-Acquire-Interest-in-Lucent-Energy-Management?id=266678
Press Release | 07/02/2020
NORTH BRUNSWICK, NJ / ACCESSWIRE / July 2, 2020 / TGI SOLAR POWER GROUP INC. (OTC PINK:TSPG) "TGI", a diversified technology company, announced today that it has entered into a definitive agreement to acquire interest in Lucent Energy Management. Lucent provides renewable energy services and energy efficiency installations for commercial and residential energy consumers. As a direct installer, they offer system engineering, procurement, and construction (EPC) of renewable energy systems. Currently Lucent has offices in New Jersey, which covers the Northeast, and in South Carolina, which covers Southeastern states. The transaction is subject to customary closing conditions and is expected to close in the third quarter.
Mr. Steven Schwartz, CEO and Chairman of Lucent, will oversee solar and other green developments of TGI; he comes with years of experience and brings with him a staff of 50+ developers, salespeople, engineers and solar installers. TGI plans to bring in additional sales staff and trainees from a pool of interns. An expansion plan also calls for strategic expansion into Western states of the USA; the target markets being California and Texas to start with.
Chairman and Chief Executive Officer of Lucent, said, "We are thrilled to expand our partnership with TGI management team. Lucent's management wants to successfully reposition the company and strengthen its financial performance. Now, under the guidance of TGI, with their deep experience in the energy industry and capital allocation, we are excited to participate in the next phase of Lucent's growth. I am confident that the TGI team is the best partner for Lucent for the long-term."
TGI management is pleased with its decision to make Mr. Schwartz the head of the Solar Energy and Storage Division. His leadership will enhance TGI's green sustainable energy developments.