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Laidlaw Energy (LLEG) Reports 2010 Earnings of $2.4 Million

http://finance.yahoo.com/news/Laidlaw-Energy-Reports-2010-bw-3929206323.html?x=0&.v=1

NEW YORK--(BUSINESS WIRE)-- Laidlaw Energy Group, Inc. (Ticker Symbol “LLEG”), announced today that it had 2010 net income of $2,441,892 on revenues of $4,135,055. LLEG generated revenues from both management fees and partial compensation from the sale of certain project holdings in 2010.



Presently, the Company has no debt and cash and other current assets of $3,551,270 as of 12/31/10. Operating expenses for the year totaled $1,438,915, including compensation for all of the Company's executives totaling $155,715.



Commenting on the Company's 2010 financial results, Laidlaw President & CEO Michael B. Bartoszek stated “We are pleased to report these strong results as we continue our strategy of diversifying our holdings into biomass and other power projects that are either operational or are in later stages of development. We feel very optimistic that 2011 will be even better.”



The Company expects that its audited financial statements will be publicly available in March when the Company makes certain contemplated filings with the U.S. Securities and Exchange Commission. In the interim the Company will shortly make its 2010 internal financial statements available on its website at LaidlawEnergy.com. The Company expects to launch a new version of its web site later this week.



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 and other power assets 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.