EGPI Firecreek, Inc. Subsidiary Arctic Solar Engineering, LLC Looks to Expand into Remediation and Restoration Industries
SCOTTSDALE, Ariz., Feb 28, 2011 (BUSINESS WIRE) -- EGPI Firecreek, Inc. (OTCBB:EFIR) is pleased to announce that their newest subsidiary Arctic Solar Engineering, LLC. ("ASE") has initiated a new phase of their business plan by exploring distribution relationships within the remediation and restoration industries for its residential and commercial solar thermal heating and cooling system.
According to statistics from the US Department of Energy, 70% of all energy used in commercial buildings and homes are spent by heating or cooling space, and heating hot water. Solar thermal is the most efficient and effective alternative energy source for meeting this need because the energy from the sun is utilized in its native state (heat), with no conversion to another form of power. By avoiding the inefficiency introduced by the conversion of energy from one state to another, ASE's Solar Thermal Energy systems are 5 times more efficient than solar photo voltaic systems, which will generate 820 watts of energy per square meter of solar array deployed.
ASE's Solar Thermal Systems are based on technology developed in Germany over 30 years ago, which has been already been deployed in many countries in Europe, Asia and the Middle East. Because of the proven effectiveness of this technology, Germany now has 13 solar cities, all heavily deployed with Solar Thermal Energy.
In a remediation/restoration situation, after a fire, flood or other disaster, the heating and cooling systems are impaired or destroyed. Installing an Arctic Solar heating/cooling system becomes a logical and cost effective alternative for the property owner.
Fred Sussman, Arctic Solar Engineering CEO, stated, "Initially, installing a solar thermal heating/cooling system costs more than installing a conventional system. However, with government incentives that are available, the cost narrows. Energy savings are typically breakeven, as compared to a conventional system within three years or less, and the system normally pays for itself in less than seven years. Eventually, the property owner will make money with the system, by not paying their utility for something the sun provides them for free. Additionally, as utility rates increase, the savings will continue to grow." Sussman further added, "Arctic Solar looks forward to developing several partner and distribution relationships within the remediation and restoration industry. The firms that work in this field are on the front lines, working to not only restore people's businesses and homes, but also to make it better. What could be better than providing a solution that pays for itself many times over, turning a disaster into a benefit?"
Dennis Alexander, CEO of EGPI Firecreek, stated, "With oil prices approaching $100 a barrel and the continuing awareness and uncertainty of the middle east, EGPI will be focusing more of its resources on its gas and oil operations like the recently announced Tubb Oil Field acquisition and its alternative energy resources, such as the environmentally friendly technology of Arctic Solar Engineering."
About Arctic Solar Engineering, LLC
Arctic Solar Engineering, LLC integrates Solar Thermal Energy technology patented over 30 years ago by Daimler Aerospace in Germany. This technology is used throughout Germany, other parts of Europe, Asia and the Middle East. ASE's competitive advantage is product knowledge and knowledge of how water based energy systems work and can be successfully implemented to reduce an average building's energy consumption by up to 70%.
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.'s business and acquisition strategy is focused on both the vertical integration of enterprises serving the D.O.T. Construction and Intelligent Traffic System markets through South Atlantic Traffic, Inc. (SATCO) alongside its wholly owned subsidiary M3 Lighting, Inc. (M3), and on oil and gas production with an emphasis on acquiring existing fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories, through its wholly owned subsidiary Energy Producers, Inc. (Energy Producers) and for oil and gas servicing business through its wholly owned subsidiary Chanwest Resources, LLC. EGPI Firecreek, Inc. is also looking to expand into alternative energy sources as well as industries in the energy field.
Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond EGPI Firecreek, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek, Inc.'s filings with the Securities and Exchange Commission.
SOURCE: EGPI Firecreek, Inc.
CONTACT:
EGPI Firecreek, Inc. Public Relations and Shareholder Information Joe Vazquez, 754-204-4549 infinityglobalconsulting@gmail.com
