EGPI Firecreek Inc (EFIR)

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EGPI Firecreek Inks LOI to Sell Interest in Arctic Solar Engineering
Now - Close-Up Media via Comtex
EGPI Firecreek announced the signing of a Letter of Intent to sell 51 percent majority interest in Arctic Solar Engineering to W2 Energy.

According to a release, Arctic Solar Engineering integrates Solar Thermal Energy technology patented over 30 years ago by Daimler Aerospace in Germany. This technology is effectively being used throughout Germany and other parts of Europe, Asia and the Middle East. Arctic Solar Engineering's competitive advantage is product knowledge and knowledge of how water based energy systems work. Arctic Solar Engineering and their Solar Thermal Energy Systems can be implemented to reduce an average buildings energy consumption by up to 70 percent.

Arctic Solar was acquired by EGPI Firecreek last year in an effort to expand the company's alternative energy division. The intended sale of the majority interest is being done in an effort to insure the growth and prospects of Arctic Solar Engineering, while EGPI Firecreek continues to focus its efforts and energies on the expansion and growth of its oil and gas division.

Dennis Alexander, EGPI's CEO, said, "We believe the synergies between W2 Energy and Arctic Solar will substantially benefit our remaining 49 percent interest in ASE. We view this transaction as a win/win for us as we will continue our emphasis on oil and gas expansion, while allowing for growth potential for ASE with increased business and opportunities available through the purchase by W2 Energy."

W2 Energy develops renewable energy technologies and applies it to new generation power systems.

EGPI Firecreek's business and acquisition strategy is focused on producing oil and gas.

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