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Press Release Source: Barnabus Energy, Inc.
Barnabus Energy Finalizes Solar Roofing Acquisition
Wednesday September 21, 9:00 am ET
CARLSBAD, CA--(MARKET WIRE)--Sep 21, 2005 -- Barnabus Energy, Inc. (OTC BB:BBSE.OB - News) is pleased to announce that Management has signed a formal agreement with Solar Roofing Systems (SRS) of Toronto, Canada to acquire 20% of the outstanding shares of SRS, with an option to purchase an additional 31%, exercisable at Barnabus' discretion prior to Q1 2007.
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The first tranche of funds has been forwarded to SRS so that the company can increase its manufacturing capacity and expects to ship its first product to booked customers in January 2006.
David Saltman, President of Barnabus Energy, stated, "We are excited that we were able to come to terms in moving this project ahead. We believe that the SolarSave product will have a rapid path to profitability. Our goal is to produce and install a minimum of two megawatts of power, the equivalent of over 10 million dollars of sales in our first year of operation, and we are confident that the SRS management team can accomplish this objective."
Solar Roofing Systems CEO, Norman Dodd, added, "We are delighted to have found such a forward thinking strategic partner for our business. Barnabus's vision and commitment to renewable energy is certainly a perfect fit with our own corporate strategy, and we look forward to working with their management team to make SolarSave the premier solar roofing solution for businesses and residential homes across the country."
The deal includes additional oversight appointments of both companies' Senior Executives to sit as Directors on each other's Board, and is further subject to the successful completion of final due diligence of Solar Roofing Systems, which should be completed in the next several weeks.
ABOUT THE COMPANY
Barnabus Energy, Inc. (BBSE) is committed to the development of a diversified energy project portfolio. The Company is currently acquiring commercially viable projects in both conventional and renewable energy sectors. Management has closely aligned itself with key strategic partnerships that will move the Company forward towards future acquisitions and growth. The company's model is a focused approach to the exploitation of targeted, low risk development opportunities.
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