BBSE Barnabus Energy Signs MOU for Acquisition of Solar Roofing Systems Shares
Market Wire - December 19, 2005 9:08 AM (EDT)
SOLANA BEACH, CA -- (MARKET WIRE) -- Dec 19, 2005 -- Barnabus Energy, Inc. (OTC BB: BBSE) announced today that it has signed a memorandum of understanding (MOU) to acquire all remaining shares of Solar Roofing Systems.
According to the MOU, Barnabus will pay 20% of the purchase price in cash, and the remaining 80% in restricted BBSE shares at $2.00 per share. Total valuation of the acquisition (some of which has already been paid) was set at $20.8 million, based upon projected 2006 sales, with provisions for adjustment upon 2006 financial performance.
David Saltman, CEO of Barnabus, was clearly pleased with the event: "When building a successful company it is essential to have the management team and operating divisions strategically focused on the same goals. We have reached agreements-in-principal on all major points for transactions together with SRS and Connect Energy. When we acquire both SRS and Connect Energy as wholly owned subsidiaries, Barnabus will achieve tremendous manufacturing, marketing and sales synergies. SRS and Connect Energy are already seeing the positive benefits of this teamwork, and we expect great things from both companies in the very near future."
Norm Dodd, CEO of SRS, and a Director of Barnabus, stated: "We feel very confident that the decision to join Barnabus is the right one. It provides value for our shareholders and strengthens an organization that is on a rapid path to becoming a significant force in the solar electric industry."
Saltman added, "California's recent announcements to reinstate the solar rooftop initiative will decidedly further our objectives. Our goals are to achieve profitability in 2006, and grow to over $200 million in sales within five years. If we successfully acquire this combined management team and a suite of solar PV products for both commercial and residential applications, I am confident we can be successful."
ABOUT THE COMPANY
Barnabus Energy, Inc. (BBSE) is committed to the development of a Renewable Energy (RE) project portfolio. The Company is currently acquiring commercially viable projects within the Renewable Energy sector encompassing diverse aspects of the industry. 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.
Safe Harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented herein constitutes forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which Barnabus Energy, Inc. has little or no control.
ON BEHALF OF THE BOARD
Barnabus Energy, Inc.
David Saltman, President
Investor Relations Contact:
Brad Long
1-800-250-2610
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