Private Energy Systems, Inc. to Purchase Controlling Interest in Hydrogen Engine Center, Inc. Date : 06/06/2011 @ 8:00AM Source : Business Wire Stock : Hydrogen Engine Center, Inc. (HYEG)
Hydrogen Engine Center, Inc. (Pink Sheets: HYEG) announced today further information regarding its corporate finance plans.
Ted Hollinger has agreed to sell 15 million shares of his HEC stock to PES, a leading renewable energy developer based in St. Paul, Minnesota. Ted has been looking for a synergistic company that could fulfill his dreams for HEC. He said that he would like to return in 15 years and see the company he had always hoped for. PES is headed by a capable President/CEO who has surrounded himself with an experienced and professional staff. They bring the sales, marketing, system engineering, project management and project finance experience that compliment HEC very nicely. David Ault, PES President/CEO and Ted agree that the new Megawatt Electrical Power Generator Systems have a great future. HEC intends to immediately expand production to 2MW per month with the intent of reaching 20MW per month. The current facility is capable of supporting this level of production.
The company intends to add more engineering and production staffing to handle growing demand. Mr. Ault plans to expand the product offering with a configurable and deployable megawatt class of power generation unit with on-board fuel tanking capable of 250kW units to 1MW of power. These new units will be able to run on multiple fuels with popular options available in a fully deployable and transportable container configuration. Mr. Ault believes this will be an important part of new company new sales opportunities.
David Ault, President and CEO of Private Energy Systems, Inc. said his firm has extensive sales experience and project management in technology and renewable energy sectors. “Our business history spans over 21 years in successful businesses and offers the ability to drive HEC to its full potential. Large energy projects and financing structure will prove to be another asset as HEC obtains larger project opportunities” Mr. Ault articulated.
The securities being offered will not be registered under the Securities Act of 1933 or any state securities laws, and unless so registered, may not be offered or sold in the United States except pursuant to an exemption from the registration requirements of the Securities Act of 1933 and applicable state laws. This announcement is neither an offer to sell nor a solicitation of an offer to buy any of these securities and shall not constitute an offer, solicitation or sale in any jurisdiction in which such offer, solicitation or sale is unlawful.
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