Laidlaw Energy to Acquire California Biomass Plant
February 02 2011 - 8:00AM
Business Wire
Laidlaw Energy Group, Inc. (Ticker Symbol “LLEG”), announced
today that it has entered into a Letter of Intent to acquire a 14
megawatt biomass-energy power plant from Renegy Holdings, Inc. and
certain other affiliated shareholders.
Commenting on the contemplated acquisition, Laidlaw President
& CEO Michael B. Bartoszek stated “We are very pleased to be
moving forward with the expansion of our business model to the West
Coast. We are very excited about the California market for
alternative energy and the opportunities it presents. We are also
excited about the prospect of a close working relationship with Bob
Worsley and his team.” Mr. Worsley is the President & CEO of
Renegy as well as the founder and former President & CEO of
Skymall, Inc.
Bartoszek went on to state “This transaction is part of a larger
strategy of growth and diversification that we have been working on
for some time. We shortly expect to announce another major
acquisition that will further expand our business. In addition, we
have been working to add highly qualified project management
personnel to our team so that we have the necessary resources in
place to manage multiple projects across the U.S.”
Laidlaw does not anticipate any significant complexity with this
transaction and anticipates closing on the acquisition within 45 –
60 days.
About Laidlaw Energy Group
Laidlaw Energy is engaged in the development of independent
power plants that generate electricity from renewable resources,
with a particular emphasis on biomass power. Laidlaw Energy's
mission is to build and manage a profitable portfolio of biomass
facilities through the development of new facilities and
acquisition of existing facilities, and in so doing become the
leading supplier of biomass power in the United States. Laidlaw
Energy is headquartered in New York, New York. For more
information, please visit our website at www.LaidlawEnergy.com.
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