NuState Enters Into Traditional and Alternative Energy Sector
June 19 2013 - 6:00AM
NuState Energy Holdings, Inc. (Pink Sheets:NSEH),
announced that it is planning to enter into the Traditional and
Alternative Energy Sector. It has executed Memorandums of
Understanding (MOU) and Letters of Intent (LOI) that have the
potential, if formalized into definitive agreements, to lead
NuState into some exciting energy-related opportunities. One
opportunity is to create and/or acquire retail energy providers
that are remarketers of natural gas and electricity. Such
businesses, also known as Energy Service Companies ("ESCOs"), seek
to capitalize on the market opportunity brought about by the
deregulation of the electricity industry that has occurred in
certain states. Kevin Yates, Chairman and CEO of NuState commented,
"We are in advanced stages of discussions with two outstanding
candidates, both of whom have backgrounds in the ESCO business, to
become NuState's President and Chief Financial Officer. I would
remain with NuState as Chairman and CEO."
A second energy-related opportunity being developed
is for NuState to become an Independent Power Producer (IPP) of
electricity in Suriname, South America. This opportunity has
evolved as a result of our strategic relationship with GLINS
International. Kevin Yates stated, "I have discovered that Suriname
is a remarkable country that is bursting with a wide range of
untapped opportunities. Our involvement with the GLINS organization
has ideally positioned NuState to exploit a number of these
business opportunities." With strong support from the country's
government, the GLINS group of companies is focused on providing
assistance in the commercialization of Suriname's untapped
resources. The first and one of the most compelling needs in the
country is for traditional and renewable energy.
On May 24, 2013 we executed a Memorandum of Understanding (MOU)
with GLINS to conduct a feasibility study in regards to becoming an
IPP in Suriname. The study period is anticipated to commence in the
next few months and to last for a period not to exceed six months.
Kevin Yates would oversee the implementation of this study with
close collaboration from GLINS who would orchestrate interviews and
discussions about energy-related matters with the utility company
of Suriname, relevant government agencies, country experts and
service providers.
To further accelerate our potential entry into the IPP market in
Suriname, we also have executed an MOU on June 3, 2013 with Caletta
Renewable Energy. The MOU establishes the framework for a key
strategic partnership with Barletta Engineering Corporation
("Barletta") as well as associated partnerships with some of the
best known integrated energy companies in the country. With over 80
years of experience and 250 employees, Barletta has a reputation
for completing general construction, environmental remediation, and
power plant construction projects to owner specifications on time
and within budget. Currently, Barletta schedules nearly $250
million in contracts annually with values ranging from $5 million
to $100 million.
NuState's headquarters are located at 1201 Main Street, Suite
1980, Columbia, S.C. 29201. 803-748-1309
Safe-Harbor Statement under the Private Securities Litigation
Reform Act of 1995: This press release may contain forward-looking
information within the meaning of Section 21E of the Securities
Exchange Act of 1934, as amended (the Exchange Act), including all
statements that are not statements of historical fact regarding the
intent, belief or current expectations of the company, its
directors or its officers with respect to, among other things: (i)
the company's financing plans; (ii) trends affecting the company's
financial condition or results of operations; (iii) the company's
growth strategy and operating strategy; and (iv) the declaration
and payment of dividends. The words "may," "would," "will,"
"expect," "estimate," "anticipate," "believe," "intend" and similar
expressions and variations thereof are intended to identify
forward-looking statements. Investors are cautioned that any such
forward-looking statements are not guarantees of future performance
and involve risks and uncertainties, many of which are beyond the
company's ability to control, and that actual results may differ
materially from those projected in the forward-looking statements
as a result of various factors including the risk disclosed in the
company's Forms 10-K and 10-Q filed with the SEC.
CONTACT: Kevin Yates
803-748-1309
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