Laidlaw Energy Reports 2010 Earnings of $2.4 Million
February 22 2011 - 8:30AM
Business Wire
Laidlaw Energy Group, Inc. (Ticker Symbol “LLEG”), announced
today that it had 2010 net income of $2,441,892 on revenues of
$4,135,055. LLEG generated revenues from both management fees and
partial compensation from the sale of certain project holdings in
2010.
Presently, the Company has no debt and cash and other current
assets of $3,551,270 as of 12/31/10. Operating expenses for the
year totaled $1,438,915, including compensation for all of the
Company's executives totaling $155,715.
Commenting on the Company's 2010 financial results, Laidlaw
President & CEO Michael B. Bartoszek stated “We are pleased to
report these strong results as we continue our strategy of
diversifying our holdings into biomass and other power projects
that are either operational or are in later stages of development.
We feel very optimistic that 2011 will be even better.”
The Company expects that its audited financial statements will
be publicly available in March when the Company makes certain
contemplated filings with the U.S. Securities and Exchange
Commission. In the interim the Company will shortly make its 2010
internal financial statements available on its website at
LaidlawEnergy.com. The Company expects to launch a new version of
its web site later this week.
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
and other power assets 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.
This communication contains statements expressing expectations
of future events and/or results which may include, without
limitation, statements concerning anticipated financial
performance, and business prospects. Such statements constitute
forward-looking statements made pursuant to the Safe Harbor
provision of the Private Securities Litigation Reform Act of 1995.
All statements based on future expectations rather than historical
facts are forward-looking statements that involve a number of risks
and uncertainties, and LLEG cannot provide assurance that such
statements will prove to be correct. LLEG undertakes no obligation
to update or revise any forward-looking statement, whether as a
result of new information, future events or otherwise.