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National Energy Services Co. Moves in New Direction
EGG HARBOR TOWNSHIP, N.J., Jan 25, 2010 (BUSINESS WIRE) -- Dr John G Kalogeris, Chief Executive Officer of National Energy Services Co. (OTCBB:NEGS), announced today the formation of a new subsidiary Applied Concepts for Energy Corp. whose function is to provide management and operational support to alternative ("green") energy projects. This market is expanding rapidly and with new personnel and management by individuals who been actively participating in the market the company is uniquely positioned to be part of the boom in the overall industry. The first project for this subsidiary is a management agreement that is expected to generate $130mm in revenue and produce approximately 8% profit over the next 18 months. This project is a solar/thermal installation supported by a Power Purchase Agreement in California and is required to be financed by the projects owners not our company.
NEGS existing businesses in New Jersey have ceased operations and the offices there are expected to be closed by January 31, 2010. We are looking for a new location for offices outside of New Jersey. All officers resigned on January 21, 2010 with Dr. Kalogeris seated to build a new management team.
"In our eleventh hour negotiations we were able to facilitate an agreement that brings the necessary value back to our company and shareholders. I am excited about the contract and the new direction for NEGS and a way for NEGS to continue with our goal of bringing Alternative Energy or energy savings products to market," stated Dr. John Kalogeris, Chief Executive Officer National Energy Services Company, Inc.
The new subsidiary will focus on the sales and services related to Alternative Energy markets including Solar/Thermal, Bio-Mass to Energy, Micro-turbine Energy and Algae for bio fuels. These markets are exploding at this time and we have begun negotiations for participation in all of these markets in the U.S., Mexico and Canada.
The company future will include adding new Senior Management and members to the Board of Directors, launch of a new Website/Green Social Media site for advertising and information dissemination and a Twitter site to create an open forum for shareholder contact.
A company representative also stated that a major goal is to reduce debt and help the sagging stock price.
About Us National Energy Services Inc. NEGS.ob For more than ten years, National Energy Services Company, Inc. has helped businesses reduce their energy costs. Our management team has an extensive background in the energy and we put our expertise to work for you. Well versed in every aspect of the energy management, we remain current on the latest trends, technology, and money-saving opportunities. We are dedicated to helping consumers save money. Our sales and service team's work hand in hand with our customers reduce costs while ensuring a consistently high level of service from energy providers.
Forward-looking Statement: This release may contain projections or other forward-looking statements regarding future events or the future financial performance of National Energy Services Company. These statements are only predictions and reflect the current beliefs and expectations of National Energy Services Company. Actual events or results may differ materially from those contained in the projections or forward-looking statements. Some of the factors that could cause actual results to differ materially from the forward-looking statements contained herein include, without limitation, (i) National Energy Services Company's unproven business model and limited operating history, (ii) National Energy Services Company's history of losses, (iii) the significant fluctuation to which National Energy Services Company's quarterly revenues and operating results are subject, (iv) other factors detailed in documents National Energy Services Company files from time to time with the Securities and Exchange Commission. Forward-looking statements in this release are made pursuant to the safe harbor provisions contained in Private Securities Litigation Reform Act of 1995.
SOURCE: National Energy Services Co.
CONTACT: Premier Media Services, Inc. Kelly Black, Investor Relations 480-649-8224 kblack@premierfundingservice.com Copyright Business Wire 2010 -0-
KEYWORD: United States North America New Jersey INDUSTRY KEYWORD: Energy Alternative Energy
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