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AEGY Alternative Energy Partners announces corporate reorganization
Comtex News Network "Datamonitor" Dec 23, 2010 (Datamonitor via COMTEX) -- Alternative Energy Partners, a provider of energy solutions, has undertaken a corporate reorganization that will allow it to focus on fuel cell technology in the immediate future, while issuing a dividend to its shareholders.
Alternative Energy Partners' (AEGY) plans for reorganization include the transfer of its Elan Energy, Inc. and Sunarias Corporation subsidiaries to another, as-yet-undisclosed publicly traded company, which will acquire the subsidiaries in a share exchange transaction, Alternative Energy said.
As part of the reorganization, AEGY will acquire all of the outstanding shares of Renewable Energy and Water, Inc. (REW), a developer and systems integrator of renewable energy projects and water reclamation solutions including fuel cell technology, from Healthcare of Today, Inc.
AEGY's new President and CEO Jason Davis says, "We continue to feel that Elan Energy will be highly successful, but it does not fit into our immediate strategy for AEGY. We plan to focus AEGY on developing alternative energy and energy efficiency projects such as fuel cells, water reclamation and solar photo voltaic, which is an ever-increasing and profitable market for us."
The spinoff will allow Elan to continue its growth unhampered while enabling AEGY's shareholders to now partake of two energy ventures rather than just one. As part of the spin-off, the shares of the as-yet unidentified public company will be distributed to the shareholders of AEGY on a pro-rata basis. The result of the transactions, which are expected before year end, will be four operating subsidiaries within AEGY: Shovon, LLC; Xnergy, Inc.; REW; and SkyNet Energy Systems, Inc, the company added
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Dec 28/10 news: Alternative Energy Partners (OTCBB: AEGY), a provider of comprehensive alternative energy solutions, announces that it has received a commitment for $8M in funding. The funding was arranged by Alternative Energy Partners' ("AEGY") parent company, Healthcare of Today, Inc., and will be used for working capital and acquisitions. Per the terms of the financing agreement, there will be no dilution to the shares of AEGY. Last week, AEGY (www.AEGYPartners.com) announced that it planned to focus more closely on certain profitable opportunities within alternative energy and energy efficiency, including fuel cells, solar PV and water reclamation. As part of the corporate changes announced on December 22, AEGY will be acquiring the outstanding shares of Renewable Energy and Water ("REW") (www.renergyandwater.com), a developer and systems integrator of renewable energy projects based in Irvine, California. REW's use of fuel cell technology in its water reclamation solutions is in line with AEGY's strategy to expand its presence in that market. REW is currently surveying for a major drainage district project in California that has offered REW a Letter of Intent. AEGY's family of businesses includes Xnergy, Inc. an award-winning engineering, construction, and alternative energy firm based in California. Xnergy offers a single source for project management, execution, and maintenance of energy and green-building projects to its clients. The company's work with clean, green technology was recently noted in an honor bestowed by the US Congress. AEGY President and CEO Jason Davis says, "Our ability to expand AEGY's presence as a provider of high-demand alternative and renewable energy services will be accelerated in important ways by this additional funding. This boost to our operational budget will allow us to continue our successful course, the aim of which is to deliver consistent growth and profitability to our shareholders." Once the transactions announced on December 22 have closed, which is anticipated before year's-end, AEGY intends to proceed with the filing of its Form S-1 registration statement while preparing to meet the listing requirements for the NASDAQ. About Alternative Energy Partners, Inc. AEGY is a portfolio of energy solutions businesses servicing organizations of all sizes. Its companies include: Xnergy (www.xnergy.com), Sunarias Corporation, (www.sunarias.com), Shovon, LLC (www.shovon.com), and Skynet Energy Systems, Inc. Elan Energy Corporation, AEGY's mechanical contracting subsidiary, also houses R.L.P. Mechanical Contractors, Inc., a Dallas-Fort Worth area contractor serving the medical industry. Alternative Energy Partners is publicly traded on the NASDAQ OTC Bulletin Board (OTCBB: AEGY).
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