Blue Earth Commits Pre-Closing Project Development Funding for the Pending EPCM Acquisition
HENDERSON, NV -- (Marketwired) -- 05/09/13 -- Blue Earth, Inc. (BBLU.OB) (OTCQB: BBLU), a renewable energy and energy efficiency services company, announced today that it has made pre-closing funding commitments for project development activities for the pending acquisition of the EPCM company (engineering, procurement, construction management company) and an affiliated renewal energy company (the "Acquisitions") that specialize in the combined heat and power ("CHP") alternative energy space. The funding commitments allow the EPCM to advance development activities on up to seven initial CHP projects for a substantial NASDAQ:GS Exchange customer. The EPCM has initiated contracting activities for air quality permits, interconnect and other pre-construction activities.
The pending acquisition, announced April 15, 2013, will be through the issuance of restricted shares of BBLU common stock subject to vesting schedules based upon the completion of milestones. Although not yet complete, due diligence has progressed to the point where BBLU is satisfied that closing will occur within 30 days. The pre-closing commitment was made to ensure that development of the initial projects stays on schedule for commencement of on-site construction activities that are projected to occur in August of 2013. This should allow power production to commence in the first half of 2014.
Dr. Johnny Thomas, CEO/President of BBLU, notes that "We are pleased that due diligence has progressed on schedule and that all major contract issues have been negotiated. The due diligence process has confirmed that BBLU's team will be significantly enhanced as we add these experienced management and EPCM professionals to our BBLU team. This EPCM group specializes in development, engineering and management of CHP projects, while subcontracting much of the construction. Therefore, the new team will be complementary to our Xnergy team that also provides construction teams for CHP projects, in addition to developing and engineering projects."
BBLU is engaged in the clean technology industry with a primary focus on the energy efficiency and renewable energy sectors. We strive to participate in the global movement for a sustainable planet by offering products and services that will optimize energy use, reduce harmful environmental emissions and substantially reduce energy costs to our customers. For more information about Blue Earth, Inc ., please visit www.blueearthinc.com.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. All statements other than statements of historical facts included in this press release are forward-looking statements. These statements relate to future events or to the Company's future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Investors should not place any undue reliance on forward-looking statements since they involve known and unknown uncertainties and other factors which are, in some cases, beyond the Company's control which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects the Company's current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to operations, results of operations, growth strategy and liquidity. Such risks, uncertainties and other factors, which could impact the Company and the forward-looking statements contained herein are included in the Company's filings with the Securities and Exchange Commission. The Company assumes no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Investor Relations Contact:Blue Earth, Inc. John C. Francis www.blueearthinc.com 702.263.1808 Ext. 103 firstname.lastname@example.orgLiviakis Financial Communications, Inc. Michael Bayes www.liviakis.com 415.389.4670 Michael@Liviakis.com
Source: Blue Earth, Inc.