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Sauer Energy (SENY) Inks Letter of Intent for Acquisition of City Windmills

Sauer Energy, Inc. (“SEI”) today announced that it has signed a non-binding letter of intent (LOI) with City Windmills Inc. in a deal that could strengthen the company’s position in the renewable energy market.

The LOI sets the table for discussion between SEI and City Windmills regarding SEI’s acquisition of City Windmills and its Government contract for the wind power sector. If executed, SEI said it expects the deal to aggressively expand its operations.

“The reason we are pursuing this acquisition, which we feel is a monumental step for our company and its shareholders, is to open up new channels of sales that will enhance our bottom line. We are very excited about the opportunity that has been placed before us. The closing of the transaction is subject to execution of definitive agreements and the completion of due-diligence by all parties,” Dieter Sauer, CEO and president of SEI stated in the press release.

Due to the nature of the non-disclosure agreements between all parties involved, SEI declined further details regarding the unnamed Government agency at this time. SEI said it will release full details upon completion of a definitive agreement and approval from the Governmental agency’s legal team.

If the transaction is finalized, SEI will acquire all issued and outstanding shares of City Windmills, at which time the company will become a wholly owned subsidiary of SEI.

Roland J. Bopp, current CEO of City Windmills, will remain as CEO of the wholly owned subsidiary to manage the Governmental contract.

“Furthermore, the selection of Roland J. Bopp as a member of our team will be a contributing asset to our future balance sheet,” Sauer concluded.

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