GreenHouse Holdings, Inc. (OTCQB:GRHU), a San Diego, California based integrated energy solutions provider and developer of eco-friendly infrastructure, reported the signing of multiple contract awards for its Life Protection (NYSE:LPI) Governmental Services Division, totaling $6 million. The recently acquired LPI subsidiary provides innovative training, support, design and construction of facilities and services to meet the needs of the U. S. Government, military, and law enforcement agencies.
"These contract awards with new and existing clients is a reflection of the trust our customers have in GreenHouse's commitment to delivering top-quality products and services," said Russ Earnshaw, President of GreenHouse Holdings. "We are extremely proud of LPI's ability to immediately secure highly desirable contracts within an industry with high barriers to entry. Management remains dedicated to strengthening our associations with the Directors of government agencies and expanding our geographic footprint as we continue to increase revenue, grow earnings and improve overall shareholder value."
Furthermore, GreenHouse released the signing of a Letter of Intent to acquire Control Engineering, Inc (NYSEMKT:CEI). Experts in multiple technologies and applications, CEI's client base includes recognizable brands from a wide range of industries including pharmaceutical, food, beverage, utility, military and consumer goods.
Key Strategic Benefits for GreenHouse: The acquisition is expected to significantly increase gross margins in GreenHouse's Energy Services Division via vertical integration of CEI's business. The acquisition is also expected to provide cross- selling opportunities of GreenHouse products and services to CEI's existing clients; The acquisition should immediately give GreenHouse access to the expert knowledge of CEI in commercial and industrial automation; and The anticipated cost saving as a result of the acquisition will provide a competitive advantage to GreenHouse in the Automated Demand Response market.
CEI's team members are expected to stay in their current or similar roles and will work directly with GreenHouse executives to manage the integration and restructuring of CEI's operations with GreenHouse's. GreenHouse will provide its expectations of when the transaction is projected to close and provide specific revenue and earnings per share guidance in a future announcement.
GreenHouse Holdings, Inc. is a San Diego, California based integrator of some of the world's most innovative environmental, public safety, infrastructure technologies.
Brazilian mining giant Vale S.A. (NYSE: VALE) held a press conference on Monday October 18, 2010 at the New York Stock Exchange where its CEO explained that Vale will spend between $26 billion and $28 billion over the next two years to complete projects under way. With a market capitalization of $150 billion, Vale has established itself as the largest producer of iron ore and second largest mining company in the world. Third quarter iron ore output increased 24% to 82.6 million tons.
"We are in the best moment of our history, we have good assets, and the best investment portfolio in the industry," said Roger Agnelli, president and CEO of Vale.
Vale S.A., through its subsidiaries, operates as a diversified metals and mining company worldwide. Vale produces iron ore and iron ore pellets, nickel, manganese ore, ferroalloys, kaolin, and pig iron. It also engages in producing bauxite, alumina, aluminum, copper, metallurgical and thermal coal, metallurgical coke and methanol, cobalt, potash, and other non-ferrous minerals, as well as precious metals, including platinum-group metals, gold, and silver.
Marshall & Ilsley Corporation (NYSE: MI) announced on October 20, 2010 several promotions and other organizational changes. Mark F. Furlong, president and chief executive officer of Marshall & Ilsley Corporation, has been named to the additional position of chairman of the board. Furlong joined Marshall & Ilsley in 2001 as senior vice president and chief financial officer. He was elected president of M&I Marshall & Ilsley Bank (M&I Bank) in 2004, president of Marshall & Ilsley Corporation in 2005, and was named chief executive officer in 2007. Furlong succeeds Dennis J. Kuester, who retires as chairman effective today. Kuester has been chairman of Marshall & Ilsley Corporation since 2004 and will remain a member of the board of directors. Marshall & Ilsley also announced that Thomas R. Ellis has been named president of M&I Marshall & Ilsley Bank. Ellis will succeed Furlong, who will continue to serve as chairman and chief executive officer of M&I Bank. Ellis will also become a member of the board of directors of M&I Bank. Ellis joined M&I Bank as assistant vice president and commercial lender in 1988. Since 2009, Ellis has been executive vice president of M&I Bank and head of Community Banking.
Marshall & Ilsley Corporation, through its subsidiaries, provides diversified financial services to corporate, institutional, government, and individual customers in the United States. Marshall & Ilsley's Commercial Banking segment provides various products and services, including secured and unsecured loans and lines of credit, letters of credit, asset-based lending, equipment financing, mezzanine financing, global trade services, treasury management, demand deposit accounts, interest bearing accounts, and time deposits, as well as construction loans for commercial and residential development, and land acquisition and development loans.
H&R Block, Inc. (NYSE: HRB) filed a lawsuit that alleges HSBC has failed to honor its contract to back the loans, which expires next year. The suit says HSBC has not taken the necessary planning steps to ensure that H&R Block will be able to offer refund anticipation loans and refund anticipation checks during the 2011 tax season. A refund anticipation loan is a short-term loan backed by an expected federal income tax refund. A refund anticipation "check" is actually an account where a refund is deposited. This enables taxpayers to have their tax return preparation fees deducted from their refund, rather than paying up front. Both products are typically used by low-income customers who file their taxes early in the season.
H&R Block, Inc., through its subsidiaries, provides tax preparation, retail banking, and various business advisory and consulting services. H&R Block operates in three segments: Tax Services, Business Services, and Corporate.
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