Laidlaw Energy Group, Inc (OTC:LLEG) issued a press release this morning announcing their earnings for year end 2010. The company reported net income of $2.44 million on revenues of $4.13 million. Revenues were created through management fees and partial compensation from the sale of project holdings. Laidlaw indicated that it is ”happy to report” that the company is currently debt-free and maintain cash and assets in excess of $3.5 million.
Laidlaw Energy is engaged in the development of independent power plants that generate electricity from renewable resources, with a particular emphasis on biomass power. Biomass power is the most widely used renewable energy source worldwide and is the fourth largest global energy source after coal, oil and natural gas. President Michael Bartoszek went on to add:
We are pleased to report these strong results as we continue our strategy of diversifying our holdings into biomass and other power projects that are either operational or are in later stages of development. We feel very optimistic that 2011 will be even better.
LLEG expects their audited financial statements will be publicly available this March. The results will be posted on their website LaidLawEnergy.com
Back in early February, we reported that Laidlaw Energy acquired a bio-mass energy power plant in California. Shares of LLEG have gradually increased–they opened the week trading at $.0052 cents per share. The company has a market value of $6,309,249 with 1,213,317,185 outstanding shares. Of Note: LLEG is also carrying the OTC Stop Sign for lack of public information via OTC Markets.