Green Energy Live Inc. is a clean energy company developing sustainable biomass-to-energy conversion technology for the nation’s livestock industry. The company today reported its intentions to acquire Peck Electric, Vermont’s leading electrical contracting services provider. Peck Electric reportedly has a solid telecommunications division, established long-term relationships with existing customers, and a proven ability to make contacts with potential new customers.
Karen Clark, president and CEO of Green Energy said Peck Electric’s reputation and business goals make it an attractive target.
“Peck Electric is an ideal fit for Green Energy Live. Peck is a strong, healthy business with outstanding technical, sales and management teams, strong revenue and established customers. Peck has built an excellent reputation providing telecommunications systems for clients and its data division is a key source of customer contacts. Green Energy Live is excited to pursue clean energy initiatives leveraging their technology expertise for the benefit of both companies as well as our shareholders,” Clark stated in the press release.
Operating since 1972, Peck Electric offers electrical contracting services, installs solar energy systems, develops clean energy products and deploys telecommunications systems. The company’s data and telecommunications division have more than 20 years of experience. Peck Electric also has experience with a diverse array of industries including manufacturing, clean areas, hospitals, schools, and office work environments.
According to an unaudited statement of revenue and expenses for 2009, Peck Electric indicates that it generated $6 million in gross revenues and net income of $128,908. Revenues from its telecommunications division represented approximately $1.6 million; historically, costs of sales have represented between 78% and 81% of Peck Electric’s overall gross revenues.
Though Green Energy does not have a complete set of financial statements for Peck Electric, it hopes to obtain the information during its due diligence. The parties anticipate signing a definitive agreement and to close the purchase transaction by April 25, 2010.