Mangosoft, Inc. (OTCBB: MGOF), a business internet solutions company based out of New York, announced today that the Company would be expanding the Board of Directors by welcoming two new directors, as well as announcing the appointment of Dennis Goett as Chairman and CEO of the Company.
The Board today announced that Elliott Singer and Joseph Luminoso were elected to the Company’s Board effective on Febuary 24, 2010. Both men bring years of experience from long and storied careers within the tech industry. First, Mr. Joseph Luminoso has enjoyed a successful career as software and services senior executive, managing Technical Solutions for 3Par, a manufacturer of systems and software for data storage and information management. Additionally, Elliott H. Singer brings experience in both corporate development and board service. He founded A+ Communications, a telecommunications company, and built it into a $100 million enterprise.
Furthermore, Selig Zises resigned his interim roles as Chairman and CEO. The resignation of Selig Zises from his interim role as Chairman and CEO is in keeping with his commitment to serve following the unexpected death of Dale Vincent last April, the Company’s former CEO.
Mr. Zises commented, “We have filled the management gap left by Dale’s tragic and unexpected death. With the additions of Elliott Singer and Joe Luminoso to the board, we now have a broader set of skills to guide the Company and assist the management team as we move into a new and exciting phase of Mangosoft’s existence. I will remain close to the management and board and assist the Company in any manner I can.”
The newly appointed Chairman of the Board and Chief Executive Officer, Dennis M. Goett, commented, “With the addition of Elliott Singer and Joe Luminoso to the Mangosoft board, the Company will benefit from their significant experience. These gentlemen bring a broad array of expertise needed to set the direction of Mangosoft and grow our company into a profitable enterprise with a sustainable business model.”
Goett continued, “The Company is fortunate to have had Mr. Zises step up at a time of uncertainty to provide solid leadership. He served without compensation and steadied the Company in the wake of the unforeseen loss of Dale Vincent. While Mr. Zises is stepping down from his official roles at this time, we are confident that we will have the benefit of his continued vision and guidance. The realigned Mangosoft team will focus our resources on new sectors that will deliver superior results to our shareholders.”
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Green Energy Live, Inc. (OTCBB: GELV) is pleased to report today that Peck Electric Inc.’s solar power system design and installation business is growing steadily and has a promising outlook for increased sales this year. Last month, Green Energy executed a letter of intent to acquire 100 percent of the stock of Peck Electric, Inc.
In business since 1972, Peck Electric is Vermont’s leading provider of electrical contracting services, and although Green Energy does not possess complete financial statements for the company, their statement of revenue and expenses for 2009, which is not audited, indicates that it generated $6 million in gross revenues and net income of $128,908. Only about eight percent of revenue was represented by Peck’s solar division, which provides complete solar photovoltaic power system design, supply, installation and training for commercial, industrial and residential customers. Green Energy is hoping that the revenue collected in 2009 will continue to climb in the coming years.
Karen Clark, President/CEO of Green Energy Live, commented, “To minimize their ecological footprint, combat rising energy costs, and improve their corporate image, companies are turning to clean energy sources. Peck is establishing itself as the go-to source for solar in Vermont. While installations were a relatively small source of revenue in 2009 at approximately $500,000, we hope that Peck’s solar business will increase revenue and market penetration significantly this year.”
At the end of last month, Green Energy signed a letter of intent to purchase Peck, and if all goes as planned, Peck will become a wholly-owned subsidiary of Green Energy. The parties intend to sign a definitive agreement and close the purchase transaction by April 25, 2010.
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