Green Energy Live (GELV) looks to solar energy as new revenue source

Posted on: Tuesday, March 9th, 2010
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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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Category: Alternative Energy Stocks, Energy Stocks, OTCBB
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