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4.3.2008: Meldung: Environmental Power Corporation Completes Exit from Interest in Scrubgrass Generating Facility
Monday March 3, 8:30 am ET
PORTSMOUTH, N.H., March 3 -- Environmental Power Corporation, a leader in the renewable bioenergy industry, today announced that it has completed all transactions necessary to terminate the leasehold interest held by its subsidiary, Buzzard Power Corporation ("Buzzard"), in the Scrubgrass generating facility located in Venango County, Pennsylvania (the "Scrubgrass Facility"), and the related financial obligations of Buzzard"s immediate parent company, EPC Corporation. The transactions, negotiations for which were previously authorized by Environmental Power"s Board of Directors in May 2007, are consistent with the Company"s stated strategy to focus its management attention and resources on the business of Microgy, Inc., the Company"s wholly owned subsidiary developing anaerobic digestion-based renewable energy projects.
The closing of the transactions occurred on February 29, 2008, and, as expected and previously reported, had a combined transaction value to the Company of approximately $6.0 million for accounting purposes, including the cash payment to Buzzard of $375,000 and the forgiveness of indebtedness of EPC Corporation.
"We are pleased to have finally concluded this transaction and appreciate the cooperation of all of the involved parties," said Rich Kessel, President and Chief Executive Officer of Environmental Power. "Importantly, the conclusion of this transaction allows us to focus our attention exclusively on the pipeline of projects under development within the Microgy business."
ABOUT ENVIRONMENTAL POWER CORPORATION
Environmental Power Corporation is a developer, owner and operator of renewable energy production facilities. Its principal operating subsidiary, Microgy, Inc., holds an exclusive license in North America for the development and deployment of a proprietary anaerobic digestion technology for the extraction of methane gas from animal wastes for its use to generate energy. For more information visit the Company"s web site at www.environmentalpower.com.
CONTACT:
Company Contact Public Relations Contact
Mark Hall, Senior Vice President John Abrashkin
Environmental Power Corporation Ricochet Public Relations
(630) 573-2926 (212) 679-3300 x121
[email protected] [email protected]
Source: Environmental Power Corporation
PORTSMOUTH, N.H., March 3 -- Environmental Power Corporation, a leader in the renewable bioenergy industry, today announced that it has completed all transactions necessary to terminate the leasehold interest held by its subsidiary, Buzzard Power Corporation ("Buzzard"), in the Scrubgrass generating facility located in Venango County, Pennsylvania (the "Scrubgrass Facility"), and the related financial obligations of Buzzard"s immediate parent company, EPC Corporation. The transactions, negotiations for which were previously authorized by Environmental Power"s Board of Directors in May 2007, are consistent with the Company"s stated strategy to focus its management attention and resources on the business of Microgy, Inc., the Company"s wholly owned subsidiary developing anaerobic digestion-based renewable energy projects.
The closing of the transactions occurred on February 29, 2008, and, as expected and previously reported, had a combined transaction value to the Company of approximately $6.0 million for accounting purposes, including the cash payment to Buzzard of $375,000 and the forgiveness of indebtedness of EPC Corporation.
"We are pleased to have finally concluded this transaction and appreciate the cooperation of all of the involved parties," said Rich Kessel, President and Chief Executive Officer of Environmental Power. "Importantly, the conclusion of this transaction allows us to focus our attention exclusively on the pipeline of projects under development within the Microgy business."
ABOUT ENVIRONMENTAL POWER CORPORATION
Environmental Power Corporation is a developer, owner and operator of renewable energy production facilities. Its principal operating subsidiary, Microgy, Inc., holds an exclusive license in North America for the development and deployment of a proprietary anaerobic digestion technology for the extraction of methane gas from animal wastes for its use to generate energy. For more information visit the Company"s web site at www.environmentalpower.com.
CONTACT:
Company Contact Public Relations Contact
Mark Hall, Senior Vice President John Abrashkin
Environmental Power Corporation Ricochet Public Relations
(630) 573-2926 (212) 679-3300 x121
[email protected] [email protected]
Source: Environmental Power Corporation