14:00 | 21.09.2009
Laidlaw Energy and Homeland Renewable Energy Announce Biomass Project Development Joint Venture and Investment
Laidlaw Biopower, LLC (“Laidlaw”), an affiliate of Laidlaw Energy Group,
Inc. (Ticker symbol “LLEG”), and Homeland Renewable Energy LLC
(“Homeland”), jointly announced today that they have entered into a
joint venture to develop biomass-energy plants throughout the
Northeastern United States. The joint venture company, known as Homeland
Laidlaw Energy, LLC (“HLE”), provides the joint venture partners with a
strong market position in the U.S. renewable energy marketplace with an
initial portfolio of four biomass-energy plants under development in the
Northeast and plans for significant expansion down the road.
In connection with the joint venture, Homeland has also agreed to make
an equity investment in the joint venture which will provide capital for
development as well as proceeds to Laidlaw in consideration for the
contribution of several of Laidlaw’s development projects to the
portfolio of HLE.
Commenting on the formation of HLE, Laidlaw President & CEO Michael B.
Bartoszek stated, “The formation of HLE brings together tremendous
synergies between Laidlaw and Homeland. Laidlaw’s strength lies is
originating, developing and financing exceptional biomass project
opportunities and Homeland’s strength lies in engineering, building and
operating such projects. This joint venture gives the parties everything
they need to take a project from conceptual stage to operations within
one organization.”
Homeland Chairman Jack Clarke will serve as Chairman of the Board of HLE
and Homeland President Rupert Fraser and Chief Operating Officer Carl
Strickler will serve on the board of HLE and as corporate officers.
Laidlaw President and CEO Michael Bartoszek will serve as President and
CEO of HLE and Laidlaw Vice Presidents Louis Bravakis and Raymond Kusche
will hold similar positions with HLE and serve on the board.
The combination of Laidlaw’s and Homeland’s biomass-energy development
businesses brings together approximately 30 professionals focused on
making HLE the leading supplier of biomass-energy in North America. HLE
will be headquartered in New York, NY and maintain offices or personnel
in Pennsylvania, New Hampshire, Vermont, Maine and London, UK.
Homeland President & CEO Rupert Fraser stated, “The HLE joint venture
complements Homeland’s poultry litter power project business extremely
well. We are excited by the opportunities that the HLE project pipeline
will bring for us to create significant value for our shareholders and
those of Laidlaw.”
Separately, Laidlaw announced today that is has signed a letter of
intent to acquire an approximately 10 megawatt biomass-energy plant
located in Massachusetts. The parties are presently negotiating a
definitive purchase agreement. It is anticipated that the project will
be assigned to HLE and become part of its development portfolio, subject
to approval of HLE’s board of directors.
For further information on Homeland please see www.homelandrenewableenergy.com
and for further information on Laidlaw please see www.laidlawenergy.com
This communication contains statements expressing expectations of future
events and/or results which may include, without limitation, statements
concerning anticipated financial performance, business prospects,
technological developments, potential markets, new products, research
and development activities and similar matters. Such statements
constitute forward-looking statements made pursuant to the Safe Harbor
provision of the Private Securities Litigation Reform Act of 1995. All
statements based on future expectations rather than historical facts are
forward-looking statements that involve a number of risks and
uncertainties, and neither Laidlaw not Homeland can provide assurance
that such statements will prove to be correct. Laidlaw and Homeland
undertake no obligation to update or revise any forward-looking
statement, whether as a result of new information, future events or
otherwise.
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