While not a binding agreement, the letter of intent is a sign of due diligence if an acquisition of Peck Electric Inc. is to be had by GEL, which specializes in developing sustainable biomass-to-energy conversion solutions for the livestock industry.
Peck's current solar energy system design and installation wing currently provides services for commercial, residential, and industrial customers. They currently have close to $5 million in proposals for new solar energy projects and expects to increase its revenue in 2010.
"In response to rising energy costs and environmental concerns, commercial and residential customers are looking to solar energy systems for clean power generation. Green Energy Live believes Peck is ideally positioned to grow sales and revenue serving this lucrative market segment. We see the increases in requests for proposals, bids submitted and contracts awarded as highly encouraging indicators."
In 2009, Peck generated approximately $6 million in gross revenue and $128,908 in net income. GEL is also optimistic that the company's revenues will see an increase in 2010 as well.
