FutureWorld Energy Acquires Midwestern Based Solar Thermal Systems Provider
FUTUREWORLD ENERGY, a global provider of alternative, renewable and clean energy technologies, today announced today that it has entered into a Letter of Intent to acquire Arctic Solar Engineering, LLC, a privately held supplier and integrator of solar thermal systems and absorption units, located in Chesterfield, MO.
Under the terms of the LOI, FutureWorld Energy will acquire Arctic Solar Engineering assets for approximately $2M in preferred stock, 50% of which will be tied to an earn-out agreement that will be based on projected pipeline revenue. The final purchase price will be based on a third-party valuation of Arctic Solar business and holdings.
FutureWorld will continue to support the existing and future Arctic Solar customer base.
With the combination of FutureWorld’s engineering background and Arctic Solar know-how, FutureWorld will provide a complete turnkey commercial building solar system that uses no conventional energy, resulting in 60%+ energy savings to the client. FutureWorld will soon have the largest installed solar thermal system in the Midwest, if not the country, with a 5 year or less payback and with no federal or state incentive support.
Michael Shoaff, COO of FutureWorld, states: “This is a game changer and one that we feel will strengthen the company’s long-term growth outlook and solidify our position in the solar sector. Upon completion of the acquisition, FutureWorld will head into 2011 with a rapidly-expanding customer base, vast array of enticing solar solutions, and the technology to offer some of the most cost-efficient solutions to a world demanding clean, renewable energy.”
Arctic Solar short term projected revenue outlook exceeds 750K, with forecasted 2011 solar revenues in excess of $4.0M, on a standalone basis. FutureWorld anticipates significant revenue growth as a result of this acquisition.
About FUTUREWORLD ENERGY
FutureWorld Energy, Inc. (pinksheets:FWDG), a Delaware corporation, is a U.S. Diversified Energy Holding Company, listed on the Over the Counter exchange, which was formed to capitalize on the burgeoning markets in renewable and alternative energy technologies globally. FutureWorld Energy, together with its subsidiaries, focused on the identification, acquisition, development, and commercialization of renewable and alternative energy technologies globally. Through established relationships with universities, research centers and government agencies, we strive to identify technologies on the leading edge of innovation that would contribute immensely to the global energy needs while protecting the future for our children and theirs. To request further information about FutureWorld, please email us at [email protected] or log onto our website at https://www.futureworldenergyinc.com.
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