Encore Energy Systems to Merge With BioConversions International With $17,000,000 in Projected Profitable Revenues
Posted on: Friday, 8 August 2008, 12:00 CDT
OXFORD, Miss., Aug. 8 /PRNewswire-FirstCall/ -- Encore Energy Systems (Pink Sheets: ENCS) announced today it has executed a Letter of Intent to merge with BioConversions International. BioConversions reports over $17,000,000 in projected sales with net earnings of approximately 12%.
Encore Energy Systems will continue as a wholly owned subsidiary of the new combined entity. The Directors and Officers of Encore Energy Systems will resign.
Stockholders are anticipated to own 25% of the combined entity. ENCS and EVI shareholders will receive cash-dividends from Encore's royalty agreements and future Encore-related agreements. Shareholders will receive new Preferred Stock paying yearly dividends of cash or common stock upon redemption. The Company intends the proposed merger to provide current and future equity growth to its loyal stockholders. The proposed merger contemplates the spinning-off of the Encore operations to existing Encore and EVI shareholders as soon as practicable.
The LOI is subject to customary conditions, funding for the transaction, and expires 15 September 2008. A Press Release will provide details of the LOI, royalty schedule, and the Preferred Stock dividends. The transaction is part of the Company's previously disclosed plans for cost and debt reduction and to expand its business and market scope.
About Encore Energy
The Company owns the patents for the use of grey-water, and domestic water in heat exchanger systems. They also provide all forms of conventional geothermal heat exchange systems. See our video at http://www.encoreenergyinc.com/. The Company licenses its patented technology to other energy-related businesses.
About BioConversions International
BioConversions is an international aggregator bio-diesel reactor technology, fuel distribution, production systems.
Safe-Harbor Statement
This press release contains statements (such as projections regarding future performance) that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. The company's web-site version of this press release contains various RISK FACTORS (and are incorporated herein by reference) and should be read before any investment decision.
Investor Relations: Contact: Encore Energy Systems, Inc. info@encoreenergyinc.com (888) 234-0963
Encore Energy Systems
CONTACT: Encore Energy Systems, Inc., 1-888-234-0963,info@encoreenergyinc.com
Web site: http://www.encoreenergyinc.com/
Source: PRNewswire-FirstCall
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