SOURCE: Green Energy Live

Green Energy Live

April 26, 2010 05:00 ET

Green Energy Live Reports 12% Increase in Revenue for Profitable Subsidiary

GRAND RAPIDS, MI--(Marketwire - April 26, 2010) -  Green Energy Live Inc. (OTCBB: GELV), a growing clean energy company engaged in developing sustainable biomass-to-energy conversion solutions for the U.S. livestock industry, reported strong 2009 pro forma financial performance for wholly owned subsidiary Comanche Livestock Exchange ("Comanche"). Comanche generated a 12% increase in revenue for the twelve months ended December 31, 2009 over the prior year, and positive EBITDA of $105,435. Comanche's consistent performance in the fiscal years of 2009, 2008 and 2007 resulted in an average annual revenue of $694,529 and generated EBITDA of $105,434, $138,845 and $52,114 respectively, an annual average of $98,798. 

For the twelve month periods ended December 31, 2009 and 2008, Comanche generated revenues of $721,999 and $644,146, respectively, an increase of $77,853 or 12%. For the twelve month periods ended December 31, 2009 and 2008, Comanche generated net income of $65,592 and $98,001, respectively, a decrease of $32,409 or 33%. The decrease includes an interest charge of $11,622 related to the acquisition note recorded in Comanche numbers due to business combination accounting requirements. The rest of the net income difference mainly came from higher depreciation in the 2009 statement which was also attributed to accounting requirements related to the acquisition. 

Green Energy Live acquired Comanche, a profitable Texas-based provider of live animal auction and hauling services, in July 2009. The wholly owned subsidiary has a 60-year track record of success serving the United States beef and dairy industries. The acquisition enhances Green Energy Live's ability to bring its clean energy technology to market by providing ongoing revenue to support technology development, livestock industry experience, contacts with potential customers, and an established sales channel.

Green Energy Live is working to leverage its proprietary gasification technology to develop on-site manure-to-electricity conversion systems to convert animal waste into clean energy. The technology is designed to enable America's livestock farmers and ranchers to generate electricity for farm use as well as for sale back to the grid, to reduce electricity and manure disposal costs, and to protect the environment.

Karen Clark, President/CEO of Green Energy Live, commented: "In spite of a tough overall economic climate, Green Energy Live's subsidiary business was able to increase annual revenue 12%, remain profitable, and continue the trend of positive earnings and EBITDA. We are proud of Comanche's financial performance and see their business as an integral part of our strategy for achieving growth and market penetration for our clean energy technology."

Green Energy Live's October 13, 2009 Form 8-K/A reporting the acquisition, which includes Comanche's audited financial statements, can be viewed on the SEC's EDGAR website at http://www.sec.gov/edgar/searchedgar/companysearch.html.

About Green Energy Live (OTCBB: GELV)
Green Energy Live Inc. is engaged in developing sustainable biomass-to-energy conversion technology to meet a critical need for the nation's $154 billion livestock industry. The company plans to use its proprietary gasification technology for the development of highly innovative, on-site manure-to-electricity conversion systems to enable livestock farmers and ranchers to convert their animal waste into clean, renewable energy.

This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements include, without limitation, plans and expectations regarding the development of GELV's gasification technology and other projects and operations. GELV has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith based upon currently available information, and is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to: (1) GELV's need for additional financing, which is not assured and which may result in dilution of shareholders; (2) GELV's status as a small company with a limited operating history; and (3) regulatory restrictions in the production of bio-fuels. For a more detailed discussion of such risks and other factors, see the Company's 2009 Annual Report on Form 10-K, filed on April 15, 2010, with the Securities and Exchange Commission, and its other SEC filings. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, to update or provide advice in the event of any change, addition or alteration to the information contained in this news release including such forward-looking statement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.