SOURCE: Consolidated Energy & Technology Group, Inc.

November 07, 2005 18:26 ET

Consolidated Energy Announces Funding Agreement

MIAMI, FL -- (MARKET WIRE) -- November 7, 2005 -- Consolidated Energy & Technology Group, Inc. (OTC: CGGE) announced today that it has completed a Term Sheet for US$1M in the form of a Convertible Debenture with a Florida based investment fund. The agreement calls for a Closing within 30 days.

As part of the agreement Consolidated Energy has committed to complete consolidated financial statements, file the necessary paperwork and obtain permission to list its shares on the over the counter bulletin board as maintained by NASDAQ (the OTCBB) within 120 days from Closing and file a registration statement with the United States Securities & Exchange Commission (SEC) within 150 days from Closing.

"Completion of this agreement will provide Consolidated Energy with an important bridge to enable it to become a 'reporting' Company which will allow Consolidated Energy to negotiate more substantial funding arrangements with the investment community and at the same time provide an important method of providing regular reports and information to shareholders and potential investors," stated the CEO.

Consolidated Energy is a holding company in the business of acquiring and developing proven technologies which seek to provide sought-after solutions to current environmental problems in our modern world, with special emphasis on alternative energy, waste management and land remediation.

Consolidated Energy offers turnkey solutions in the waste sector and at the same time uses these resources to provide alternative energy and other products.

Further information about Consolidated Energy can be found at www.cetg-inc.com

NOTE: Statements made by Consolidated Energy & Technology Group, Inc. that are not purely historical are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve a variety of risks and uncertainties, including, without limitation, statements with respect to the Company's strategy and prospects. These statements are made based upon information available to the Company at the time, and the Company assumes no obligation to update forward-looking statements. Readers and investors are cautioned that the Company's actual results may differ materially from those described in the forward-looking statements due to a number of factors including, but not limited to, (1) demand for the Company's products and services; (2) the Company's ability to develop and launch its markets; (3) changes in the current and future business environment, including interest rates and capital and consumer spending; (4) the impact of competitive products and pricing; (5) reliance on key strategic alliances; (6) the availability of funding and skilled personnel; (7) the regulatory environment; (8) risks associated with start-up businesses; and (9) the impact of yet unknown competitors, technological obsolescence, problems with technology, problems with shipment, inadequate supplies and business opportunities.

Contact Information

  • Contact:
    Seamus Lagan
    CEO
    Consolidated Energy & Technology Group, Inc.
    +305 735 8042