SOURCE: Consolidated Energy & Technology Group, Inc.

November 07, 2005 18:17 ET

Consolidated Energy Announces Retention of Consulting Firm to Assist With Negotiation of Two Funding Agreements

MIAMI, FL -- (MARKET WIRE) -- November 7, 2005 -- Consolidated Energy & Technology Group, Inc. (the Company) (OTC: CGGE) announced today that on October 24th 2005 it engaged a Florida based consulting firm (the Firm) for a period of nine months. The agreement calls for the Firm to provide certain services and specifically to assist the Company negotiate and formalize two separate funding agreements as well as advise and assist the Company with relation to any terms imposed by these funding agreements that the Company will be required to meet in the coming months.

The Firm will obtain for the Company, a loan of US$1M in the form of a convertible debenture. As part of this agreement the Company anticipates committing to having consolidated financial statements completed, filing the necessary paperwork to list its shares on the over the counter bulletin board as maintained by NASDAQ (the OTCBB) and filing a registration statement with the United States Securities & Exchange Commission.

The Firm has also committed to delivering to the Company, a term sheet on commercially acceptable terms for a US$50M financing that will have to be included for approval in a registration statement that the Company will have to be filed with the United States Securities & Exchange Commission (SEC).

"The retaining of this Firm provides Consolidated Energy with substantial ability and experience in the negotiation of these types of funding agreements and should greatly improve the possibility that the Company will secure a successful outcome to such negotiations. A successful outcome to such negotiations would help Consolidated Energy meet its business objectives and should provide substantial benefit to Consolidated Energy and its shareholders in the future," 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