SOURCE: Green Energy Live

Green Energy Live

March 11, 2010 07:00 ET

Green Energy Live Reports on Customer Base and Revenue From Acquisition Target's Telco Division

GRAND RAPIDS, MI--(Marketwire - March 11, 2010) -  Green Energy Live Inc. (OTCBB: GELV), a clean energy company engaged in developing sustainable biomass-to-energy conversion solutions for the U.S. livestock industry, has executed a letter of intent to acquire Peck Electric, Vermont's leading provider of electrical contracting services. Green Energy Live is pleased to report that Peck's telecommunications division continues to maintain longstanding relationships with existing customers and make contacts with potential new customers.

In business since 1972, Peck Electric provides electrical contracting services, installs solar energy systems, develops clean energy products and deploys telecommunications systems. Peck's data and telecommunications division has more than twenty years of experience and a staff of thirty-five to serve the network and voice cabling needs of its customers. Peck provides services ranging from large telecommunications infrastructure installations to daily site moves, adds and changes for industrial, commercial and residential customers. The company has experience with a diverse array of industries including manufacturing, clean areas, hospitals, schools, and office work environments. The division has multiple certifications and also offers consulting, project management and design services.

Karen Clark, President/CEO of Green Energy Live, commented: "Peck Electric is an ideal fit for Green Energy Live. Peck is a strong, healthy business with outstanding technical, sales and management teams, strong revenue and established customers. Peck has built an excellent reputation providing telecommunications systems for clients and its data division is a key source of customer contacts. Green Energy Live is excited to pursue clean energy initiatives leveraging their technology expertise for the benefit of both companies as well as our shareholders."

Peck Electric's statement of revenue and expenses for 2009, which is not audited, indicates that it generated $6 million in gross revenues and net income of $128,908. Revenues from Peck Electric's telecommunications division represented approximately $1.6 million. Historically, costs of sales have represented between 78% and 81% of Peck Electric's overall gross revenues. Green Energy Live does not possess a complete set of financial statements for Peck Electric, which it hopes to obtain during its due diligence. The parties intend to sign a definitive agreement and to close the purchase transaction by April 25, 2010. However, the letter of intent is not a binding agreement, the transaction is contingent upon the satisfactory completion of due diligence, there is no assurance the transaction will be completed and the anticipated closing date may be extended if certain terms and conditions are not met. If the acquisition does occur, there is a risk that the benefits anticipated through such acquisition will not be realized due to, among other things, Green Energy's possible inability to successfully integrate Peck.

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. Green Energy Live acquired Comanche Livestock Exchange in July 2009. The wholly owned subsidiary supports Green Energy's clean energy technology development, livestock industry experience, contacts with potential customers, and an established sales channel.

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 2008 Annual Report on Form 10-K, filed on March 31, 2009, 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.