SOURCE: Green Energy Live

Green Energy Live

March 01, 2010 04:00 ET

Green Energy Live Reports on Strong Revenue and Customer Base of Acquisition Target's Contracting Business

GRAND RAPIDS, MI--(Marketwire - March 1, 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, has executed a letter of intent to acquire 100% of the stock of Peck Electric Inc, Vermont's leading provider of electrical contracting services. Green Energy Live is pleased to announce that Peck's electrical services business is thriving with strong and consistent revenue, longstanding relationships with key customers, and opportunities to expand with clean energy products and services.

Peck Electric's established electrical contracting services division currently employs 60 people with training and experience in all aspects of electrical wiring for commercial, industrial and residential projects as well as control wiring and logic controllers, high voltage power distribution, lighting and 24 hour emergency service. The company is licensed, insured and has been servicing customers since 1972. Peck generated $6 million in gross revenue in 2009 with the majority of sales attributed to its electrical division.

IBM, UPS, Energizer Battery Company, PBM Nutritionals, Ben & Jerry's, Husky Injection Molding, Fletcher Allen Health Care, University of Vermont and Champlain College are among Peck's customers. The company has worked with most major general contractors throughout Vermont. In addition to electrical contracting Peck installs telecommunications systems, provides solar power installations, and designs and develops clean energy products.

Karen Clark, President/CEO of Green Energy Live, commented: "Peck Electric is a solid, well-run company with multiple and consistent revenue streams as well as potential for significant expansion in clean energy offerings. In spite of extremely tough economic conditions Peck maintained its revenue levels last year, generating $6 million in gross revenue in 2009 as it did in 2008. Green Energy Live is extremely pleased to be moving forward with the acquisition of this growing enterprise."

On February 23, 2010 Green Energy Live updated its Letter of Intent to acquire 100% of the stock in Peck Electric. Upon acquisition, Peck will become a wholly owned subsidiary. Green Energy Live is conducting its due diligence and intends to commence the required financial audits in March 2010. Upon completion of these pre-acquisition investigations, Green Energy Live and Peck Electric will determine a closing date for this transaction.

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 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.

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.