SOURCE: Grid Cloud Solutions

March 28, 2011 08:00 ET

Grid Cloud Solutions Appoints New CEO and Files for Cancellation of an Additional 66,000,000 Shares

SAULT ST. MARIE, ON--(Marketwire - March 28, 2011) - Grid Cloud Solutions Inc. (PINKSHEETS: GRDC) welcomes Mr. Danny Wong to its board of directors, and appoints Mr. Wong as its new Chief Executive Officer (CEO).

About Mr. Danny Wong:
Mr. Wong brings a wealth of practical experience and success to Grid Cloud Solutions Inc. He is a well-respected Canadian businessman with a strong entrepreneurial spirit. As a Certified Electrical Technician, he is considered to be a pioneer in the Energy Management sector. In 1994 he began to build a reputation for his ability to reduce energy consumption bills for large Fortune 500 clients through the use of innovative automated building systems and the provision of energy efficient lighting upgrades.

In 2001 Danny helped form the Synexus Global Energy Solution - An Acres Company where he participated with Acres International Energy Engineering in the development of a software energy solution known as E3. This powerful early version software allowed the prediction, monitoring, optimization and reporting of energy usage from multiple commercial site locations.

In addition, Danny played an intricate role in the design and assembly of a revolutionary energy-monitoring desk that facilitated 24/7 polling of energy data collected from large commercial buildings in Real-Time, while interacting with current IESO appraisals.

During his duration at Synexus, he again found himself fulfilling energy and service contracts for a long list of Fortune 500 clients including Wal-Mart, Zeller's, Staples, and MacDonald (many of which he continues to service to this day.)

While realizing that "complete" Energy Management Control Systems (EMCS) would be the future of energy, Danny left his role as Senior Vice President at Synexus Global and founded the Encompass Group.

Under Danny's direction, in 2004, the Encompass Group began integrating complete HVAC building systems with 21st Century energy management technologies, with the ability to interact with the 20th century power grid -- resulting in an advanced Smart Grid compatible energy solution that has the capability of reducing energy consumption in some automated plants and commercial buildings by up to 30%.

With a strong belief in Smart Grid solutions, Danny continues to focus on ways of finding new found revenue streams for his clients, by helping them save on their daily operation costs.

Grid Cloud Chairman Dr. Luc C. Duchesne stated, "Mr. Wong will prove to be a valuable asset to the Company as it strengthens its offering by combining renewable energy solutions, with smart grid compatible energy monitoring systems -- resulting in significant reductions in the cost of clean energy. Mr. Wong's background, extensive network, business skills and hands on experience will prove to be a vital asset in the growth and success of Grid Cloud Solutions Inc." Dr. Duchesne further commented, "On behalf of the management team and its shareholders, we would like to thank Carla Gafter for her tremendous efforts over the last year in re-focusing the company into the exciting clean energy business and for her tireless efforts in canceling more than 600 million shares to date."

Cancellation of Shares:

The Company's attorney has filed in Broward County, FL seeking a court order to cancel an additional 66,000,000 shares of its common stock. The Company's attorney expects to amend the motion to add an additional 10,000,000 shares to be cancelled.

In the event the Company is successful in the cancellation of the remaining shares, the total Issued & Outstanding would be further reduced to 118,809,180.

Management expects to reach settlement in the next few weeks, which would see a further cancellation of outstanding shares. Management will report on the progress in the coming weeks.

About Grid Cloud Solutions:
Grid Cloud was formed as a service company to support the renewable energy sector by providing a variety of business and technological solutions including: financing, business development, security and monitoring services. The company offers these services to the wind, solar, modern biomass, geothermal, hydroelectricity and biofuel industries. The Company's business plan is tailored after the business models developed by service providers in the petroleum industry, who are focused on providing solutions to complex problems as they emerge.

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Disclaimer: Shareholders and investors are strongly cautioned against placing undue reliance on information set forth in these communications in making any investment decisions concerning our securities. The matters set forth in this press release are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that may cause actual results to differ materially. These risks are detailed from time to time in the Company's periodic reports filed with the including the company's Annual Report, Quarterly Reports and other periodic filings. These forward-looking statements speak only as of the date hereof. The Company disclaims any intent or obligation to update these forward-looking statements.

Contact Information

  • Investor Relations Contact:
    Grid Cloud Solutions
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    tel. 1-954-707-3043