ST. CLOUD, FL--(Marketwire - Oct 12, 2012) - RenuEn Corporation (PINKSHEETS: RENU) a Power Project Development company, is pleased to announce that the Construction Bond has been secured and that the applicable permits for the St. Cloud project have been filed. The bond allows the company to move forward with installation of the equipment on the project site. The company also filed the necessary permits with the City of St. Cloud and with the Florida Department of Environmental Protection.
Don Wood, RenuEn's CEO, stated, "The securing of the Bond and the filing of the permits allows us to get the project moving forward to operational status. We have had the millions of dollars of equipment in a warehouse here locally, but until we had the bond, were not able to get the equipment on the site. This is a very important milestone for the start of the project. We expect to begin producing within 4 months and are excited to finally get this strategically important project done.
"I would also like to take this time to update our shareholders on the status of the company since Team Energy, Inc was acquired. Not only have we been very focused on the operational side of things but also on the corporate side as well. We have consolidated the financials of the 2 entities and expect to file unaudited financials very soon. Since the transaction was recent we had to wait until October to complete the numbers. We have renegotiated and eliminated a lot of old Shaka items on the balance sheet and believe that it has put the company in a much stronger financial position.
"We have also been retiring the number of shares outstanding to better serve our current shareholders and to properly position the company with future investors. All together there has been very significant repositioning of our entire financial circumstances for the better. We feel that with our current backlog of projects we had to restructure in order to be attractive to the investment community.
"We originally had expected to have all of this done sooner but the scope and size of reorganization was significantly more complicated than we thought. But the results are really what matter and the next step is to elevate our listing on the exchange. We fervently believe that the removal of certain designations will have a positive impact on our shares. This is a very critical issue and will be alleviated soon."
About RenuEn Corporation
RenuEn Corporation is a Power Project Development company. The company focuses on Landfill Compressed Natural Gas capture and International Renewable Power projects.
Safe Harbor Statement
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with the Securities and Exchange Commission. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.