$NCNE is MY MVP Pick .007
North Carolina Natural Energy, Inc. Enters Into Agreement to Acquire Stake in Biomass Distributor
June 11, 2012 6:16 AM ET
CHARLOTTE, N.C., June 11, 2012 (GLOBE NEWSWIRE) -- North Carolina Natural Energy, Inc. (OTC:NCNE), announced today it executed a letter of intent to acquire 40% ownership interest in Construction Management Institute ("CMI") of Belfast, Maine to participate in and help manage distribution of biomass wood chip materials.
Closing of the acquisition is subject to completion of final due diligence with terms and conditions being agreed upon by both parties. Of the $174,000,000 in wood biomass being sold initially under the three year contract, CMI will receive revenue of $7,200,000 and NCNE will receive revenue of $2,900,000 over three years or $984,000 per year.
In addition to CMI negotiations with forest owners in Maine and Florida, according to the US Department of Agriculture, catastrophic events such as hurricanes can damage tens of billions of board feet of timber in a single storm that is left to rot or dumped in landfills. Direct Combustion of the unprocessed mix of coarse chips of bark and wood fiber called "Hog Fuel" is being utilized for wood biomass and even exported under contract.
Construction Management Institute is a US based corporation credited with successful business development and facilitation of both US domestic and internationally based commercial transactions including a $1.5 BB reconstruction program for rebuilding Haiti, construction management and general construction contracts in excess of $1 BB and involved in multi-national aggregating and wholesale activity, associated with Biomass materials harvested in the US and abroad, for electricity and power generation clientele in the European market. www.constructionmanagementinstitute.org
North Carolina Natural Energy, Inc . is a development stage company in the business of managing alternative renewable energy solutions including biofuel, wind energy and innovative green products for agriculture, and livestock. www.ncnaturalenergy.com
Forward Looking Statements
This press release contains forward-looking statements subject to the inherent uncertainties in predicting future results and conditions. Any statements that are not statements of historical fact (including statements containing the words "believes," "plans," "anticipate," "expects," "estimates," and similar expressions) should also be considered to be forward-looking statements. Certain factors could cause actual results and conditions to differ materially from those projected in these forward-looking statements. These factors are identified from time to time in our filings with the Securities and Exchange Commission. We undertake no obligation to update such statements to reflect subsequent events.
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