ICOR News InterCore Energy Plans To Acquire Leg
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ICOR News
InterCore Energy Plans To Acquire Legacy Group
2012-07-18 07:28 ET - News Release
Enters into Letter of Intent for Scheduled Closing in September
MAHWAH, N.J., July 18, 2012 /PRNewswire/ -- InterCore Energy, Inc. (OTCBB: ICOR) announced that it has entered into a non-binding letter of intent to acquire the Legacy Group of companies. If completed, the acquisition of the Legacy Group will reinforce InterCore Energy's focus on clean energy technologies. The parties are currently planning to close the acquisition in September 2012.
The Legacy Group, comprising Legacy Automation, Power & Design, Inc.; XS Power LLC; and Green Power Solutions LLC dba Green Power Systems, is based in Houston, Texas, and originates from a facility that includes a 30,000 square foot manufacturing plant. Legacy's product lines include: power and automation products for the oil and gas industries, such as portable power electronics and control automation systems that are used in land-based and offshore oil and gas production drilling systems; a unique ultra-efficient marine hybrid propulsion system that plans to reduce the fuel consumption used by larger marine vessels, such as harbor tugboats and ferries, while reducing the emissions of carbon dioxide and nitrogen oxides and mitigating noise pollution; and a highly efficient and very low power-consuming cooling system for use in portable data centers and power systems for oil and gas drilling rigs, and potentially adaptable for commercial and residential use, that uses approximately 50% less energy than traditional chilled water systems.
Mr. Paul Rembach, Legacy's founder and CEO, said: "The opportunity to integrate the Legacy operation into the InterCore portfolio is extraordinarily synergistic. It provides an avenue for supporting the continuing growth of the Legacy product line in an operating environment that is uniquely focused on the business areas important to Legacy. At the same time, the acquisition affords me an attractive transition without having to undertake the challenges inherent in an independent public offering."
"I'm pleased at the prospect of having the Legacy operations, and the talent and skills of Paul Rembach, inside the InterCore envelope," said James F. Groelinger, CEO of InterCore Energy. "We believe that the technologies and products developed offer unusual competitive advantages in exciting markets that will welcome efficient clean technologies."
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