[May 24, 2005] Consolidated Energy is Please to Announce That It Has Entered into an Agreement to Purchase a Waste Processing Facility in England Tweet MIAMI --(Business Wire)-- May 24, 2005 -- Consolidated Energy & Technology Group, Inc. (Nasdaq OTC: CGGE) is pleased to announce that its subsidiary, TecEnergy Enterprises Limited has recently entered into an agreement to purchase a waste processing facility in England. Closing of the acquisition is subject to the terms of a formal "asset purchase and sale agreement" which is currently being prepared by the seller's solicitors. It is anticipated that this contract will be completed within a number of days and a closing date will be confirmed at that time. A price of GBP 2.5M GBP (Approximately US$4.5M) has been agreed to purchase the assets which include land and buildings, waste/skip collection vehicles and waste processing equipment. The facility which comprises of approximately 15 acres and is fully licensed and in operation has the capability to process a number of different waste streams and TecEnergy anticipates spending approximately GBP 1.5M (Approximately US$2.7M) on installing and utilizing new waste processing technology to increase and improve current revenue and profits on the site. Ownership of this facility will provide a revenue stream from the "disposal costs" associated with the disposal of waste materials and provide a further revenue stream from the sale of recycled products which can be extracted from this waste material. TecEnergy intends to implement technology and equipment that will substantially increase the % of recycled materials recovered from waste materials and thereby reduce the volume of waste materials that ends up in landfill Consolidated Energy is a holding company in the business of acquiring and developing proven technologies which seek to provide sought-after solutions to current environmental problems in our modern world, with special emphasis on alternative energy, waste management and land remediation. Consolidated Energy will provide turnkey solutions in the waste sector and at the same time use these resources to provide alternative energy and other products. Further information about Consolidated Energy can be found at www.cetg-inc.com NOTE: Statements made by Consolidated Energy & Technology Group, Inc. that are not purely historical are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve a variety of risks and uncertainties, including, without limitation, statements with respect to the Company's strategy and prospects. These statements are made based upon information available to the Company at the time, and the Company assumes no obligation to update forward-looking statements. Readers and investors are cautioned that the Company's actual results may differ materially from those described in the forward-looking statements due to a number of factors including, but not limited to, (1) demand for the Company's products and services; (2) the Company's ability to develop and launch its markets; (3) changes in the current and future business environment, including interest rates and capital and consumer spending; (4) the impact of competitive products and pricing; (5) reliance on key strategic alliances; (6) the availability of funding and skilled personnel; (7) the regulatory environment; (8) risks associated with start-up businesses; and (9) the impact of yet unknown competitors, technological obsolescence, problems with technology, problems with shipment, inadequate supplies and business opportunities. [ Back To TMCnet.com's Homepage ]