|[December 27, 2012]
EQM Technologies & Energy, Inc. Announces Acquisition of Vertterre Corp.
CINCINNATI --(Business Wire)--
EQM Technologies & Energy, Inc. (OTCQB: EQTE) ("EQM"), a leading
provider of environmental services to government and commercial
businesses, today announced that it has acquired all of the capital
stock of Vertterre Corp., a mechanical and electrical engineering
services firm providing energy efficient solutions for both new and
existing government and commercial facilities ("Vertterre"), for
approximately $1.5 million, consisting of $822,300 in cash, 1.0 million
shares of EQM common stock valued at $0.40 per share, or $400,000 in
total, and an unsecured subordinated note of EQM in the principal amount
of $250,000. The seller may receive additional consideration based on a
percentage of EQM's profits generated by certain landfill gas activities
of Vertterre. EQM obtained the consent of its credit facility provider
to the transaction.
Vertterre is recognized as an industry leader in Energy Reduction and
Biomass-to-Energy Solutions and has completed a number of large and
complex projects in the Southwestern United States including design,
development and implementation of electrical and thermal energy systems
based on bio-derived waste, landfill gas, municipal solid waste, biomass
and steam. Vertterre's clients come from both the public and private
sectors, and include Los Alamos National Laboratories, Frito Lay, the
U.S. Postal Service, Siemens (News - Alert) Building Systems, the U.S. National Park
Service, and the U.S. Army Corps of Engineers. Vertterre is bsed in
Albuquerque, NM with additional offices in Louisville, TX and
In connection with EQM's acquisition of Vertterre, Daniel Sandoval,
P.E., the former President and sole shareholder of Vertterre, has
entered into an employment agreement with a wholly-owned subsidiary of
EQM, pursuant to which he will serve as a Vice President of EQM and will
continue to operate and grow Vertterre.
"Vertterre has a terrific reputation in the marketplace and its
acquisition broadens the scope of electrical and engineering services
that EQM can provide to our customers. We are very pleased to have
Daniel Sandoval join our management team," said James E. Wendle,
President and Chief Operating Officer of EQM. "Vertterre is our first
acquisition since becoming a public reporting company and fits very well
into EQM's strategy of growing both organically and through strategic
acquisitions," added Mr. Wendle.
EQM Technologies & Energy, Inc.
EQM, based in Cincinnati, OH, is a leading provider of environmental
services - consulting & engineering, clean technology, and remediation &
construction management - to the public and industrial sectors, with
approximately 240 employees and satellite offices and operations in 10
states. EQM has longstanding relationships and multi-year contracts with
numerous federal agencies, including the Environmental Protection Agency
and the Department of Defense (including the Air Force Center for
Engineering & Environment, Naval Facilities Engineering Command, and the
Army Corps of Engineers), as well as private sector clients across
numerous industries. For more information, please visit www.eqm.com.
Statements in this press release regarding EQM's business that are
not historical facts are "forward-looking statements" that involve risks
and uncertainties. EQM wishes to caution readers not to place undue
reliance on such forward-looking statements, which speak only as of the
date made. To the extent the content of this press release includes
forward-looking statements, they involve various risks and
uncertainties, including the successful integration of acquired
businesses, projected financial information and the continued successful
implementation of EQM's business strategy.
Certain of these risks and uncertainties are described in greater
detail in EQM's filings with the Securities and Exchange Commission. EQM
is under no obligation to (and expressly disclaims any such obligation
to) update or alter its forward-looking statements whether as a result
of new information, future events or otherwise.
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