BENEFICIAL HOLDINGS ANNOUNCES TWO ACQUISITION AGREEMENTS; CAPITAL PLANS
MONTVALE, NJ, SEPTEMBER 25, 2013 – Beneficial Holdings Inc. (OTCPK: BFHJ) today announced agreements for two acquisitions and steps to address its capitalization and share structure.
The Company has agreed to acquire interests in two operating companies currently engaged in the energy management sector: Green RG Holdings, LLC (“Green RG”) of Manalapan, NJ and Wanassa Holdings Company, LLC (“Green Econometrics”) of Clifton, NJ.
The Company has executed an option to acquire a 50% interest in Green RG from its principals for common stock and a note payable. Green RG (www.greenrgmanagement.com) currently provides custom-designed LED lighting systems for commercial and institutional properties as well as public infrastructure projects. Green RG recorded $1.4 million of revenues for the six months ended June 30, 2013 ($1.6 million for the full year ended December 31, 2012). Such figures are unaudited. Green RG’s business is based on its proprietary LED lighting, solar, refrigeration and energy storage technologies. Green RG’s business is currently concentrated in the New York Metropolitan market.
“We plan to invest in the development of Green RG’s core business as well as the commercialization of its solar, energy storage and refrigeration technologies,” according to Gregory N. Senkevitch, Beneficial Holdings’ Chairman, President and CEO. “Additionally, the Company plans to allocate resources to the application of its products to the consumer market,” he said.
The Company has also agreed to acquire 100% of Green Econometrics (www.greeneconometrics.com) for common stock and a note payable. Green Econometrics provides energy management metrics monitoring and analysis for private and public sector clients. Green Econometrics employs state-of-the art, machine-to-machine, sensor-based monitoring inputs in its 24/7 energy and environmental management monitoring and analysis systems. The company’s largest customer is the New Jersey Department of Transportation.
see attachment for the full text of the press release.