Granite Energy, Inc. Adds 'Green' Division
Acquisition will diversify and add value for shareholders.
Salt Lake City, Utah (PRWEB) May 30, 2007 -- Granite Energy, Inc. (OTC:GNGI) today announced the formation of its “Green Start” Alternative Energy division. The Alternative Energy division was created by the acquisition of N-Tek, LLC technologies.
N-Tek, LLC has engineered and designed “stratified” downdraft gasification technologies that can produce synthesis gas (Syn-gas) from virtually any organic material that can be used to generate electricity, or further processed to create multiple end-use products. Granite Energy believes this conversion process is environmentally clean and safe.
Granite’s acquisition of these technologies will result in a more diverse company, determined to drive growth and offer a choice for its investment partners, as well as positioning the company to deliver innovations that fulfill the increasing demand for more alternative energy solutions in the rapidly-growing alternative energy market.
“N-Tek shares our passion and complements our strengths: technology leadership and investor satisfaction,” said Granite President S. Matthew Schultz. “Bringing these two companies together will allow us to transcend what we have accomplished as individual businesses, enabling us to create a foundation to grow and evolve into one of the leading oil and gas companies that is differentiated by solutions and choice.”
“This acquisition will make it possible, with Granite Energy’s financial strength, and opportunity as a public company to commercialize the technologies developed by N-Tek. It appears to be a win-win situation for all parties,” said Alan Neves, managing member of N-Tek, LLC.
Under the terms of the transaction, Granite Energy will acquire all of the common shares of N-Tek in exchange for shares of Granite Energy’s common stock.
For additional information about Granite Energy, Inc., go to www.graniteenergy.com
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995.
Statements in this press release relating to plans, strategies, economic performance and trends, projections of results of specific activities or investments, and other statements that are not descriptions of historical facts may be forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking information is inherently subject to risks and uncertainties, and actual results could differ materially from those currently anticipated due to a number of factors, which include, but are not limited to, risk factors inherent in doing business. Forward-looking statements may be identified by terms such as “may,” “will,” ”should,” “could,” “expects,” “plans,” “intends,” “anticipates,” “believes,” “estimates,” “predicts,” “forecasts,” “potential,” or “continue,” or similar terms or the negative of these terms. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, levels of activity, performance or achievements. The company has no obligation to update these forward-looking statements.
SOURCE: Granite Energy, Inc.
CONTACT:
Granite Energy, Inc.
Aaron Bringhurst
801-532-6800
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