MONTVALE, NJ -- (Marketwired) -- 04/02/14 -- Beneficial Holdings Inc. (OTC Pink: BFHJ) (PINKSHEETS: BFHJ) today announced that its Energy Management Subsidiary, BFHJ Energy Solutions, LLC, recently commenced operations with the finalization of previously-announced agreements with Green RG Management ("Green RG").
BFHJ Energy Solutions, LLC will be the operating business for the Company's energy management activities. The previously-announced option to acquire a 50% interest in Green RG was restructured as a non-exclusive licensing and distribution agreement for all of Green RG's products. As part of the restructured agreement, Green RG and its principal will reimburse advances made by Beneficial. Additionally, the Company will endeavor to finance Green RG's solar power LED streetlight agreement in Jamaica.
BFHJ has terminated its option to acquire a 50% interest in Green RG Holdings, LLC (which is a separate and distinct entity from Green RG Management); and shareholders of Beneficial Holdings will have no equity interest in Green RG's business.
The Company's Chairman, President and CEO, Gregory N. Senkevitch stated: "Both BFHJ and Green RG believe that this arrangement gives each company the ability to concentrate on what it does best. Green RG is a premier technology innovator. BFHJ is a services company that requires cutting edge products for our clients' solutions. A solid working arrangement with favored nations pricing gives both organizations a 'win.'"
"Energy Management is a critical component of providing services to the built environment," according to Senkevitch, "Having a distribution agreement with favorable pricing for Green RG's innovative technology will enhance our business model."
Alfred Heyer, CEO of Green RG stated: "The agreement with Beneficial adds another high quality, long-term customer to our company and will enable Green RG to fulfill its objectives to grow our business and maintain our leading technology edge in energy management solutions."
Beneficial Holdings, Inc. will announce financial results for the year ended December 31, 2013 in a separate release.
ABOUT BENEFICIAL HOLDINGS, INC.
Beneficial Holdings, Inc. is a holding company seeking to acquire and invest in operating service-oriented businesses in the real estate, financial services and energy management sectors. For more information on the Company please visit our web site at www.beneficial-holdings.net.
This news release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. As a general matter, forward-looking statements reflect our current expectations and projections relating to our financial condition, results of operations, plans, objectives, future performance and business. These statements may be identified by the use of forward-looking terminology such as "may", "will", "expects", "plans", "estimates", "anticipates", "projects", "intends", "believes", "outlook" and similar expressions.
The forward-looking statements contained in this news release are based upon our historical performance, current plans, estimates, expectations and other factors we believe are appropriate under the circumstances. The inclusion of this forward-looking information is inherently subject to risks and uncertainties, many of which cannot be predicted with accuracy and some of which might not even be anticipated. Future events and actual results, financial and otherwise, may differ materially from the results discussed in the forward-looking statements. Statements regarding the following subjects, among others, may be forward-looking: our business and investment strategy; our projected operating results; estimates relating to our ability to make distributions to our stockholders in the future and economic trends and economic recoveries. All information in this release is as of April 2, 2014. The Company does not undertake a duty to update forward-looking statements, including its projected operating results. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. The Company may, in its discretion, provide information in future public announcements regarding its outlook that may be of interest to the investment community.
GREG McANDREWS & ASSOCIATES
Gregory A. McAndrews