MONTVALE, NJ -- (Marketwired) -- 04/17/14 -- Beneficial Holdings Inc. (OTC Pink: BFHJ) (PINKSHEETS: BFHJ) today announced that its Energy Management Subsidiary, BFHJ Energy Solutions, LLC, completed its previously-announced acquisition of Green Econometrics.
The Company issued 600,000 restricted common shares and assumed a two-year, $300,000 note to complete the transaction. Michael S. Davies, Managing Director of Green Econometrics, will become an Executive Vice President of Beneficial Holdings, Inc. and Chief Operating Officer of the Company's energy management operation, BFHJ Energy Solutions, LLC.
Green Econometrics (www.greenecon.net) provides industry level analysis of the energy and renewable energy sectors and consulting services to green technology companies and the 'built' environment; including the finance, design, operation and validation of complete energy management solutions. Among other engagements, Green Econometrics was an energy management consultant to the New Jersey Department of Transportation, designing and implementing a state-of-the-art energy management system for their headquarters building in Trenton, NJ.
Davies is a Chartered Financial Analyst and spent a significant part of his career analyzing and consulting with small-cap and mid-cap companies with break-through technologies. He is the author of numerous articles on the economics of energy, alternative energy and energy management technologies as well as the soon to be published book "Analytics 2 Insight - Roadmap to Data Driven Operations".
Davies, through Green Econometrics, served as a consultant to Green RG for the past two years. He originated and structured the recent historic re-lamping of the Lincoln Tunnel for the Port Authority of New York/New Jersey. That project included a collaboration with the Port Authority, Facilities Solutions Group and Constellation Energy. As a result of his vision, the Port Authority recorded an approximate 50% savings in operating expenses for lighting all three tubes of the Lincoln Tunnel and cut their replacement costs by a third. The project utilized Green RG's LED lighting solution.
In his role as COO of BFHJ Energy Solutions, LLC, Davies will be instrumental in creating value from Beneficial Holding's recently-announced license arrangement with Green RG. His initial emphasis will be to coordinate the integration of embedded sensors for remote monitoring and adaptive control lighting across product lines including Beneficial Holding's joint pursuit with Green RG of its Jamaican solar powered LED streetlight project.
The Company's Chairman, President and CEO, Gregory N. Senkevitch stated: "Mike Davies originated our transaction with Green RG. He has significant experience in the integration of sensor technology, 'Big Data' and analytics with energy management solutions. He and Green Econometrics have done significant research in the economics of energy management and have identified several break-through technologies and trends. The acquisition of Green Econometrics gives us a significant leg up on our energy management business segment and adds a credible, technology integrator for our solutions team."
Davies added: "We are standing at the beginning of the movement to integrate energy management with sensors, machine-to-machine communications, data analytics and innovative technologies. Beneficial Solutions has the capabilities to take advantage of this trend. I look forward to combining my experience and insights to the Company's focus on providing solutions to the 'built' environment."
Senkevitch concluded: "Our due diligence over the past several months indicated that Beneficial Holdings shareholders were best served by structuring the previously-announced energy management sector transactions as we did. With Green Econometrics, we have the core of an energy management business. It will be easier to ramp up under this structure than it would have been via a direct acquisition of a products manufacturer. Beneficial Holdings is about providing solutions to the 'built' environment. Green Econometrics has solid, proven solutions, the contacts and the vision to implement our plan at a much lower investment and shorter time frame and higher profit retention than if we completed the Green RG transaction as originally proposed."
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 17, 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