NEWARK, NJ / ACCESSWIRE / July 14, 2015 / Beneficial Holdings Inc. (PINKSHEETS: BFHJ), today announced that it completed a substantial acquisition for its Energy Solutions subsidiary, BFHJ Energy Solutions LLC, and named Corey Wolff as president of the newly-expanded subsidiary.
Wolff is the founder of Energy Solutions and Installations, Inc. (ESI) and led its growth into one of the top energy management and commercial scale solar installation companies in the US. Certain of the assets of ESI were acquired by the Company for cash under an asset purchase agreement. ESI, a private company, recorded $15.8 million of revenues in 2014 (unaudited).
The Company's Chairman, President and CEO, Gregory N. Senkevitch stated, "Corey Wolff brings a team of energy management professionals and substantial revenue prospects to our company. Corey grew ESI from a start-up seven years ago into one of the top 50 commercial solar contractors in the United States per Solar Power World magazine."
The Company's wholly-owned subsidiary, BFHJ Energy Solutions, LLC (BES), will be located in Jonestown, PA. The Energy Solutions team will begin work on the company's sales pipeline, which includes more than $100 million of commercial solar projects, representing more than five years of revenues at ESI's historical run rate. Additional information about the business and capabilities of BES can be found at their website: www.beneficialenergy.net.
"Our team is already at work increasing sales of BES," Wolff said. "We bring a track record of innovation, growth and success in the energy management and commercial scale solar development space. Our experience and industry contacts allow us to hit the ground running. We have also inherited a substantial pipeline of qualified transactions, teaming agreements and intellectual property arrangements acquired by Beneficial's management over the last year," he added.
Senkevitch concluded, "Corey Wolff and his team add substantial skills, experience and capabilities to our Company. Equally important to shareholders as the prospect for increased revenues and earnings, we have acquired a management team that has a solid track record in providing comprehensive energy management solutions to commercial, institutional and governmental customers. This team has the ability to implement our soon to be announced energy management platforms and our entry into the LED streetlight network business. By adding Corey to our management and retaining his experienced team and their backlog, we are continuing to create 'Value from Market Knowledge'."
ABOUT BENEFICIAL HOLDINGS, INC.; BFHJ ENERGY SOLUTIONS, LLC:
Beneficial Holdings, Inc. is a holding company with operating service-oriented businesses in the real estate, energy management and financial services sectors. The Company is an integrator of technology and solutions for the built environment and seeks to create "Value from Market Knowledge." For more information on the Company please visit our web site at www.beneficial-holdings.net.
For more information on BES, our energy solutions subsidiary, please visit the web site at www.beneficialenergy.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 July 14, 2015. 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 news release.
GREG McANDREWS & ASSOCIATES
Gregory A. McAndrews
SOURCE: Beneficial Holdings Inc.