Dec. 14, 2011: PowerVerde to Acquire Cornerstone Conservation Group
GLENDALE, Ariz. — PowerVerde Inc. announced that it has entered into a binding letter of intent to acquire Cornerstone Conservation Group LLC (CCG). The acquisition is scheduled to close by Dec. 31, 2011, and the consideration to be provided to CCG’s owners and affiliates consists of 2,260,000 shares of PowerVerde common stock and warrants to purchase 300,000 shares at exercise prices ranging from $2 to $3 per share. PowerVerde said it plans to leverage the resources of CCG and its principals into additional vertical markets for waste heat recovery, as well as energy conservation technology.
“The CCG team has been instrumental in assisting our efforts to enhance PowerVerde’s waste heat recovery system, a renewable electric generating system called the Liberator. CCG brought specialized knowledge and human resources to the project and truly expedited the Liberator’s introduction into the alternative energy space, while substantially improving its overall performance and reliability. Their proprietary technology is very complementary to PowerVerde’s platform and our existing vertical markets — mainly converting thermal energy into electric power generation,” said PowerVerde CEO Rick Davis.