May 13 2008
Laidlaw Energy Group, Inc. (Ticker Symbol “LLEG”), through its affiliate, Laidlaw Berlin BioPower, LLC (“Laidlaw”), announced today that it has entered into a definitive agreement (the “Agreement”) with North American Dismantling Corp. (“NADC”) to acquire the assets comprising the former Fraser Papers pulp mill located in Berlin, NH.
In connection with the execution of the Agreement, Laidlaw has provided a significant “hard money” deposit to NADC in anticipation of the closing of the acquisition.
Commenting on the signing of the Agreement with Laidlaw, NADC President, Rick Marcicki, stated “We are very pleased to have reached this agreement with Laidlaw. Having worked with the principals of Laidlaw on this transaction for more than a year, I feel confident that they are the right company to execute this innovative plan for the conversion of the former Fraser pulp mill to a highly advanced biomass energy plant.”
While the Agreement provides for up to 90 days for the closing of the acquisition, the parties anticipate that the closing will occur much sooner. As discussed in a news release dated 4-1-08, Laidlaw has entered into an agreement with HH Capital Advisors, LLC (hhcapital.com) for all of the requisite financing for the acquisition and development of the largest and most environmentally advanced biomass energy facility in the U.S. at the Berlin site.
Commenting on the signing of the Agreement, Laidlaw Berlin BioPower, LLC President and CEO Michael Bartoszek stated “We have spent considerable time negotiating this acquisition and we are very pleased with the outcome. Berlin has all of the elements of a highly successful project. We look forward to closing the acquisition as soon as possible and moving forward with the further development and construction of the project.”
Posted May 12th,2008