Exergetic Energy, Inc. Announces Merger Acquisition of Specialized Services, Inc. to Form Renewable and Non-Renewable Energy Supply and Services Company
DETROIT, Jan. 18, 2011 /PRNewswire/ -- Exergetic Energy, Inc. has reached an agreement with Specialized Services, Inc. (Pink Sheets: SPSV) to perform a stock merger acquisition between the two companies. The Merger was officially filed December 29, 2010. The surviving entity from the merger is Exergetic Energy, Inc. (EEI) and will operate as an integrated oil company located in Detroit, MI.
With the merger completion, the new stock symbol is Pink Sheets: XNGR. The merger of the two companies will capitalize on their combined technical attributes resulting in a stronger organization to serve energy clients.
SSI was founded in 1988 as an Oil and Gas Transporter. Over the years the company has developed the logistical expertise required to be a Tier One fuel delivery supplier to Ford Motor Co. A Southfield based company; SSI has been listed as one of the top 100 minority owned companies in the United States by Black Enterprise Magazine specializing in fuel delivery and aggregate services.
It was recognized as a top 100 privately held company by Crain's Detroit Business. SSI provides expertise in the development and implementation of customized fuel services to corporations and fleet operations. Together the new organization will operate as both a renewable energy and non-renewable energy supply and services company.
"Both companies welcome this business transaction and view this opportunity as the ability to expand our respective areas of expertise as well as move into the development of clean energy and reducing the carbon footprint," said Christopher Aldridge, president and CEO of SSI.
Exergetic Energy, Inc. has a strong engineering and research focus in renewable energy technology. Exergetic Energy is located in Detroit's TechTown. The company's strengths are core engineering and research within the renewable energy sector. The strategic merger with SSI will advance Exergetic Energy in both renewable and non-renewable energy supply sources.
Clarence McCollum, CEO of Exergetic Energy said, "This is a pivotal time in Detroit as the city diversifies its industrial and manufacturing offerings. EEI is positioned to contribute to the city's transformation to redefine and leverage its global presence and resulting competitive economic impact. The company is proud to be a part of Detroit's 21st Century growth."
Exergetic Energy, Inc. projects that it will need to add at least fifteen full time employees with manufacturing, engineering, and assembly expertise to operate the new facilities in Detroit.
SOURCE Exergetic Energy, Inc.
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