LAS VEGAS, Dec. 14, 2010 /PRNewswire-FirstCall/ -- Here Enterprises Inc. (Pink Sheets :HRTE ), a growing developer of wind energy, has acquired its first wind energy development project. The acquisition of Cycle Ranch, Inc. of Texas was completed on September 9, 2010. Here Enterprises is working to develop a wind farm on the Cycle Ranch site in conjunction with its operating commercial motocross speedway business.
Mark Ryun, CEO of Here Enterprises, commented: "The strategy of Here Enterprises is to co-locate wind energy facilities with commercial businesses in order to generate cash flow from the production of clean energy as well as from the businesses operating onsite. The acquisition of Cycle Ranch is a significant accomplishment for our Company and we are extremely pleased to have identified and secured this project."
On September 9, 2010, Here Enterprises entered into an agreement to become the sole shareholder of ABS Land Company, Inc. and Cycle Ranch, Inc., and the owner of 99% limited partnership interest of Cycle Ranch Management, Ltd., making them wholly-owned subsidiaries of the Company. The newly acquired subsidiaries now referred to as Cycle Ranch, Inc., own and operate the land and business of Cycle Ranch Motocross Park, one of the top five motocross tracks in the nation.
Cycle Ranch is located near Floresville, Texas, the state now leading the nation in wind power production. Here Enterprises intends to develop a wind farm on the property which hosts an established motocross speedway drawing thousands of fans, spectators and competitors each week.
About Here Enterprises Inc. (HRTE)
Here Enterprises is a developer of wind power, our nation's fastest growing renewable energy resource. The Company is engaged in planning, developing, acquiring and operating wind farms in the United States to generate clean, profitable wind energy. Here Enterprises is developing wind energy projects which co-locate wind farms with commercial businesses in order to maximize cash flow for each project.
This Press Release may contain certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. HRTE has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates", "believes", "estimates", "expects", "plans", "intends", "potential" and similar expressions. These statements reflect HRTE's current beliefs and are based upon information currently available to it.
Accordingly, such forward looking statements involve known and unknown risks, uncertainties and other factors which could cause the HRTE's actual results, performance or achievements to differ materially from those expressed in or implied by such statements. HRTE undertakes no obligation to update or advise in the event of any change, addition or alteration to the information catered in this press release including such forward-looking statements.
For more information, visit www.hereenterprises.com.
SOURCE Here Enterprises Inc.