Published: November 14, 2005
Barnabus Energy Inks Agreement With Connect Renewable Energy, Inc.
Barnabus Energy, Inc. (OTC BB: BBSE) today
announced it has signed a term sheet with Connect Renewable Energy, Inc.
(CRE) to purchase a majority share in the California-based solar
photovoltaic company, a move that could double the Company's revenues and
profits in 2006.
"This is great news for both our companies," stated David Saltman, Barnabus
CEO. "It gives Connect the capital they need to launch their
building-integrated solar products, and expands our market position in this
rapidly growing sector of the renewable energy industry."
CRE has developed a unique, patent-pending system that integrates arrays of
PV cells into roofing tiles. This fire-rated, UL-approved product blends
seamlessly with the colors and profiles of most standard roofing tiles used
today. Unlike competitive products, CRE tiles do not require external
framing on the building. They are lightweight, easy to install, and carry a
twenty-year warranty.
Connect founder and President Ron Gangemi said, "Barnabus represents a
strategic investor in our business. Our product fits perfectly into a
product mix with their other affiliated company, Solar Roofing Systems
(SRS). SRS's SolarSave(TM) products are primarily designed for commercial
and industrial flat roof applications, while our tiles are ideal for the
residential housing market."
Saltman emphasized that this acquisition has further benefits: "In addition
to having the potential to more than double our revenue projections for
2006 and 2007, it gives us East and West Coast manufacturing and marketing
capabilities. It also provides more purchasing leverage with our
photovoltaic cell suppliers. The two management teams are already
collaborating on leads and projects. We are very pleased with the
partnership and know it will lead to great outcomes."
ABOUT THE COMPANY
Barnabus Energy, Inc. (BBSE) is committed to the development of a
diversified energy project portfolio. The Company is currently acquiring
commercially viable projects in both conventional and renewable energy
sectors. Management has closely aligned itself with key strategic
partnerships that will move the Company forward towards future acquisitions
and growth. The company's model is a focused approach to the exploitation
of targeted, low-risk development opportunities.
Safe Harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented herein
constitutes forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. Such forward-looking statements
involve known and unknown risks, uncertainties and other factors, which may
cause the actual results, performance or achievements of the company to be
materially different from any future results, performance or achievements
expressed or implied by such forward-looking statements. Such factors
include general economic and business conditions, the ability to acquire
and develop specific projects, the ability to fund operations and changes
in consumer and business consumption habits and other factors over which
Barnabus Energy, Inc. has little or no control.
ON BEHALF OF THE BOARD
Barnabus Energy, Inc.
David Saltman, President
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