DirectView Executes Agreement to Acquire GS Carbon Trading
DirectView, Inc. (OTCBB:DRVW) today announced its execution of an agreement with GS Energy Corporation (OTCBB:GSEG) to acquire GS Carbon Trading, Inc., an emissions trading company focused on the trading and sales of renewable energy certificates, or Green Tags, and energy efficiency certificates, or White Tags, as well as other similar attributes. GS Carbon also holds minority stakes in Sterling Planet, Inc. and TerraPass, Inc.
Sterling Planet is the nation's leading retail renewable energy provider and has established a strong reputation as the premier market maker for renewable energy sales. Sterling has sold over 4 billion kilowatt hours of renewable energy since its inception, representing enough energy to power 350,000 homes for a full year and offset 2.6 million tons of carbon dioxide. Sterling Planet currently services an impressive array of clients including Alcoa, The Coca-Cola Company, DuPont, Delphi Corporation, Duke University, University of Utah, Nike, Pitney Bowes, U.S. Environmental Protection Agency, the U.S. General Services Administration, the Homeland Security Department, Western Area Power Administration, New York State Energy Research and Development Authority (NYSERDA), the U.S. Army, Staples, Whirlpool Corporation, the World Resources Institute and over 150 other companies.
TerraPass is a service that aids in eliminating personal vehicle contributions to global warming. By issuing a "TerraPass" to its members, TerraPass utilizes its members' contributions to promote global energy efficiency and greenhouse gas reduction through targeted projects. It is through these clean energy projects that TerraPass counterbalances pollution from its members' vehicles.
Under the terms of its acquisition agreement with GS Energy, DirectView agreed to acquire 100% of GS Carbon in return for the issuance by DirectView to GS Energy of about 85% of DirectView's issued and outstanding stock. After completion of the acquisition, GS Carbon will be majority-held, publicly traded subsidiary of GS Energy, an integrated new energy production company whose mission is to facilitate the more efficient use of traditional sources of energy and the increased production and use of renewable sources of energy.
"GS Carbon was founded to specifically focus on building a trading business that effectively capitalizes on the evolving carbon markets while facilitating decarbonization," said Kevin Kreisler, GS Energy's chairman and chief executive officer. "GS Energy intends to provide GS Carbon with the necessary capital, management and other resources necessary to meet this goal in the immediate term in ways that do not interfere with the development of GS Energy's planed power production facilities. Our expectation is that this transaction, which is intended to establish GS Carbon in its own public platform, will greatly facilitate the growth and development of GS Carbon's carbon trading business."
The acquisition agreement also calls for the sale of DirectView's current videoconferencing businesses prior to completion of the acquisition. Additional information regarding the GS Carbon acquisition agreement will be made available later today in DirectView's Form 8K filing on the transaction.
About Carbon Trading
Green Tags enable retail residential and non-residential consumers to purchase green, or environmentally friendly, energy through their existing utility and offset reliance on power generated from fossil fuel sources. Green Tags are the intangible environmental benefits associated with generating one megawatt hour ("MWh") of electric energy from a renewable resource such as biomass, sunlight, and wind. Green Tags don't require the energy to be physically delivered to the buyer, but instead offset the difference between cost of the renewable power and power from fossil energy sources and can be used by consumers regardless of whether or not their local utility has access to green power generation.
White Tags are similar to Green Tags except they represent one MWh of electricity savings due to the use of energy conservation methods and equipment. White Tags are determined through precise calculations of energy savings derived from conservation measures, such as the use of more efficient lighting, heating and cooling. GS Carbon's Sterling Planet group is pioneering the U.S. market for White Tags with its state-of-the-art technology with advanced mathematical techniques and neural network algorithms to establish accurate (greater than 99.9%), scalable and cost-effective processes for the measurement, verification and certification of White Tags. Importantly, Green Tags and White Tags can be used to favorably impact the economics of renewable energy generation and energy conservation projects by monetizing reduced carbon emissions.
The Green Tag market is expected to grow from about $250 million to nearly one billion dollars per year by 2010. In addition, the new White Tag market is emerging as a potentially far larger market. Presently, these markets are characterized by fragmented brokerage-driven transactions. The growth and increasing liquidity of these markets is creating valuable opportunities for trade-driven transactions that capitalize more efficiently on changing market conditions.
Additional information on GS Energy and its business model is available online at http://www.gs-energy.com.
Safe Harbor Statement
This press release contains statements that may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities Exchange Act of 1934, as amended by the Private Securities Litigation Reform Act of 1995. Those statements include statements regarding the intent, belief or current expectations of DirectView, Inc., and/or GS Energy Corporation, and members of their management as well as the assumptions on which such statements are based. Prospective investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, and that actual results may differ materially from those contemplated by such forward-looking statements. Important factors currently known to management that could cause actual results to differ materially from those in forward-statements include fluctuation of operating results, the ability to compete successfully and the ability to complete before-mentioned transactions. The company undertakes no obligation to update or revise forward-looking statements to reflect changed assumptions, the occurrence of unanticipated events or changes to future operating results.
DirectView Inc., Boca Raton
Roger Ralston, 800-300-7781 x111
IR@DirectViewInc.com
Source: Business Wire (September 7, 2006 - 8:32 AM EST)
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