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BAYSIDE, N.Y., July 29, 2003 -- Big Apple Energy, LLC announced Monday that it has provided written notice to NuEnergy Group, Inc., in delivered letter form, that it has withdrawn from the Letter of Agreement (LOA) and Memorandum of Understanding (MOU) for the business combination announced 6-5-2003 pursuant to NuEnergy Group, Inc.'s failure to adequately respond to concerns raised under the Due Diligence provision of the MOU.
The letter cited multiple due diligence concerns, issues and questions that NuEnergy's management was unable to address, answer and/or resolve to the satisfaction of Big Apple Energy, LLC.
Victor Ferreira, Big Apple Energy Management, Inc.'s President and CEO stated: "It is unfortunate that, after the expense of a great deal of Big Apple Energy's time and resources, due diligence matters would prove to be an impediment to proceed with the closure of the transaction. Big Apple Energy will now pursue other avenues open to it in its bright future."
Additionally, Big Apple Energy announced that Ferreira's conditional acceptance of appointment as Chief Operating Officer of NuEnergy Group, Inc. and membership on its Board of Directors announced 6-11-2003 has been rescinded commensurate with its withdrawal.
About Big Apple
Big Apple Energy is a market aggregator currently supplying small wholesale marketers. Small wholesale marketers lack the buying power and expertise to effectively compete in the deregulated natural gas market. Big Apple Energy creates value for its clients through its purchasing and outsourcing capabilities.
Big Apple Energy aggregates its client's requirements to give them the leverage of larger marketers and provides scheduling and supply services that they would otherwise have to create internally. Additionally, Big Apple's consulting services to large end users on energy utilization and utility rate structure analysis has saved clients over $4 million in energy expenses.
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