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CORAL SPRINGS, Fla., Sept. 15, 2003 -- David Guthrie, President and CEO of Consolidated Energy Inc. announced the signing of an acquisition agreement with Eastern Consolidated Energy, Inc. (ECEI), a private Kentucky Corp.
The acquisition will be accomplished through the issuance of the company's common stock in exchange for all the outstanding common stock of ECEI. ECEI will be operated as a wholly owned subsidiary of the company.
ECEI's assets acquired by the company include a coal lease in Martin County, Kentucky that has been developed and is ready for coal mining operations. The mine itself is known as the Warfield mine.
The mining equipment was delivered to the site the last week of August 2003 and ECEI started mining in the first of three sections on September 3, 2003. The company plans to expand mining operations to the remaining sections during the first and second quarter of 2004.
Currently, ECEI is marketing its coal to Progress Fuels Corp., a Division of Progress Energy, which is associated with several electric power plants. Two of the major power plants are Florida Power and North Carolina Power.
For additional information please contact David Guthrie, purduedwg@comcast.net, President Consolidated Energy, Inc. or call 317-887-1116.
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