NESCONSET, NY / CRWEPRESSRELEASE / August 5, 2015 /Integrated Energy Solutions, Inc. (OTCMKTS:”IENG”) (the “Company” or “Integrated Energy” or “IES”) (www.Integrated-Energy.co), a fully integrated large and small format downstream oil marketer as well as waste oil collector, value-adding recycler and re-distributor,announces that it has entered into a Letter of Intent with GreenLine Systems, Inc, of Dolton, Illinois.
Integrated has agreed to enter into a transaction with GreenLine Systems, Inc., to either sell to either substantially all of the assets, including Patten Energy Enterprises and Atlantic-Pacific, LLC and/or take controlling interest of the Company for an amount to be negotiated and subject to the acceptance of terms of the secured creditors of Integrated and Patten Energy Enterprises, Inc. The operations of Atlantic-Pacific, LLC., are to be consolidated with the operations of Patten Energy Enterprises of Illinois.
The Company stated, “This is the finalization of a long process, and will culminate with an increase of the value of the Company as a whole.”
The due diligence process will continue and the anticipated closing is currently scheduled for on or before September 30, 2015.
While the Company is aware that the filing delay of our periodic reports are a source of concern and after further recent discussions with our professionals, we have been made aware by them that it is their intention to have the late filings completed and filed by the middle of August, and that the second quarter report will be filed shortly thereafter. We are working diligently to bring the Company current in all filings by that time.
ABOUT INTEGRATED ENERGY SOLUTIONS
Integrated Energy Solutions Inc., a publicly traded SEC reporting Company on OTC Markets Exchange under the symbol (IENG), is a fully integrated large and small format downstream oil marketer, as well as waste oil collector, value-adding recycler and re-distributor. Through its three wholly owned subsidiaries, Patten Energy Enterprises Inc., Atlantic Pacific LLC and AP Lubes Inc. the company seeks to expand the regional businesses of each to other states where respective Company subsidiaries operate to vertically integrate, cost-share and generate new revenues from within the existing Company “ecosystem.”
ABOUT GREENLINE SYSTEMS, INC.
GreenLine Systems, Inc. “GLS”, is a privately owned, fully integrated industrial and liquid waste management company. GLS is currently and actively engaged in the collection, transport and treatment and processing of industrial and liquid waste water. Some byproducts (waste water oil and water) of which are then separated, reprocessed and either converted to energy or sold back into the market place.
FORWARD LOOKING STATEMENTS
The information contained herein includes forward-looking statements. These statements relate to future events or to our future financial performance, and involve known and unknown risks, uncertainties and other factors that may cause our actual results, levels of activity, performance, or achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. You should not place undue reliance on forward-looking statements since they involve known and unknown risks, uncertainties and other factors which are, in some cases, beyond our control and which could, and likely will, materially affect actual results, levels of activity, performance or achievements. Any forward-looking statement reflects our current views with respect to future events and is subject to these and other risks, uncertainties and assumptions relating to our operations, results of operations, growth strategy and liquidity. We assume no obligation to publicly update or revise these forward-looking statements for any reason, or to update the reasons actual results could differ materially from those anticipated in these forward-looking statements, even if new information becomes available in the future.
Integrated Energy Solutions, Inc.
Ernest Remo, CEO
SOURCE: Integrated Energy Solutions, Inc.