SCOTTSDALE, Ariz.--(BUSINESS WIRE)--EGPI Firecreek, Inc. (OTCBB:EFIR) is pleased to announce that an anticipated closing date of January 31, 2011 has been set for the completion of the acquisition between EGPI Firecreek, Inc. and Arctic Solar Engineering, LLC.
In other related news, Arctic Solar Engineering announced today that within a few weeks it will complete the installation of the largest Solar Thermal alternative energy system in the Midwest.
The Solar Thermal System installed at the City Hall of Chesterfield, MO consists of 110 solar thermal arrays and an 8000 gallon thermal mass energy storage tank. Additionally, it has a name plate capacity of 82 kilowatts with an estimated annual production of 110 megawatt hours. Savings to the City are estimated to payback 100% of the City’s investment within 5 years, after which, energy produced by the system will have zero cost to the City.
Fred Sussman, CEO of Arctic Solar Engineering, stated, “This is a very exciting time for the city of Chesterfield and for Arctic Solar. We are a Chesterfield based company providing an alternative energy solution for our own hometown city, which has a measurable return on investment. This will ultimately be done with zero federal, state or local subsidy dollars.”
About Arctic Solar Engineering, LLC
Arctic Solar Engineering, LLC integrates Solar Thermal Energy technology patented over 30 years ago by Daimler Aerospace in Germany. This technology is used throughout Germany, other parts of Europe, Asia and the Middle East. ASE’s competitive advantage is product knowledge and knowledge of how water based energy systems work and can be successfully implemented to reduce an average building’s energy consumption by up to 70%.
About EGPI Firecreek, Inc.
EGPI Firecreek, Inc.'s business and acquisition strategy is focused on both the vertical integration of enterprises serving the D.O.T. Construction and Intelligent Traffic System markets through South Atlantic Traffic, Inc. (SATCO) alongside its wholly owned subsidiary M3 Lighting, Inc. (M3), and on oil and gas production with an emphasis on acquiring existing fields with proven reserves, the rehabilitation of potentially high throughput oilfields, resource properties and inventories, through its wholly owned subsidiary Energy Producers, Inc. (Energy Producers) and for oil and gas servicing business through its wholly owned subsidiary Chanwest Resources, LLC. EGPI Firecreek, Inc. is also looking to expand into alternative energy sources as well as industries in the energy field.
Safe Harbor
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of EGPI Firecreek, Inc., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond EGPI Firecreek, Inc.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in EGPI Firecreek, Inc.'s filings with the Securities and Exchange Commission.