Barnabus Energy, Inc. (OTC BB: BBSE) announced on December 19 that it has signed a memorandum of understanding (MOU) to acquire all remaining shares of Solar Roofing Systems. According to the MOU, Barnabus will pay 20% of the purchase price in cash, and the remaining 80% in restricted BBSE shares at $2.00 per share. Total valuation of the acquisition (some of which has already been paid) was set at $20.8 million, based upon projected 2006 sales, with provisions for adjustment upon 2006 financial performance.
Barnabus Energy, Inc. is committed to the development of a Renewable Energy project portfolio. The Company is currently acquiring commercially viable projects within the Renewable Energy sector encompassing diverse aspects of the industry. According to the company website Barnabus's three acquisitions to date are:
- SOLARSAVE,the flagship product of Solar Roofing Systems Inc., a manufacturing company that produces solar-integrated roofing products for low-slope/flat-roof applications and portable solar power products,
- Connect Energy, a full-service PV design company, that specializes in Building-Integrated Photovoltaics (BIPV)
- Suncone who is developing an inexpensive concentrating solar system that produces high-temperature solar energy using plastic films.
Barnabus Energy Inc., Solana Beach, California