Laidlaw Energy, Cate Street Capital settle dispute about payment for Laidlaw's interest in 75-MW biomass power plant in Berlin, New Hampshire; Cate Street's Newco Energy to pay Laidlaw US$3.6M, bringing total payment to US$5.5M
Rachel Carter
NEW YORK
,
October 20, 2011
(press release)
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Laidlaw Energy Group, Inc. (Ticker Symbol “LLEG”) (the “Company”) and Cate Street Capital, Inc. released a joint statement announcing that they have entered into a definitive settlement agreement resolving the dispute regarding payment of the purchase price for the acquisition by Newco Energy, LLC of Laidlaw Berlin Biopower, LLC. The settlement resolves all claims between the parties in consideration of a payment of $3,562,500, making the aggregate consideration paid to Laidlaw Biopower, LLC for the acquisition of the membership interests of Laidlaw Berlin Biopower, LLC equal to $5,462,500. Both parties acknowledge satisfaction with the compromise. No further details were disclosed.
About Laidlaw Energy Group
Laidlaw Energy is engaged in the development of independent power plants that generate electricity from renewable and clean resources, with a particular emphasis on biomass power and combined heat and power. For more information, please visit our website at www.LaidlawEnergy.com.
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