COSTA MESA, Calif., Oct. 19, 2015 /PRNewswire/ -- Probe Manufacturing, Inc. ("PMI") (OTC: PMFI) announced it has completed the purchase of the assets of GE's Heat Recovery Solutions business from General Electric International, Inc and closure of related funding agreement with ETI Partners IV LLC.
The acquisition includes substantially all of the assets relating to GE's Heat Recovery Solutions business, which were located at GE's facility in Costa Mesa, California. The Company announced that it concurrently relocated and commenced integration of its professional engineering operations with those of the acquired assets into the Costa Mesa location. The GE's Heat Recovery Solutions system captures waste heat from a variety of sources and turns it into electricity that users can use or sell back to the grid.
Concurrent with its original announcement of the transaction, the Company announced that it is changing its name to "Clean Energy Technologies, Inc." The Company further announced that it is in the process of implementing that name change and also intends to change its stock trading symbol to "CETI." The Company believes the new name and trading symbol will better reflects the Company's focus on energy efficient technologies, consistent with the Company's strategy, announced in 2014, of focusing its core professional engineering business on supporting start-ups, VC-backed and other emerging growth companies with engineering and manufacturing services related to their products, with an emphasis in Clean Tech.
Kam Mahdi, CEO of PMI, said, "This acquisition meets several of our long- and short-term strategic objectives and is designed to reinforce our strategy of utilizing our engineering and manufacturing expertise to develop and acquire energy-efficiency and other clean technologies." Mahdi added, "Throughout the integration, customers will remain our top priority. We look forward to working with our new Clean Energy HRS (Heat Recovery Solutions) customers, employees and suppliers as we accelerate the implementation of energy-efficient products worldwide."
"We believe acquiring a proven, proprietary clean technology product that we can offer worldwide to a significant addressable market solidifies the Company's strategy to be a clean energy technology solutions provider," said Mahdi. "Securing our own technology and intellectual property was a key goal of our growth strategy, and it is exciting to have accomplished that goal already in 2015."
About Probe Manufacturing, Inc.
PMI is a clean energy technology company offering product, engineering and manufacturing solutions focused on energy efficiency and environmental sustainability. The Company's main product offering is now the newly Clean Energy Heat Recovery Solution, or HRS. The Company's technology accelerator business unit supports its heat recovery solutions business, as well as continuing to support start-up, VC-backed and other emerging growth companies, with engineering and manufacturing services related to their products, including product development incubation services, and manufacturing and project management services, with an emphasis in Clean Tech. Headquartered in Costa Mesa, California, the Company's common stock is currently traded on the OTC Market under the symbol PMFI. For more information, visit www.probeglobal.com.
This release contains certain forward-looking statements (under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including whether the Company will be able to successfully integrate the GE HRS business assets into the Company's existing operations, develop and acquire energy-efficiency and other clean technologies, implement energy-efficient products worldwide, or further develop turnkey Heat Recovery Solutions, financing options and other creative implementations to allow the Company to align its Heat Recovery Solutions with its customers' needs for cost-effective, energy-efficient solutions, and whether the acquisition will be beneficial to the Company and its stockholders. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: uncertainties relating to changes in general economic and market conditions; uncertainties relating to technology performance; uncertainties relating to market acceptance and adoption of the Company's products and competitive products; uncertainties and liabilities relating to the acquisition of business assets; and other risk factors as outlined in the Company's periodic reports, as filed with the U.S. Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events.
Kam Mahdi, CEO
John Bennett, CFO
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/probe-manufacturing-completes-acquisition-of-general-electric-international-inc-heat-recovery-solutions-assets-300161038.html
SOURCE Probe Manufacturing, Inc.