OESI TO ACQUIRE INTEREST IN LFC POWER SYSTEMS CORP.
OESI TO ACQUIRE INTEREST IN LFC POWER SYSTEMS CORP. SPARKS, Nev., Dec. 5 /PRNewswire/ -- OESI Power Corp.
(NASDAQ: OESI) has announced that it will acquire a 20 percent interest in LFC Power Systems Corp. ("PSC"), a company which provides construction management and operations and maintenance services for power plant projects. OESI will acquire the remaining 80 percent in January 1993 with the total purchase price being approximately $860,000, which represents PSC's book value. PSC, whose headquarters is in Portland, Ore., is a subsidiary of LFC Energy Corp., which is an affiliate of LFC Financial Corp., a holder of 40 percent of OESI's common shares.
PSC has about 180 employees and operates nine power plants in four states, including the Ormesa I geothermal facilities in the Imperial Valley, Calif. James W. Porter Jr., chief executive officer of OESI, said "This acquisition will give us access to PSC's expertise in the construction, operation and maintenance of power plants. OESI has a number of projects in development or under consideration, and this acquisition will provide us additional resources needed to take advantage of our significant growth opportunities." Porter also noted that OESI expects to relocate its headquarters from Sparks to Portland in the second quarter of 1992. OESI Power Corp. acquires, develops, operates and sells interests in geothermal power projects in the Western United States, Alaska and Hawaii. -0- 12/5/91 /CONTACT: Patrick MacMullen of OESI Power, 702-355-5666/ (OESI) CO: OESI Power; LFC Power Systems Corp. ST: Nevada IN: SU: TNM
AL-SE -- LA007 -- 9461 12/05/91 07:32 EST
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|Date:||Dec 5, 1991|
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