Vista International Technologies, Inc. (OTC Bulletin Board: VVIT) announced today that it will acquire Hawaiian alternative energy company, Maui Energy Company.
Vista International Inc., the parent of Vista International Technologies (VVIT) said it signed a term sheet to acquire 100% of the stock of Maui Energy Company.
Vista said the all-stock transaction will allow it to capitalize on the relationships that Maui Energy has developed for its renewable energy technologies with local governments, businesses, and other institutions.
According to a release, the current president of the company, Leo K. Caires, has been working with Vista International as a consultant in recent months, and will continue after the purchase in his current capacity.
Barry Kemble, CEO of Vista International Technologies, Inc. commented, "We are particularly excited about the deal, as the Hawaiian Islands have been a main point of focus for VVIT’s global development strategy. Disposal of municipal solid waste on the islands has been a growing problem and management feels that VVIT’s Thermal Gasifier technology presents an optimal solution in dealing with the limited landfill space."
Leo Caires commented, "Recent initiatives by state government to move a majority of their energy production to renewable sources should present excellent opportunities for the technologies of both Vista International and VVIT."
The U.S. Department of Energy and the Hawaiian state government announced earlier this year that the state will attempt to reach a target level of 70% renewable energy by the year 2030.
About Vista International Technologies, Inc
Vista International Technologies, Inc. is presently comprised of two divisions devoted to providing environmentally friendly technology solutions for businesses and communities. Both divisions are focused in the areas of Waste-to-Energy.
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