NEAH Energy Executes Letter of Intent to Establish Water Treatment Company for Global Oil and Gas Industry
WILMINGTON, N.C., Feb. 14, 2012 /PRNewswire/ -- Newco Energy Acquisition Holdings LLC (NEAH Energy), an energy-related asset and services acquisition firm, has executed a Letter of Intent (LOI) with a leading water technology company to establish a new water treatment and processing company (WaterCo).
The proposed WaterCo is intended to focus exclusively on servicing the global oil and natural gas industry to develop significant new revenue and profit opportunities based upon technology developments and market demand for industrial on-site water treatment, processing, and purification. Specifically, the joint venture will handle polluted water from hydraulic fracturing at drilling sites in the U.S. and worldwide.
The proposed technology and equipment are patent protected and proprietary to the technology company. Newco Energy will own the majority of the proposed WaterCo and be the operating partner, while the water technology company will provide manufacturing and technical support, in addition to being compensated through royalty/license fees.
The LOI provides for, among other key terms, a period of exclusivity between the parties to allow for structuring, financing and other legal arrangements to be completed. NEAH will be leading the equity and debt negotiations with investors on behalf of the proposed WaterCo.
About NEAH Energy:
NEAH Energy is an acquisition company formed to acquire energy and energy-related assets and companies. NEAH focuses its interest in deep value, asset-backed investments in distressed, non-core, and niche-based energy assets, with an emphasis on solid cash flows, capital preservation and prudent risk management.
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SOURCE NEAH Energy