MAHWAH, N.J., Sept. 25, 2012 -- InterCore Energy, Inc., (OTCBB:ICOR), a technology-focused company seeking operations and investments in the areas of clean energy and clean technology, today discussed its perspective on Epec Biofuels Holdings, Inc. and the Legacy Group, outlining the future of InterCore and discussing investor expectations.
James F. Groelinger, InterCore's CEO, commented, "Our corporate objective is to invest in viable technologies that improve the country's energy landscape, moving in the direction of energy independence while meeting environmental requirements without relying on government subsidies to survive. By acquiring a stake of up to 25% in Epec Biofuels, we are investing in a clean, renewable energy source based on ethanol derived from sweet sorghum. For the US, sorghum is vastly superior to either sugar cane or corn-based ethanol both in terms of cost to produce and overall societal impact. With the pending Environmental Protection Agency's (EPA) approval of grain sorghum as an alternative feedstock to corn for the production of biofuel-based ethanol, we expect consideration and approval of sweet sorghum to follow, with Epec ideally positioned to capitalize on this limitless emerging market.
"The planned acquisition of the Legacy Group has implications in a number of areas of interest to InterCore," Mr. Groelinger continued. "Legacy's product lines include power and automation products for the oil and gas industries, a unique ultra-efficient marine hybrid propulsion system that reduces the fuel consumption and emissions of larger marine vessels, and a highly efficient and very low power-consuming cooling system for use in portable data centers and power systems for oil and gas drilling rigs. Potentially adaptable for commercial and residential use, the Legacy system uses approximately 50% less energy than traditional chilled water systems. All of these represent ways of improving energy utilization, increasing energy efficiency, and enhancing the competitive position of US industries while providing the opportunity for excellent financial performance.
"Investors should look for InterCore to continue making investments and acquisitions in strategic areas such as these. We look at several criteria in making acquisition and investment decisions: First, does the business fit our current objectives? Second, has the product or service been demonstrated sufficiently to reduce technology risk to an acceptable level? Third, is management experienced with building a business (or willing to be supplemented if need be)? And lastly, but perhaps most importantly, does the transaction offer the opportunity for sufficient financial performance to benefit our shareholders? Each of these elements must be in place for the business to be a fit with InterCore."
About InterCore Energy, Inc.
InterCore Energy, Inc. is a public company that, in addition to managing its own operating entities, functions as an owner, product developer, and investor focused primarily on providing equity, acquisition debt, or bridge financing to emerging high-growth companies and entrepreneurs in the areas of clean energy and clean technology. www.intercoreenergy.com
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Safe Harbor Notice
Certain statements contained herein are "forward-looking statements" (as defined in the Private Securities Litigation Reform Act of 1995). InterCore Energy, Inc. cautions that statements made in this news release relating to the potential investment in, and the business direction of, the Company constitute forward-looking statements and makes no guarantee of future performance. Forward-looking statements are based on estimates and opinions of management at the time statements are made. These statements may address issues that involve significant risks, uncertainties, estimates, and assumptions made by management. Actual results could differ materially from current projections or implied results. InterCore Energy, Inc. undertakes no obligation to revise these statements following the date of this news release.
MELISSA J. DIAZ
SOUTH STREET MEDIA, INC
PHONE: (917) 937-8968
SOURCE InterCore Energy, Inc.