RenuEn Corporation (OTC Pink: RENU) (PINKSHEETS: RENU), a Renewable Energy Development and EPC Company, released their 2014 First Quarter Report showing record revenue and earnings for the first time in company history.
Jeff Nemes, CEO of RenuEn, stated, "Today marks a historic day for RenuEn and the company's shareholders. For the first time since the company was founded, I am extremely pleased to report that the Company's 2014 First Quarter revenue has exceeded One Million Dollars ending at $1,357,092. More importantly, we have Net Income of $128,527. This remarkable turnaround is only three months into our modified and updated business plan."
Nemes continued, "In addition to our first ever earnings, we have reduced our long term debt by $407,517 in combination with our recapitalization. This was accomplished when we appointed Mr. Kenneth Moore to the Board of Directors and he released the company from notes issued to him as an early investor in the company back in 2006 and 2007." Nemes added, "The financial commitment Ken had previously made to the company and his invaluable assistance to me in the reorganization of the company is much appreciated. By releasing the company from the debt as well as taking the time to serve on the Board of Directors, Ken has solidified his belief and confidence that RenuEn is on a successful path."
Anthony Pascucci, CFO of RenuEn, stated, "The rapid growth of revenue over this short ninety day period is nothing short of remarkable considering the new business plan was implemented in late December 2013." Pascucci added, "To basically start from zero and achieve significant revenue and net earnings in such a short period of time while concurrently reducing debt is a testament to the outstanding team that we have at RenuEn and the sound business plan and fiscal policies we have implemented."
Nemes added, "I see so many opportunities on the horizon to grow this company in our National Energy Solutions plan as well as our current Florida business. This is made possible because I have built an outstanding management, installation and support team that gives me the ability to scale and grow our model rapidly. Our Energy Solutions program is not only helping consumers save money on their energy bills; more importantly, we are generating revenue and positive cash flow. This is in keeping with my mandate to not create debt to grow but rather, continue to grow our market share using the money we earn to reinvest in our growth." Nemes continued, "I am as excited about leading a company that is creating jobs as I am about building RenuEn into a profitable entity for the benefit of our loyal and long term shareholders. It is a goal I plan to accomplish by continuing to build on the solid foundation of people, systems and processes we have put in place. Our first quarter earnings are an early indication of the success our shareholders should expect in the future."
Nemes concluded, "I would be remiss if I did not acknowledge the efforts of our Energy Solutions Dealer Network. In addition to the outstanding Q1 revenues, we have had our best sales month ever in April to start off Q2 with over $800,000 in sales. Their efforts and rapid success has succeeded in helping me launch the new RenuEn. More importantly, they have proven that the dealer model can not only succeed, it can grow and thrive in any geographical market in the Country. I look forward to their continued assistance and vision of the future of renewable energy and RenuEn as a provider of Energy Solutions."
About RenuEn Corporation
RenuEn Corporation (www.RenuEn.com) is a Renewable Energy Development, Engineering, Procurement and Construction (EPC) Company. The company focuses on Renewable Power projects and the development of solar, geothermal and other renewable energy strategies installing energy saving products and services for residential and commercial clients.
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This news release contains statements that involve expectations, plans or intentions (such as those relating to future business or financial results) and other factors discussed from time to time in the Company's Securities and Exchange Commission filings. These statements are forward-looking and are subject to risks and uncertainties, so actual results may vary materially. You can identify these forward-looking statements by words such as "may," "should," "expect," "anticipate," "believe," "estimate," "intend," "plan" and other similar expressions. Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors not within the control of the company. The company cautions readers not to place undue reliance on any such forward-looking statements, which speak only as of the date made. The company disclaims any obligation subsequently to revise any forward-looking statements to reflect events or circumstances after the date of such statements or to reflect the occurrence of anticipated or unanticipated events.
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SOURCE: RenuEn Corp