RenuEn Corporation (OTC Pink: RENU) (PINKSHEETS: RENU), a Renewable Energy Development and EPC Company, announced today that they have expanded operations with the establishing of an in-house Consumer Finance Division called RenuEn Finance Solutions (RFS).
Jeff Nemes, CEO of RenuEn, stated, "I am proud to announce that we have made substantial progress in our National Energy Solutions rollout with the launch of RenuEn Finance Solutions (RFS). Effective today, we will begin offering custom designed consumer finance programs for 'green' technology and energy efficient home improvements -- directly to our customers and existing dealers. More importantly, RFS will now offer custom financing solutions to other businesses in all 50 states as we establish a separate dealer financing program in addition to the existing Energy Solutions dealer program."
Nemes added, "The addition of the RFS finance division should have a dramatic effect on our profitability. In fact, during the last quarter we spent over $100,000 in bank charges or financed dealer fees against 1.3 million dollars in revenue. Having the ability to reduce fees and increase profitability, while offering essential finance programs to other companies, we anticipate an increase in revenue and earnings as we develop a portfolio of financed customers. We can now offer a variety of programs that will help our dealers close more sales and boost their bottom line. Our dealers will be able to offer; installment loans, revolving lines of credit, and interest-free and deferred payment programs. We will be rolling out the RFS website in the coming days to provide our dealers with convenient online applications and loan documents. Our dealers will receive daily funding, intensive training, and the service and support of our finance office, in order to further help them succeed and grow.
"In addition, my National Team now has all of the tools necessary to attract dealers from other industries and offer RFS financing programs to their customers. We are currently seeking home improvement companies, water treatment dealers, HVAC and electrical contractors as well as similar in-home businesses that have an appetite for consumer financing in order to close more sales. I believe that branching out into the financing side of the business with RFS is the final component to rapid and diversified national expansion. The most beneficial part of this new venture is that it has not required any dilution or issuing of any additional shares in order to establish RFS and our new financing relationship."
Nemes continued, "Each and every day our team and I continue to evaluate our existing programs, dealers, systems and processes with 'out of the box' and progressive thinking. If an idea works and makes sense we build on it. If it doesn't work, we make the hard choice to discontinue it and continue moving forward. With April and May sales over $800,000 respectively, I am confident that we are moving in the right direction with RenuEn, and expect to see million dollar months in the very near future."
Mr. Nemes concluded, "As RenuEn continues to build corporate structure and bring more of our business services, such as RFS, in-house, we have also decided to discontinue those relationships that are not in the best interest of the company, and its shareholders. As a result, we have recently discontinued our business relationship with Handy Air. As we embark on this monumental opportunity with RFS, I have named Scott Meredith as Executive Vice President of Operations and Lynn Nemes as Executive Vice President of Finance, Administration and RFS. Together Scott and Lynn will be working daily with President David Burrows and I as we continue building on the strong foundation we have already established. We will continue to seek new opportunities as we take our brand, products and services to a National consumer base. I look forward to providing additional updates to our loyal shareholders in the very near future."
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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About RenuEn Finance Solutions
RenuEn Finance Solutions (www.RenuEnFinanceSolutions.com) (site under construction) is a Division of RenuEn that has been established to build a National Dealer Network. RenuEn Finance Solutions (RFS) is a provider of consumer financing programs to a variety of markets and industries. We have expanded program offerings in markets like home improvement financing, HVAC financing, solar financing and more.
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SOURCE: RenuEn Corp