PowerVerde to acquire Cornerstone Conservation Group (stock-and-warrants)

PowerVerde signed a binding letter of intent to acquire Cornerstone Conservation Group for 2,260,000 shares of stock plus warrants, targeting waste-heat-recovery and combined cooling/heating/power (CCHP) markets tied to HVACR systems. This is an energy-technology acquisition rather than a trades service roll-up.

“PowerVerde Inc. announced that it has entered into a binding letter of intent to acquire Cornerstone Conservation Group LLC (CCG). The acquisition is scheduled to close by Dec. 31, 2011, and the consideration to be provided to CCG’s owners and affiliates consists of 2,260,000 shares of PowerVerde common stock and warrants to purchase 300,000 shares at exercise prices ranging from $2 to $3 per share.”

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