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Libyan-American Corporation Buys Stake in Renewable Power Generation Plants

Tue, 27 Dec 2005, 11:51:00 EDT

Edited by Christopher Simmons

LOS ANGELES, CA (SEND2PRESS NEWSWIRE) -- Lyamec Corp. (www.lyamec.com), a U.S. merchandising and distribution services firm, completed its acquisition, as stakeholder, in more than 13 power generation plants in the United States. The Lyamec Corporation is expanding its acquisitions and is building a multi-billion dollar portfolio through aggressive mergers and acquisitions in the U.S., Libya, the United Kingdom, and including France. Recent additions into its diversification strategies including its Libya facility in Misurata with Global Oil Tools, Grifco International, Coil Tubing Technologies in pre-construction stage, and newly launched J.V. of Brooks-Line Films as an independent producer and distributor for motion pictures, in the U.S.

"No doubt about it, this is a high stake acquisition and the assets of the plants run more that 17 Billion U.S. Dollars. Granted this is a rare opportunity to get in with other major stakeholders such as Deutsche Bank, Citi Corp, and others alike, but we will be in the long run, in a continued tug of war for a higher share. As difficult as it is to get an entrance into the power industry circle at this level, it was long in planning and I am glad that we are now able to get the opportunity to complete and fund our stake and bring this acquisition into our program," said Interim CEO R.G. Raymond.

*(Photo Caption: One of the Gas-fired Power Plants.)

In his statement, R.G. Raymond continued by adding, that the latest stake in the power generation plants, which currently supply customers and communities in U.S. states and Canada with electricity from clean, efficient, natural gas-fired and geothermal power plants, "it is our way of saying that we are in the fight for the better of mankind by focusing on our environment and we plan to make significant stake increases in the industry, in the U.S., and abroad."

Operations and integrated systems of the plants cover major U.S. states, and in Canada, with further expansions currently planned in Latin America. Products and services provided include wholesale and retail electricity, gas turbine components and services, energy management, and a wide range of power plant engineering, construction and maintenance, and operational services.

More information: www.lyamec.com

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ADDITIONAL NEWS FROM Lyamec Corporation

» Libyan American Corporation to Sponsor 'Family Fun & Run' Event in Houston » Libyan-American Corporation Buys Stake in Renewable Power Generation Plants » Lyamec Completes Formation of Global Oil Tools Libya and Moves to Pre-Construction Stage » Lyamec Group Buys 3 Million USD of Grifco Common Stock » Grifco International Acquires Global Oil Tools and Global Libya Manufacturing Facility Project

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