COLUMBIA, S.C., June 19, 2013 (GLOBE NEWSWIRE) -- NuState Energy Holdings, Inc. (Pink Sheets:NSEH), announced that it is planning to enter into the Traditional and Alternative Energy Sector. It has executed Memorandums of Understanding (MOU) and Letters of Intent (LOI) that have the potential, if formalized into definitive agreements, to lead NuState into some exciting energy-related opportunities. One opportunity is to create and/or acquire retail energy providers that are remarketers of natural gas and electricity. Such businesses, also known as Energy Service Companies ("ESCOs"), seek to capitalize on the market opportunity brought about by the deregulation of the electricity industry that has occurred in certain states. Kevin Yates, Chairman and CEO of NuState commented, "We are in advanced stages of discussions with two outstanding candidates, both of whom have backgrounds in the ESCO business, to become NuState's President and Chief Financial Officer. I would remain with NuState as Chairman and CEO."
A second energy-related opportunity being developed is for NuState to become an Independent Power Producer (IPP) of electricity in Suriname, South America. This opportunity has evolved as a result of our strategic relationship with GLINS International. Kevin Yates stated, "I have discovered that Suriname is a remarkable country that is bursting with a wide range of untapped opportunities. Our involvement with the GLINS organization has ideally positioned NuState to exploit a number of these business opportunities." With strong support from the country's government, the GLINS group of companies is focused on providing assistance in the commercialization of Suriname's untapped resources. The first and one of the most compelling needs in the country is for traditional and renewable energy.
On May 24, 2013 we executed a Memorandum of Understanding (MOU) with GLINS to conduct a feasibility study in regards to becoming an IPP in Suriname. The study period is anticipated to commence in the next few months and to last for a period not to exceed six months. Kevin Yates would oversee the implementation of this study with close collaboration from GLINS who would orchestrate interviews and discussions about energy-related matters with the utility company of Suriname, relevant government agencies, country experts and service providers.
To further accelerate our potential entry into the IPP market in Suriname, we also have executed an MOU on June 3, 2013 with Caletta Renewable Energy. The MOU establishes the framework for a key strategic partnership with Barletta Engineering Corporation ("Barletta") as well as associated partnerships with some of the best known integrated energy companies in the country. With over 80 years of experience and 250 employees, Barletta has a reputation for completing general construction, environmental remediation, and power plant construction projects to owner specifications on time and within budget. Currently, Barletta schedules nearly $250 million in contracts annually with values ranging from $5 million to $100 million.
NuState's headquarters are located at 1201 Main Street, Suite 1980, Columbia, S.C. 29201. 803-748-1309
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CONTACT: Kevin Yates 803-748-1309Source:NuState Energy Holdings, Inc.