Los Angeles, California (November 8, 2007) Renegy Holdings, Inc. (Nasdaq: RNGY), based in Tempe, Arizona, announced that it has completed a sale of its subsidiary, SCR-Tech, LLC, to CoaLogix Inc., a subsidiary of Acorn Factor, Inc. (Otcbb: ACFN). Hadley Partners served as sell-side advisor to Renegy in connection with the transaction.
SCR-Tech, located in Charlotte, North Carolina, is a provider of catalyst regeneration technologies and management services for pollution control systems used by coal-fired power plants to reduce nitrogen oxide emissions. Renegy intends to use the proceeds from the SCR-Tech sale to advance its renewable energy activities particularly in the development of biomass-to-electricity power projects.
This closing marks the fourth strategic transaction involving a principal of Hadley Partners as advisor to Renegy and its predecessor companies. Commenting on the relationship, Rob Zack, Executive Vice President and Chief Financial Officer of Renegy said, “Hadley has done an exceptional job of making a market for our businesses as well as assisting in negotiations. We are pleased with their efforts. We look upon them as an important contributor to our successes over the past few years."
About Renegy Holdings, Inc. (www.Renegy.com)
Renegy is a green energy company focused on acquiring, developing and operating a growing portfolio of biomass-to-electricity power facilities. Renegy seeks to rapidly grow its renewable energy assets with the goal of becoming the leading independent power producer (IPP) of biomass electricity in North America. Its first project is Snowflake White Mountain Power (SWMP), a 24 megawatt (MW) biomass facility under construction near Snowflake, Arizona. This facility is scheduled to begin supplying electrical power to Arizona's two leading utility companies in the first half of 2008, and serves as a solid foundation for the Company's growth. Find Renegy on the Worldwide Web at www.Renegy.com.
About Acorn Factor
Acorn Factor specializes in acquiring and growing emerging companies that promise improvement in the economic and environmental efficiency of the energy sector. Acorn is a global company with equity interests in enterprises including: Comverge, a leading clean capacity provider of energy solutions through demand response; dsIT, a leader in underwater security systems; and Local Power, the creator of Community Choice Aggregation, an organization involved in retail markets for electricity.
About Hadley Partners (www.hadleypartners.com)
Founded in 1999, Hadley Partners provides the highest-quality merger & acquisition advisory, private placement and financial advisory services. We have a world-class team of veteran bankers that bring Wall Street experience to middle-market and emerging growth companies. Our goal is to develop relationships of trust with the leaders of these companies and with investors that pursue investment opportunities in such companies. We provide our services in a fair and flexible manner, and we always put our clients’ interests first. Hadley Partners is a registered broker-dealer, and a member of the Financial Industry Regulatory Authority (formerly the NASD) and the Securities Investor Protection Corporation. For more information visit, www.hadleypartners.com.
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