Comanche became a wholly owned subsidiary of Green Energy Live on July 24, 2009. Comanche is a profitable livestock marketing company that has served Texas cattle operators since 1949. Managed by seasoned cattle industry veterans and operated efficiently, Comanche has a large and loyal base of customers who trust the company to get top dollar for their livestock. The company generates revenue from multiple streams including its main line of business bringing buyers and sellers together for live cattle auctions held 49 weekends per year. It also offers private treaty sales, video and online marketing, and cattle working services including hauling, penning, catch and capture, and cattle care.
Green Energy Live's Comanche subsidiary has evolved to meet the changing needs of its customers. The company has led the way in bringing technology-driven innovations to the auction and marketing processes. It was one of the first companies in Texas to provide live internet streaming of its cattle auctions and uses video and web to significantly enhance its sales and marketing activities.
To ensure Comanche will continue its growth under the direction of an experienced management team, the acquisition agreement included a five-year management contract with former owner Mr. Dean Cagle, who has been operating Comanche for the past eight years. Under Mr. Cagle's leadership Comanche has tripled its average weekly volume of cattle sales.
Last month Green Energy Live reported strong 2009 pro forma financial performance for its subsidiary. Comanche generated a 12% increase in revenue for the twelve months ended December 31, 2009 over the prior year and posted positive EBITDA of $105,435. Comanche's consistent performance in the fiscal years of 2009, 2008 and 2007 resulted in average annual revenue of $694,529 and generated EBITDA of $105,435, $138,845 and $52,114 respectively, an annual average of $98,798.
For the twelve-month periods ended December 31, 2009 and 2008, Comanche generated revenues of $721,999 and $644,146, respectively, an increase of $77,853 or 12%. For the twelve-month periods ended December 31, 2009 and 2008, Comanche generated net income of $65,592 and $98,001, respectively, a decrease of $32,409 or 33%. The decrease includes an interest charge of $11,622 related to the acquisition note recorded in Comanche numbers due to business combination accounting requirements. The rest of the net income difference mainly came from higher depreciation in the 2009 statement which was also attributed to accounting requirements related to the acquisition.
Karen Clark, President/CEO of Green Energy Live, commented: "Comanche is an integral part of Green Energy Live's current and future growth. In addition to being a strong, profitable business in its own right, having Comanche on our team to bring our clean energy solutions to market will be key. It will enable us to introduce our manure-to-energy convertors to cattlemen by cattlemen, giving us a foot in the door with our target customer and endorsement by well-known and respected members of the agricultural community."
About Green Energy Live (OTCBB:
This press release may contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are intended to be covered by the safe harbor created by such sections and other applicable laws. Such forward-looking statements include, without limitation, plans and expectations regarding the development of GELV's gasification technology and other projects and operations. GELV has tried, whenever possible, to identify these forward-looking statements using words such as "anticipates," "believes," "estimates," "expects," "plans," "intends," "potential" and similar expressions. Where the Company expresses or implies an expectation or belief as to future events or results, such expectation or belief is expressed in good faith based upon currently available information, and is believed to have a reasonable basis. However, forward-looking statements are subject to risks, uncertainties and other factors, which could cause actual results to differ materially from future results expressed, projected or implied by such forward-looking statements. Such risks include, but are not limited to: (1) GELV's need for additional financing, which is not assured and which may result in dilution of shareholders; (2) GELV's status as a small company with a limited operating history; and (3) regulatory restrictions in the production of bio-fuels. For a more detailed discussion of such risks and other factors, see the Company's 2009 Annual Report on Form 10-K, filed on April 15, 2010, with the Securities and Exchange Commission, and its other SEC filings. The Company does not undertake any obligation to release publicly revisions to any "forward-looking statement," to reflect events or circumstances after the date of this news release, to update or provide advice in the event of any change, addition or alteration to the information contained in this news release including such forward-looking statement, or to reflect the occurrence of unanticipated events, except as may be required under applicable securities laws.
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