MIAMI, July 13, 2005 (PRIMEZONE) -- Consolidated Energy & Technology Group, Inc. (Pink Sheets:CGGE) is pleased to announce that its Northern Ireland based subsidiary, TecEnergy Solutions Limited, has completed the purchase of a building in Northern Ireland. TecEnergy Solutions Limited has rented office space in Belfast, Northern Ireland for the past 18 months and the purchase of this building in Castledawson, Northern Ireland will meet the current and future office needs of the Company. The building is situated on a site which offers the opportunity of substantial development in the future if required.
TecEnergy Solutions Limited received financial assistance from HSBC Bank to purchase the building of approximately 110m (squared) which costs ninety three-thousand pounds sterling (approximately $165,000). The mortgage payments to HSBC represent a substantial monthly saving from the rent payments that were being incurred and the Company now has the advantage of owning a property and benefiting from any potential capital gain in the future.
Consolidated Energy is a holding company in the business of acquiring and developing proven technologies which seek to provide sought-after solutions to current environmental problems in our modern world, with special emphasis on alternative energy, waste management and land remediation.
Consolidated Energy will provide turnkey solutions in the waste sector and at the same time use these resources to provide alternative energy and other products.
Further information about Consolidated Energy can be found at www.cetg-inc.com
NOTE: Statements made by Consolidated Energy & Technology Group, Inc. that are not purely historical are forward-looking statements within the meaning of the "safe harbor" provisions of the Private Securities Litigation Reform Act of 1995. Such statements involve a variety of risks and uncertainties, including, without limitation, statements with respect to the Company's strategy and prospects. These statements are made based upon information available to the Company at the time, and the Company assumes no obligation to update forward-looking statements. Readers and investors are cautioned that the Company's actual results may differ materially from those described in the forward-looking statements due to a number of factors including, but not limited to, (1) demand for the Company's products and services; (2) the Company's ability to develop and launch its markets; (3) changes in the current and future business environment, including interest rates and capital and consumer spending; (4) the impact of competitive products and pricing; (5) reliance on key strategic alliances; (6) the availability of funding and skilled personnel; (7) the regulatory environment; (8) risks associated with start-up businesses; and (9) the impact of yet unknown competitors, technological obsolescence, problems with technology, problems with shipment, inadequate supplies and business opportunities.