Charge Enterprises Completes Acquisition of BW Electrical Services LLC to Expand Infrastructure Division
NEW YORK, NY/ACCESSWIRE/December 28, 2021/ Charge Enterprises Inc. (OTC PINK: CRGE), (“Charge”), comprised of a portfolio of global companies with a vision to connect people everywhere with communications and electric vehicle (“EV”) charging infrastructure ), announced today that it has completed the acquisition of BW Electrical Services LLC (“BWES”), an electrical contracting services company specializing in commercial projects focused on building from the ground up. In connection with the acquisition of BWES, Charge paid $13,500,000 plus 1,285,714 common shares of Charge. Charge announced a definitive agreement to acquire BWES on December 23, 2021.
Founded in 2006 and based in New Jersey, BWES is an industry leader in design-build electrical installation solutions. BWES has captured a niche market, providing electrical and telecommunications contracting services to the commercial and industrial construction markets to support communities and complete construction projects from the ground up. BWES has been entrusted with an extensive portfolio of high-profile projects such as the restoration of the State House of New Jersey and renowned academic institutions including Rutgers University and New Jersey’s K-12 school system.
The acquisition will expand Charge’s infrastructure offering with BWES’ electrical contracting resources, proven standardized processes and established business expertise in electric vehicle charging infrastructure.
About Charge Enterprises Inc.
Our Telecommunications Division
Our Telecommunications division (“Telecommunications”) has been providing voice and data termination to carriers and mobile network operators (MNOs) worldwide for more than two decades and we will selectively add profitable products and services to this business. long established.
Our Infrastructure Division
Our Infrastructure division (“Infrastructure”) is primarily focused on two rapidly growing areas: electric vehicle charging and 5G telecommunications network, including cell towers, small cells and in-building applications. Solutions for these two sectors include: design and engineering, equipment specification and procurement, installation, data and software solutions, and service and maintenance.
Our investment division
Our investment division (“Investment”) focuses on opportunities across our global portfolio to extend the impact of our vision. We aim to invest in opportunities that would complement our two operating divisions in addition to transferable securities, including money market funds and other listed securities. Our Investment division provides services aimed at offsetting the overall cost of capital.
We provide our investment services through our wholly owned subsidiary, Charge Investments (“CI”).
For more information: https://www.charge.enterprises/
About BW Electrical Services
BW Electrical Services provides electrical contracting services to commercial businesses in New Jersey. The company was founded by a licensed master electrician in 2006 to build a network of qualified electricians to help develop communities. BWES has a team of approximately 74 people, including approximately 60 union members of the International Brotherhood of Electrical Workers (IBEW) deployed on various projects.
Notice Regarding Forward-Looking Information
This press release contains forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements reflect current expectations or beliefs regarding future events or the future performance of Charge. Often, but not always, forward-looking statements can be identified by the use of words such as “plans”, “expects”, “is planned”, “budget”, “expected”, “estimates”, “continues “, “expects”, “plans”, “predicts”, “intends”, “anticipates”, “targets” or “believes”, or variations of, or the negatives of, such words and expressions or state that certain actions, events or results “may”, “could”, “should”, “should”, “could” or “will” be taken, occur or be achieved. All forward-looking statements, including those contained in this document, are qualified by this warning.
Although Charge believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. These risks and uncertainties include Charge’s business plans and strategies, Charge’s future business development, market acceptance of electric vehicles, Charge’s ability to generate positive earnings and cash flow, changes in government regulation and government incentives, subsidies or other favorable government policies, and other risks discussed in Charge’s filings with the United States Securities and Exchange Commission. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive of factors that could affect forward-looking statements. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements contained in this press release speak only as of the date of this press release or as of the date or dates specified in such statements. For more information about Charge, investors are encouraged to review Charge’s public filings on the OTC Market at https://www.otcmarkets.com/stock/CRGE/overview. Charge disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by law.
Steve Keyes (248) 952-7022
LHA Investor Relations
Carolyn Capaccio, CFA
THE SOURCE: Charge Enterprises Inc.
See the source version on accesswire.com: