MMC Energy (MMCE) Sells Assets to affiliate of Wellhead Electric for $2.1 Million
MMC Energy, Inc. (Nasdaq: MMCE) signed and closed a definitive agreement to sell its contracts to purchase two natural gas compressors for $2.1 million to an affiliate of Wellhead Electric Company, Inc.
The Company purchased the compressors from Kobelco EDTI Compressors, Inc. for an expected delivery in March 2009 for use at its Chula Vista and Escondido Energy Upgrade Projects. The purchase price consists of $1.9 million in cash and the assumption of $210,000 of remaining payments due under the contracts, and is equal to the Company's cost for the equipment.
MMC Energy, Inc. acquires and actively manages electricity generating and energy infrastructure-related assets in the United States. [SM]
The Company purchased the compressors from Kobelco EDTI Compressors, Inc. for an expected delivery in March 2009 for use at its Chula Vista and Escondido Energy Upgrade Projects. The purchase price consists of $1.9 million in cash and the assumption of $210,000 of remaining payments due under the contracts, and is equal to the Company's cost for the equipment.
MMC Energy, Inc. acquires and actively manages electricity generating and energy infrastructure-related assets in the United States. [SM]
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