PHILADELPHIA & TULSA, Okla., Aug. 8, 2003 — INTESCO Global Energy, LLC. of Valley Forge, Pennsylvania, has announced that it has entered into a final and definitive agreement to acquire all of the capital stock of American Gentor Corp., parent company of AGC Manufacturing Services, Inc. and AGC Project Management, Inc., both of Broken Arrow, Oklahoma, from GENTOR, S.A. de C.V., a Mexican company with headquarters in Monterrey, Mexico.
AGC manufactures mobile co-generation and power generation units which provide up to 3 Megawatts of power and 30,000 lbs per hour of steam that can be configured for a wide range of heating and cooling applications. The transaction is expected to close within thirty days.
Using AGC’s patented and proprietary designs combined with M1A-13A turbines manufactured by Kawasaki Heavy Industries, AGC’s 3 MW Mobile Co-generation (MCU-30) units are the leading units in this capacity range and can serve a broad range of prime power, co-generation, and distributed generation projects for utilities and medium to large end users of energy.
For almost a decade, AGC’s MCU’s have been installed and successfully operated for prime power and process heat applications at a number of manufacturing, healthcare, and other institutional, commercial and industrial sites in the United States, Mexico, Canada, and India.
The acquisition includes AGC’s 110,000 square foot, state of the art manufacturing, packaging and test facilities located in Broken Arrow, Oklahoma. The AGC facilities at Broken Arrow are capable of packaging, inspecting and testing over 200 megawatts annually of co-generation and distributed generation units, as well as providing related boiler, engine and turbine inspection and overhaul services.
William E. Iorio, INTESCO’s Chairman and Managing Director, who announced the acquisition, has also indicated that, “We are pleased to be able to utilize AGC’s unique designs and manufacturing capabilities to service INTESCO’s growing utility and end user customer base for co-generation and distributed generation applications. We also expect to expand the company’s product lines to include both larger and smaller capacity units, utilizing both turbine and reciprocating engines in order to meet a broader range of user requirements.”
INTESCO Global Energy, LLC is an international energy services company with U.S. and international experience in energy services, power and demand side management, demand response program development, power generation equipment manufacturing, maintenance and overhaul services, and project development and O&M services.
Dilip R. Limaye, Vice Chairman of INTESCO, who will direct the company’s expanded international services, stated that, “This acquisition will place INTESCO in the first rank of international energy service providers. We are highly confident that the AGC product line is the most advanced of its kind available in today’s marketplace. It is our intention to expand these product offerings in order to meet the rapidly increasing demand in the marketplace for co-generation and distributed generation. Together with our strong team of industry alliance partners, INTESCO’s expanded capabilities will enable us to deliver a broad range of targeted solutions to assure grid optimization, energy supply reliability, price stability, and energy risk management.”
GENTOR, S.A. de C.V. (GENTOR) and its affiliate, Sistemas de Energia Internacional, S.A. de C.V., (SEISA) are private energy companies headquartered in Monterrey, Mexico, which develop and operate co-generation and renewable energy facilities using the AGC MCU and other power generation equipment at customer and independent distributed generation sites located in Mexico, Canada and the United States.
Rodolfo Flores, President of SEISA and CEO of GENTOR, indicated that “We look forward to completing this transaction with INTESCO to focus on our project development and operational energy businesses. Following the closing of the sale, SEISA and INTESCO plan to continue the traditional engineering and service support relationship between the companies as well as working together to take advantage of the development opportunities for new power co-generation projects throughout the North, Central and South American Markets.”