LAS VEGAS, Oct. 10, 2001 – Composite Industries of America, Inc. announces the Company has finalized the contract for the acquisition of Tribal Electric Association- 2000.
Tribal Electric is engaged in developing, constructing and operating electric power plants in the United States and throughout the World, specializing in plants with an output capacity from 50 MW of power to 250 MW of power.
Tribal Electric has made contact with over 20 Indian Nations throughout California, who have expressed an interest to have a plant located on their Reservation. These plants will be in rural areas and will provide strategic support for the overloaded California grid system.
Merle Ferguson, Chairman and Chief Executive Officer of Composite Industries of America, stated, “Tribal Electric will begin operations by constructing two power plants on Indian Reservations located in Southern California. These plants will be owned and operated by Tribal Electric, our wholly owned subsidiary, and all revenues and profits will be consolidated into the financial statements of Composite Industries of America.”
Ferguson further stated, “Tarzan Honor, President of Tribal Electric, has built electric power generation plants in South Africa, and his expertise with developing nations will help World Homes to obtain financing because the houses will have electricity, which also brings telecommunications (our other entity) and therefore enhances value and facilitates financing.”
William Morris, Executive Vice President and Chief Financial Officer stated, “Each 50 Mega Watt plant will generate $35 to 40 Million Dollars of income per year; therefore, the first two plants in California will generate approximately $800 Million Dollars in revenue over the next ten years with a pre-tax margin of 16 to 18%.”
Morris further explained, “This acquisition is a part of the overall restructuring plan as previously announced on September 6, 2001; whereby, Composite Industries of America now has in place four fully integrated entities: 1. Affordable Homes of America (Housing for the United States) 2. World Homes, Inc. (Housing for the Global Market) 3. MJB Towers, (the first phase of the Telecommunications Unit) 4. Tribal Electric (to provide small electric power generation plants and affordable power to the United States as well as the rest of the World).”
Composite Industries of America provides revolutionary building techniques for the construction of affordable fireproof and earthquake proof housing using the patented material Z MIX.
The Corporation is engaged in the formation of compatible synergistic companies, each designed to be horizontally and/or vertically integrated with each other. For more information on Composite Industries of America, Inc., please visit the Web site http://www.theworldhome.com.