Charge Enterprises: Completes Acquisition of BW Electrical Services LLC to Expand its Infrastructure Division – Form 8-K
Charge Enterprises Completes Acquisition of BW Electrical Services LLC to Expand its Infrastructure Division
New York – December 28, 2021-Charge Enterprises Inc. (OTC PINK: CRGE), (“Charge”), comprised of a portfolio of global companies with the vision of connecting people everywhere with communications and electric vehicle charging (“EV”) infrastructure, today announced that it has completed the acquisition of BW Electrical Services LLC (“BWES”), an electrical outsourcing services company specializing in construction-oriented commercial projects from ground. 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 electricity and telecommunications subcontracting services to the commercial and industrial construction markets to support communities and complete basic construction projects. BWES has been entrusted with an extensive portfolio of large-scale projects such as the restoration of the New Jersey State House and renowned academic institutions including Rutgers University and the New Jersey K-12 school system.
The acquisition will expand the charging infrastructure offering with BWES ‘power procurement resources, proven standardized processes and established business expertise in EV charging infrastructure.
About Charge Enterprises Inc.
Our telecommunications division
Our Telecommunications (“Telecommunications”) division has provided voice and data termination to carriers and mobile network operators (MNOs) worldwide for over two decades and we will selectively add cost-effective products and services. to this long established company.
Our Infrastructures division
Our Infrastructure division is primarily focused on two fast growing industries: electric vehicle charging and the 5G telecommunications network, including cell tower, small cell and building applications. Solutions for these two industries 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 related to 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 marketable 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”).
About BW Electrical Services
BW Electrical Services provides electrical subcontracting services for commercial businesses in New Jersey. The company was founded by a licensed master electrician in 2006 to create a network of trained electricians to help develop communities. BWES has a team of around 74 people, including around 60 unionized employees 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 about 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”, “planned”, “estimates”, “continues. “,” Foresees “,” plans “,” predicts “,” intends to “,” anticipates “,” aims “or” believes “, or variations or negative aspects of these words and expressions or declares that certain actions, events or results “may”, “could”, “would”, “should”, “could” or “will” be taken, occur or be achieved. All forward-looking statements, including those contained herein, are qualified by this caveat.
Although Charge believes that the expectations expressed in these forward-looking statements are based on reasonable assumptions, these statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by these 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 regulations and government incentives, grants or other favorable government policies, and other risks described in the documents filed by Charge with the United States Securities and Exchange Commission. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive of the factors that may affect forward-looking statements. Therefore, 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 the date or dates specified in such statements. For more information on Charge, investors are encouraged to consult Charge’s public documents 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, other than as required by law.
Steve Keyes (248) 952-7022
LHA Investor Relations
Carolyn Capaccio, CFA