ETLY.OB shares have been on a steady uptrend to higher prices since the company announced that it has acquired Electric Transportation Engineering Corporation (eTec) and its affiliated companies for $6.25 million. In the past three days, prices have risen 23.7% from Wednesday’s low of $0.27.
This strategic acquisition provides ECOtality with an additional $9.39 million in annual revenues when including the revenues generated by previous acquisitions of Innergy Power Corporation and Fuel Cell Store. The President & CEO of the Company, Jonathan Read, commented, “Through successful execution of our strategy to acquire and commercially advance revenue-generating companies and technologies such as eTec, ECOtality has become a diversified renewable energy company that will be a leader in changing the way we consume energy.”
The President of eTec is also pleased with the acquisition and stated that it will provide his company with the ability to increase operations through the research, testing, and development of alternative-fueled and electric energy systems and infrastructures. This acquisition gives ECOtality additional opportunity to aggressively expand the market share of the eTec SuperCharge system and explore additional markets and applications.
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