Charge Enterprises Signs Definitive Agreement to Acquire BW Electrical Services LLC to Expand Its Infrastructure Division

Rhea-AI Summary

Charge Enterprises (OTC PINK:CRGE) has signed a definitive agreement to acquire BW Electrical Services LLC for $18 million in cash and common stock. BWES specializes in electrical contracting for commercial projects in New Jersey, boasting a strong reputation and high-profile projects including the New Jersey State House. This acquisition aims to enhance Charge's EV charging infrastructure, leveraging BWES's expertise and skilled workforce to meet the growing demand for EV charging solutions. The deal is expected to close around December 27, 2021.

Positive

• Acquisition of BWES for $18 million in cash and stock enhances Charge's EV charging capabilities.
• BWES brings established expertise and a skilled workforce to strengthen Charge's market position.
• The deal supports Charge's strategy to expand EV charging infrastructure and meet increasing demand.

Negative

• None.

NEW YORK, NY / ACCESSWIRE / December 23, 2021 / Charge Enterprises Inc. (OTC PINK:CRGE), ("Charge"), consisting of a portfolio of global businesses with the vision of connecting people everywhere with communications and electric-vehicle charging ("EV") infrastructure, today announced that it has signed a definitive agreement to acquire BW Electrical Services LLC ("BWES"), an electrical contracting services firm specializing in commercial projects with a focus on ground-up construction.

The acquisition agreement provides that Charge will acquire all of the equity intersts in BWES for $18 million of cash and Charge common stock.

Founded in 2006, BWES is an industry leader in the state of New Jersey for design-build, electrical installations. BWES has captured a niche market, providing electrical contracting and telecommunications services to the New Jersey commercial and industrial construction market to support communities and deliver ground-up construction projects. Due to their reputable process-driven expertise in electrical installations, BWES has been entrusted with high-profile projects such as the New Jersey State House restoration, and esteemed academic institutions including Rutgers University, and the New Jersey K-12 school system.

This acquisition is expected to broaden Charge's infrastructure offering by utilizing BWES's master electricians, its proven standardized processes and its established commercial expertise in EV charging infrastructure. The combination exemplifies Charge's strategy to make EV charging more accessible to a wider population, thereby reducing perceived range anxiety as passenger transportation moves towards reducing harmful carbon emissions.

"This is an exciting time for Charge Enterprises. The BWES's acquisition adds scale to Charge's EV charging infrastructure deployment by boosting our number of qualified master electricians and adding greater value, expertise and greater bandwidth to serve our growing client portfolio," said Andrew Fox, Chairman and CEO of Charge. "We look forward to continuing the charge forward with BWES to fulfill the tremendous demand for EV charging infrastructure across the nation as we work towards meeting the demands of the electrification revolution."

"Charge's business ethos closely aligns with the way BWES has always approached business, with an emphasis on reliability and fairness, making this an especially exciting opportunity for us," said Michael Wojtowicz, Founder and CEO of BWES. "There isn't a project in our future that has provisions for new parking that doesn't have an EV charging ecosystem integrated in forward planning, and joining with Charge will help satisfy this pent-up demand for EV charging infrastructure as the country moves into the next phase of the EV revolution."

The anticipated close of the acquisition is on or about December 27, 2021.

About Charge Enterprises Inc.

Our Telecommunications Division
Our Telecommunications division ("Telecommunications") has provided termination of both voice and data to Carriers and Mobile Network Operators (MNO's) globally for over two decades and we will selectively add profitable products and services to this long-established business.

Our Infrastructure Division
Our Infrastructure division ("Infrastructure") has a primary focus on two fast growing sectors: EV charging, and Telecommunications Network 5G, including cell tower, small cell, and in-building applications. Solutions for these two sectors include: Design and Engineering, Equipment specification and sourcing, Installation, Data & software solutions, and Service and Maintenance.

Our Investment Division
Our Investment division ("Investment") focuses on opportunities related to our global portfolio to expand our vision's impact. We aim to invest in opportunities that would complement our two operating divisions in addition to marketable securities, including money markets funds and other listed securities. Our Investment division provides services aimed at offsetting the overall cost of capital.

We offer our Investment services through our wholly-owned subsidiary, Charge Investments ("CI").

To find out more: https://www.charge.enterprises/

About BW Electrical Services
BW Electrical Services provides electrical contracting services for commercial businesses in New Jersey. The company was founded by a licensed master electrician in 2006 to build a network of qualified electricians to help grow communities. BWES has a team of approximately 74, including approximately 60 International Brotherhood of Electrical Workers (IBEW) unionized personnel depoloyed 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 regarding future events or Charge's future performance. Often, but not always, forward-looking statements can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "continues", "forecasts", "projects", "predicts", "intends", "anticipates", "targets" or "believes", or variations of, or the negatives of, such words and phrases or state that certain actions, events or results "may", "could", "would", "should", "might" or "will" be taken, occur or be achieved. All forward-looking statements, including those herein, are qualified by this cautionary statement.

Although Charge believes that the expectations expressed in such forward-looking statements are based on reasonable assumptions, such statements involve risks and uncertainties, and actual results may differ materially from any future results expressed or implied by such forward-looking statements. Such risks and uncertainties include the business plans and strategies of Charge, Charge's future business development, market acceptance of electric vehicles, Charge's ability to generate profits and positive cash flow, changes in government regulations and government incentives, subsidies, or other favorable government policies, and other risks discussed in Charge's filings with the U.S. 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. Accordingly, readers should not place undue reliance on forward-looking statements. The forward-looking statements in this press release speak only as of the date of this press release or as of the date or dates specified in such statements. For more information on Charge, investors are encouraged to review Charge's public filings on 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.

Media Contact:
Steve Keyes (248) 952-7022
Steve.keyes@centigrade.com

Contact:
LHA Investor Relations
Carolyn Capaccio, CFA
ccapaccio@lhai.com
212.838.3777

SOURCE: Charge Enterprises Inc.

View source version on accesswire.com:
https://www.accesswire.com/679237/Charge-Enterprises-Signs-Definitive-Agreement-to-Acquire-BW-Electrical-Services-LLC-to-Expand-Its-Infrastructure-Division

FAQ

What is the purpose of Charge Enterprises' acquisition of BW Electrical Services?

The acquisition aims to enhance Charge's EV charging infrastructure by integrating BWES's expertise and workforce.

When is the acquisition of BW Electrical Services expected to close?

The acquisition is anticipated to close on or about December 27, 2021.

How much will Charge Enterprises pay for BW Electrical Services?

Charge Enterprises will acquire BW Electrical Services for $18 million in cash and common stock.

What impact will the acquisition have on Charge's business?

The acquisition is expected to broaden Charge's infrastructure offerings and improve its ability to deploy EV charging solutions.