JP 3E Holdings, Inc. Acquires 51% of Power Engineering Corporation (PEC), Eyes Major Expansion in Energy Market

CLEARWATER, Fla., May 07, 2024 (GLOBE NEWSWIRE) -- JP 3E Holdings, Inc. (“JP3E”), previously known as Spooz, Inc. (OTC: SPZI), today announced the successful acquisition of 51% of Power Engineering Corporation (PEC) from Imperial Holdings, Inc. This acquisition is a strategic expansion move that aims to significantly enhance JP3E's presence in the liquefied natural gas (LNG) sector through PEC's advanced capabilities. 

PEC, previously a wholly owned entity under Imperial Holdings Energy and now a 51% owned subsidiary of JP3E, is valued at over $24 million. The company has already secured substantial contracts for 2023, 2024, and 2025, bolstering its project pipeline. Through exclusive partnerships with industry leaders such as A.W. Chesterton, 3X Engineering, and Korea Gas Technology Corporation (KOGAS-Tech), PEC is well positioned to drive JP3E's annual revenues well beyond $100 million within the energy sector realm.

John K. Park, Chairman and CEO of JP 3E Holdings, highlighted the strategic importance of this acquisition: "This is not just an acquisition; it's a significant step towards realizing our ambitious goals in the global LNG market. PEC's integration under the JP3E umbrella brings unparalleled expertise and innovative technology that will catalyze our growth and extend our market reach."

Dr. Ali Rana Sajad, CEO of Imperial Holdings, stated: "We are thrilled to join forces with JP3E, a move that marks a pivotal moment in our journey to redefine the landscape of the LNG industry. This partnership equips us with the resources and global reach necessary to accelerate our innovative projects and expand our services worldwide. We are committed to leveraging this new synergy to deliver enhanced value to our clients and to play a significant role in the evolving energy sector. PEC will play a vital role."

Imperial Holdings retains a 49% stake in PEC and will continue to manage the company’s growth initiatives. PEC's current prestigious clientele includes major industry players like Qatar Energy, Shell Oil Company, and Exxon Mobil, positioning the company for exponential growth.

JP3E will fund the growth of company and will provide financial resources and plan to list the company in coming years.

In light of Qatar Energy's commitment to invest over $100 billion in Ras Laffan over the next decade, both PEC and JP3E are strategically positioned for substantial growth. Ras Laffan Industrial City, administered by Qatar Energy, is Qatar's primary site for LNG and gas-to-liquid production, where Qatar Energy and Chevron Phillips Chemical and other global players hold significant stakes.

Established in 2001, PEC brings a legacy of excellence in Operations and Maintenance and engineering services for the Oil & Gas industry in Qatar. The company is renowned for its expertise in providing specialty industrial products and services that enhance operational safety and efficiency across the sector.

The terms of the transaction were not disclosed but are expected to reflect positively in JP3E’s consolidated financial statements, showcasing the strategic acquisition’s value with minimal dilution.

About JP 3E Holdings, Inc.:

JP 3E Holdings, Inc., formerly Spooz, Inc., is committed to supplying essential needs including Eating, Energy, and Education through its diversified business operations. The company’s forward-thinking strategies ensure it remains at the forefront of the industry, providing innovative solutions globally.

About Power Engineering Corporation (PEC)

Power Engineering Corporation (PEC) is an Energy Engineering & Contracting Services company incorporated and operational in the state of Qatar since 2001.  Registered as a supplier and service provider to Qatar Energy since 2002, historically PEC has been engaged in pipeline repair and nonmetallic works, technical manpower provision and some technical product supplies to customers in the Qatar Oil & Gas industry. However, given the ongoing Oil & Gas state investments in the sector, and the huge opportunity PEC has, the potential for PEC is much higher.  Realizing this potential Imperial Holding acquired PEC to turn it around and realize it as a large successful company. 

 

About Imperial Holdings, Inc. 

Imperial Holdings is a leading holdings company aiming to be sustainable corporate platform, which believes that the foundation of any business comes from the confidence and trust in the partners building the business together, rather than the numerical stability coming from well-analyzed, convincing numbers. In the multi-faceted, fiercely competitive business environment we see today, Imperial Holdings operates in a space where partners gather based on the common philosophy and ideology of mutual benefits that can be shared, where one can confirm mutual connectivity, and where one can create opportunities and capitalize on them. Right partners empower confidence and strength. It constitutes a strong organization and provides a solid futuristic strategy, bright insights into the future, and the right personnel to execute on opportunities. This sustainability, connectivity and trust is the most important asset to each partner company. It is often said that the biggest goal of any company is to maximize profit, but the ultimate goal of maximizing profit is also to increase the sustainability of the company. The mission and goal of Imperial Holdings is to increase this possibility through the forming of synergistic relationships between companies. Imperial holdings key interested areas of business are in energy sector as well as healthcare, mining, Technology etc.

 

SAFE HARBOR ACT: Forward-looking statements are included within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations or listing on an exchange - including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will" and other similar expressions - are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond the Company's control and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. No information in this press release should be construed in any manner whatsoever as an indication of the future performance of the Company's revenues, financial condition or stock price.

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John K. Park, Chairman and CEO



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