Solar

International Resources Group Merges with Alternative Energy Development Inc.

WASHINGTON, Dec. 1 — International Resources Group, Ltd. (IRG) and Alternative Energy Development, Inc. (AED) of Silver Spring, Maryland, announced today the merger of the two companies, effective January 1, 2001. With the addition of AED, IRG augments its $40 million a year business providing international technical advisory services in energy, environment, natural resources and relief and reconstruction. Founded in 1991, AED is a leader in global climate change, energy financing, renewable energy and energy efficiency improvement. It’s strong practices with the public and private sectors — including the World Bank, the Asian Development Bank and the US Environmental Protection Agency — deepen and expand IRG’s business base which includes the US Agency for International Development and other US government agencies, International Financial Institutions, foreign governments, NGOS and the private sector. AED’s strong engineering and industry capabilities provide new opportunities and new markets for each of IRG’s existing technical divisions. Commenting on the merger, IRG President and CEO, Asif Shaikh, said: “The private and public markets for clean energy and global environmental services is in the tens of billions. This merger positions IRG to capture a larger share of this rapidly growing market. It further underscores our commitment to global climate change issues as critical elements of energy development and environmental preservation in the coming decade.” AED President and CEO, Matthew Mendis, added: “IRG’s worldwide presence and staff create exciting new markets for AED. Our combined capabilities will provide clients with a full range of services to address the most pressing energy and environmental problems of our time. The results of the recent COP 6 meetings in the Hague only underscore the relevance of the ‘win-win’ solutions that are both financially feasible and environmentally sound.” IRG, a privately held consulting firm headquartered in Washington, DC, has provided technical assistance in energy, environment, natural resources and relief and reconstruction to public and private sector clients in more than 100 countries since it was founded in 1978. Mr. Shaikh, CEO since 1991, has overseen the firm’s impressive growth averaging 25% a year, with an eight-fold increase in revenues and a four-fold increase in staff over the nine-year period. IRG currently operates in over 50 countries of Asia, Latin America, the Caribbean, Africa, Eastern Europe and the former Soviet Union. With the addition of AED, IRG is well positioned to continue it aggressive growth in the emerging clean energy and climate change markets.