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MOUNT ARLINGTON, NJ-Clifton-based Telco-Technology Inc acquired GreenWorks Corp., a privately owned real estate development company based here. GreenWorks buys, cleans up and redevelops brownfield sites.

Under the terms of the agreement, Telco will acquire 100% of the outstanding capital stock of GreenWorks in exchange for one million newly issued shares of a new class of preferred stock in Telco and a demand note for $200,000. Each share of the new class of stock is convertible into 100 shares of common stock after December 31, 2005.

“We believe that a public platform will give us competitive advantages relative to financing and acquiring environmentally distressed properties,” says James Grainer, GreenWorks’ president and CFO. “We have been searching for some time for the appropriate merger partner,” adds Don McKelvey, Telco chairman/CEO.

Before the acquisition clears, Greenworks, through its wholly owned subsidiary Enviro-Sciences Inc., will acquire the business and other assets of Enviro-Sciences Inc., a privately held engineering services company. ESI will become the company’s primary operating division.

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