Thank you for sharing!

Your article was successfully shared with the contacts you provided.

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.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.