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

PEC has exclusive partnerships with A.W. Chesterton, 3X ENGINEERING, and Korea Gas Technology Corporation (KOGAS-Tech); PEC current clients are Qatar Energy, Shell Oil Company, Exxon Mobil, Total Energies, Qatar Fertilising Company, QAPCO, Qafco

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.