Philadelphia corporation to acquire Block Island Power Company

PHILADELPHIA — The New World Power Corporation, a holding company with two Michigan-based subsidiaries, has signed an agreement with Block Island Power Company to acquire all of the Rhode Island utility’s outstanding shares.

According to a New World statement, the acquisition is contingent upon New World’s completion of due diligence and execution of a definitive agreement between the parties. The corporation’s two wholly owned subsidiaries are Modular Power Systems LLC and Wolverine Power Corporation.

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