EGG HARBOR TOWNSHIP, N.J.--(BUSINESS WIRE)--Dr John G Kalogeris, Chief Executive Officer of National Energy Services Co. (OTCBB: NEGS), announced today the formation of a new subsidiary Applied Concepts for Energy Corp. whose function is to provide management and operational support to alternative ("green") energy projects. This market is expanding rapidly and with new personnel and management by individuals who been actively participating in the market the company is uniquely positioned to be part of the boom in the overall industry.

The first project for this subsidiary is a management agreement that is expected to generate $130mm in revenue and produce approximately 8% profit over the next 18 months. This project is a solar/thermal installation supported by a Power Purchase Agreement in California and is required to be financed by the projects owners not our company.
 

NEGS existing businesses in New Jersey have ceased operations and the offices there are expected to be closed by January 31, 2010. We are looking for a new location for offices outside of New Jersey. All officers resigned on January 21, 2010 with Dr. Kalogeris seated to build a new management team.