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TexRep6 Seeks Stay of Revocation Proceeding

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October 14, 2010

TexRep6, LLC said that it has hired Sequoia Advisors to meet the risk management and other technical fitness requirements of PUCT Subst. R. 25.107, but still has not completed financing to meet the financial requirements of §25.107.  

Staff has moved to revoke TexRep6's certificate for non-compliance with the provisions of §25.107.

In a letter to the PUCT, TexRep6 said that its owners, "have now been waiting for Nigerian Government approval to export foreign exchange to the US for about five months.  Several information packages have been submitted to the Government Agencies that approve forex transfers for foreign investment and approval is expected finally within 30 to 45 days."

"The Letter of Credit will be posted through Chase Bank immediately after the funds transfer is approved," TexRep6 said.  

TexRep6 requested that the action to revoke its REP certificate, "be stayed in order to give the Company more time to complete the work program initiated to address the shortcomings identified in the Staff June 14 recommendation."  

TexRep6 said that it has targeted the start of the first quarter of 2011 to complete training and begin soliciting business.  

TexRep6 was previously purchased by IC&T Americas, LLC, which is now known as Smartcom Energy Technologies, LLC.  

As previously reported (2/9/10), IC&T Group is an information management and technology firm founded in Nigeria and which has specialized in electricity transmission, distribution management and oil pipeline network integrity management.  Among its services is distribution of electronic prepaid and credit meters, GIS mapping & consumer indexing, asset management, meter management, billing & revenue management, work flow management, and sub station automation

    
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