B.H.I.T., Inc. , a publicly traded company based in Boca Raton, Fla., has acquired 100% of the equity securities of the Wood Energy Group, Inc. for $6.4 million.
St. Louis-based Wood Energy is a railroad tie reclamation/energy generation company. It reclaims ties for Class I, regional, and short line railroads and disposes of them to either the energy co-generation or landscape markets. The company also processes wood products for forest products companies.
Wood Energy has contracts with Union Pacific and CN, as well as International Paper, Mead Westvaco, and others. In 2008, Wood Energy reclaimed approximately 900,000 railroad ties and generated revenue of more than $5.2 million.