Business
American Energy Announces Plan to Reduce Authorized Shares
American Energy Announces Plan to Reduce Authorized Shares.
About this update from American Energy Partners, Inc.
[{"type":"text","content":"\n\n ALLENTOWN, Pennsylvania, Jan. 03, 2018 (GLOBE NEWSWIRE) -- ALLENTOWN, Pennsylvania, January 3, 2018 Company Plans to Reduce Authorized Number of Shares by 70% American Energy Partners, Inc. (the \"Company\", \"American Energy\" or \"AEPT\"), a diversified energy company, today announces that it intends to reduce the amount of authorized shares from five (5) billion to one and a half (1.5) billion authorized shares.American Energy's CEO, Mr. Brad Domitrovitsch states, \"The Company has strategically planned this vast reduction in authorized shares so that it has the full confidence to execute on its business plan of growth through acquisitions. Restricted stock will be a key feature in our deal structure as we move to complete vertically integrated deals in the energy space.\" Mr. Domitrovitsch went on to say, \"American Energy's planned capital raise should satisfy our need for proper working capital and acquisition demand funding, we feel that 1.5 billion shares will be sufficient moving forward.\"\n The Company anticipates the reduction of authorized shares to be complete by early February. American Energy Partners , Inc. ( AEPT ) AEPT and its group of companies focus on providing solutions in markets where energy production and water meet technology. Collectively, the subsidiaries are engaged in the energy sector as well as the design, construction and operation of regional water treatment facilities that serve the industrial, energy and government sectors. Hydration Corporation of PA, LLC (\"HCPA\") is engaged in the businesses of water exploration, water augmentation, and the treatment of impacted waters. Notably, its intellectual property delivers one of the highest energy yields from a broad range of water-bearing assets, with one of the lowest capital expenditures of any other known water processes. American Energy Solutions, LLC provides treatment technologies that contribute to HCPA's business model of low-cost treatment and distribution. As a provider of design, this subsidiary is capable of repeatable and synergistic services across the value chain. Gilbert Oil & Gas Company is leveraging broad industry valuation experience to source drilling, operating, and partnership opportunities in the upstream oil and gas space. It is positioned to become a strong custo...