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Energy and Environmental Services, Inc. Acquires Patriot Chemicals & Services LLC
Energy and Environmental Services, Inc. Acquires Patriot Chemicals & Services LLC.
About this update from Energy & Environmental Services Inc.
[{"type":"text","content":"\n\n\n\nEnergy and Environmental Services, Inc. Acquires Patriot Chemicals & Services LLC\n\n/* Style Definitions */\nspan.prnews_span\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\na.prnews_a\n{\ncolor:blue;\n}\nli.prnews_li\n{\nfont-size:8pt;\nfont-family:\"Arial\";\ncolor:black;\n}\np.prnews_p\n{\nfont-size:0.62em;\nfont-family:\"Arial\";\ncolor:black;\nmargin:0in;\n}\n\n\n\n\n\n\nEnergy and Environmental Services, Inc. Acquires Patriot Chemicals & Services LLC\nPR Newswire\nOKLAHOMA CITY, May 16, 2019\n\n\n\nOKLAHOMA CITY, May 16, 2019 /PRNewswire/ -- Energy and Environmental Services, Inc. (\"EES\" or \"Company\") (OTC: EESE) announced that it has acquired Patriot Chemicals & Services LLC (\"Patriot\") in a merger.  Subject to pricing adjustments, the Company will issue to Patriot's members 2.9 million shares of common stock, $165,000 in notes, and $165,000 in promissory notes.  Earnouts could add an additional 1.0 million shares in each of year one and year two.  The earnouts would be achieved if Patriot realizes earnings before interest, taxes, depreciation and amortization of $540,000 in year one and $720,000 in year two. \nLeon Joyce, EES Chief Executive Officer, note that the closing terms changed in the merger consideration from the letter of intent.  The Patriot members will receive 900,000 additional shares and $135,000 less in notes and cash.  Joyce said, \"These show the Patriot members' confidence in our combined future, and the changes will strengthen EES's working capital.\"  The combination would have increased EES's 2018 revenues of $7.2 million by approximately $3.7 million. Upon the merger, Patriot shareholders will hold approximately 5.7% of the total outstanding EES common stock before earnouts.  The EES stock closed at $0.25 ask per share on May 15, 2019.  \nPatriot markets chemicals used in oil and gas drilling and production, including chemicals manufactured by us.  Patriot has two locations in Oklahoma and one in Kansas.  \nCEO Joyce said, \"For us, the merger realizes one of management's key initiatives, which is to gain market share through mergers and acquisitions.  Merging with a leading chemical service company like Patriot will provide an expanded access to the oil and gas ind...