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Energy & Environments Services Inc. Announces LOI to Acquire Patriot Chemicals & Services LLC
Energy & Environments Services Inc. Announces LOI to Acquire Patriot Chemicals & Services LLC.
About this update from Energy & Environmental Services Inc.
[{"type":"text","content":"\n\n\n\nEnergy & Environments Services Inc. Announces LOI to Acquire 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 & Environments Services Inc. Announces LOI to Acquire Patriot Chemicals & Services LLC\nPR Newswire\nOKLAHOMA CITY, Dec. 21, 2018\n\n\n\nOKLAHOMA CITY, Dec. 21, 2018 /PRNewswire/ -- Energy and Environmental Services, Inc. (\"EES\" or \"Company\") (OTC: EESE) today announces that the Company has signed a non-binding letter of intent to merge Patriot Chemicals & Services LLC (\"Patriot\") into the Company.  \nSubject to the terms in the letter of intent, upon completion of the merger, the Company will pay to Patriot shareholders $300,000 in cash, $300,000 in notes and 2.0 million shares of EES common stock.  Earnouts could add an additional 1.0 million shares in each of year one and year two.  The merger is subject to completion of a definitive agreement, to customary representations, conditions and covenants, and to closing price adjustments. \nThe combination of EES and Patriot would have generated total unaudited consolidated revenues of $7,477,000 for the year ended December 31, 2017.  Management estimates that pro forma consolidated revenues for 2018 will be approximately $10,884,000.  Upon the merger, Patriot shareholders will hold approximately 4.0% of the total outstanding EES common stock before earnouts.  The EES stock closed at $.21 ask per share on December 20, 2018.  \nFor the Company, the merger would realize one of management's key initiatives, which was to gain market share through mergers & acquisitions.  \"Merging with a leading chemical service company like Patriot will provide an expanded access to the oil and gas industry that will facilitate our sales and enable us to better meet the needs of our customers,\" stated Leon Joyce, EES CEO. \"We believe this merger will help our company grow market share, increase revenue, earnings and create value for our shareholders.\"\nAbout Patriot Chemicals & Servic...