Business
Mammoth Energy Releases Verbatim Testimonials from former FEMA and PREPA officials supporting the vital work done in the aftermath of Hurricane Maria. Yet $325 Million still unpaid by PREPA as of August 31, 2021.
OKLAHOMA CITY, Oct. 1, 2021 /PRNewswire/ -- "I hope this is resolved fairly to a company that helped the most in the recovery." – José Ortiz, former PREPA CEO
About this update from Mammoth Energy Services, Inc.
[{"type":"text","content":"OKLAHOMA CITY, Oct. 1, 2021 /PRNewswire/ -- \n\"I hope this is resolved fairly to a company that helped the most in the recovery.\" – José Ortiz, former PREPA CEO\n\"PREPA would often find reasons not to pay Cobra – by, for instance, delaying their own inspections of completed work – even though Cobra's PW was obligated, and funds were awaiting draw-down by PREPA.\" – Mark Merritt, former FEMA consultant to Puerto Rico during Hurricane Maria recovery \nMammoth Energy Services, Inc. (NASDAQ: TUSK) (\"Mammoth\" or the \"Company\") today released additional information from both former Federal Emergency Management Agency (\"FEMA\") and Puerto Rico Electric Power Authority (\"PREPA\") officials and representatives reaffirming that the Company's subsidiary Cobra Acquisitions LLC (\"Cobra\") fulfilled its contractual requirements to rebuild and restore power in Puerto Rico in the aftermath of Hurricane Maria. PREPA continues to withhold, without merit, more than $325 million contractually owed to Cobra as of August 31, 2021.\nMammoth's Chief Executive Officer, Arty Straehla, commented:\n\"The men and women of our company are proud of the work we performed and the services we provided to the citizens of Puerto Rico. Now, four years after Maria made landfall, we are still awaiting payment while PREPA continues to breach their contract. Experts have verified the work Cobra performed time and time again, so it is far past time for Cobra to receive payment. We appreciate the comments of former FEMA and PREPA officials, who oversaw the recovery efforts after Hurricane Maria destroyed Puerto Rico, further validating the work our team performed in the harshest conditions.\" \nAffirmations have come from numerous reports and presentations by independent government officials and experts engaged in the effort to restore power to the island. These documents are on the Mammoth website: https://ir.mammothenergy.com/events-presentations. \nThe authoritative comments come from the following experts, the content of which can be found both on the Mammoth website: https://ir.mammothenergy.com/events-presentations and below.\nJosé Ortiz, former PREPA CEO (https://tinyurl.com/wksuzfw3) \n\"Thanks Arty, I hope this is resolved fairly to a company that helped the most in the recovery. Take care.\"\nCarlos Torres, Governor-appointed Power Restoration Coordin...