Energy Services of America : Asset Transaction Form 8 K

About this update from Energy Services Of America Corporation

Item 2.01 Completion of Acquisition or Disposition of Assets. On December 2, 2024, Energy Services of America Corporation ("Energy Services" or the "Company") completed the previously announced acquisition of the assets of Tribute Contracting & Consultants, LLC ("Tribute"), an Ohio corporation located in South Point, Ohio. Tribute is an underground utility contractor that employs approximately 90 construction workers and primarily specializes in water and wastewater system installations in Ohio, Kentucky, and West Virginia. Pursuant to the Asset Purchase Agreement ("Agreement") dated October 30, 2024, Tribute Acquisition Company, Inc. ("Buyer"), a newly formed subsidiary of Energy Services, acquired substantially all the assets (including but not limited to customer contracts, employees and equipment) of Tribute for $22.0 million in cash, subject to a working capital adjustment, and $2.0 million in Energy Services Common Stock ("Stock"). Todd Harrah and Tommy Enyart will continue their employment with the Company's new subsidiary. The $22.0 million in cash was funded through a $16.0 million loan with United Bank, West Virginia, with the remainder paid in cash by the Company. Additionally, Mr. Harrah and Mr. Enyart (the "Sellers") each received $1.0 million in Stock pursuant to an exemption under The Securities Act of 1933. Based on the market value calculation in the Agreement, the Sellers each received 67,386 shares of Stock.

View stock analysis, news, and events for Energy Services Of America Corporation