Galenfeha Inc. (OTC:GLFH) announced Dec. 26 today that it signed a definitive agreement to acquire all assets and operations of Frontier Oilfield Services Inc. (OTCQB:FOSI).
Fort Worth-based Galenfeha will issue one share of preferred stock for each share of common stock of Frontier, which is approximately 15 million shares. Frontier Oilfield Services Inc. is an SEC fully reporting company, listed on the OTCQB, the company said in a news release.
“2018 is shaping up to be our highest revenue and earnings year since the inception of the company. With the continued growth of our Fleaux Solutions division and this latest acquisition, we are solidifying growth in 2019,” said Trey Moore, Galenfeha’s CEO.
Galenfeha’s Fleaux Solutions Division uses patented technology to reduce state and local government cost in the repair and rehabilitation of wastewater routing. The technology primarily uses a polymer that is inserted into pipelines, expanded, and then cured with ultraviolet light. This method allows for repairs to be made without complete removal and replacement of water lines.
“We had some headwinds in 2018, made some mistakes, and we have learned some valuable lessons. Our goal for 2019 is to continue to add other sources of revenue, improve our balance sheet, and organically grow our current operations,” said James Ketner, Galenfeha’s founder and executive chairman.
Frontier Oilfield Services Inc. is engaged in the disposal of saltwater and other oilfield fluids. The company owns and operates eight disposal wells located in the Barnett Shale region and East Texas. Its oilfield services include hydraulic fracturing fluid recovery and disposal, and saltwater disposal well schematic. The company was founded on March 24, 1995, and is headquartered in Shreveport, Louisiana.
“We believe with the successful execution of this latest acquisition, we are paving the way forward with companies and management teams who can see the value of building a diversified company based on brick and mortar foundations,” Moore said.
http://galenfeha.com
– FWBP Staff