Energy Services Announces Stock Purchase Agreement with GasSearch Corporation and GasSearch Drilling Services Corporation May be
14 Febbraio 2008 - 2:50PM
PR Newswire (US)
Energy Services announces that it has entered into a non binding
Letter of Intent to Acquire C.J. Hughes Construction Company, Inc.
HUNTINGTON, W. Va., Feb. 14 /PRNewswire-FirstCall/ -- Energy
Services Acquisition Corp. (AMEX:ESAAMEX:ESA-VAMEX:ESA-W)("Energy
Services") announced today that it has been informed that COG
Finance Corporation has elected to exercise an option to acquire
GasSearch Drilling Services Corporation pursuant to an option to
purchase GasSearch Drilling Services Corporation set forth in a
finance agreement between COG Finance and GasSearch Drilling.
Energy Services also announced today that it has entered into a
non-binding letter of intent dated February 13, 2008 to acquire
C.J. Hughes Construction Company, Inc. The acquisition of C.J.
Hughes Construction, Inc. is subject to entering into a definitive
agreement. C.J. Hughes is an underground utility services company
headquartered in Huntington, West Virginia. C.J. Hughes may be
considered an affiliate of Energy Services since Marshall T.
Reynolds and Neal Scaggs are shareholders, and Edsel R. Burns is
the president and a shareholder of C.J. Hughes Construction
Company. Mr. Reynolds is the Chairman of the Board, Chief Executive
Officer and Secretary of Energy Services. Mr. Scaggs and Mr. Burns
are directors of Energy Services. Marshall T. Reynolds, Chairman of
the Board of Energy Services, stated, "While we are disappointed to
learn of COG Finance Corporation's decision, we are currently in
discussions with COG Finance and GasSearch to access the viability
of proceeding with our previously announced Stock Purchase
Agreement. We expect to promptly resolve the uncertainty associated
with this development and I remain confident that we will satisfy
the time requirements for entering into definitive agreements
consistent with our requirements under our certificate of
incorporation and our initial public offering documents." Mr.
Reynolds continued "We are pleased to announce that we have entered
into a letter of intent to acquire C.J. Hughes Construction
Company. We believe that the potential acquisition of C.J. Hughes,
together with our acquisition of S.T. Pipeline will enhance our
future operations to provide services to the companies serving the
utilities and energy industry." About Energy Services Corp. Based
in Huntington, West Virginia Energy Services is a publicly traded,
special purpose acquisition company ("SPAC") formed to invest in or
acquire companies in the energy services industry. Forward Looking
Statements This press release includes forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended (the "Securities Act"), and Section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). These
forward-looking statements are based on current expectations and
projections about future events and no party assumes on obligation
to update any such forward-looking statements. These forward-
looking statements are subject to known and unknown risks,
uncertainties and assumptions about Energy Services, S.T. Pipeline
or GasSearch Drilling that may cause actual results to be
materially different from any future results expressed or implied
by such forward-looking statements., In some cases, you can
identify forward-looking statements by terminology such as "may,"
"should," "could," "would," "expect," "plan," "anticipate,"
"believe," "estimate," "continue," or the negative of such terms or
other similar expressions. DATASOURCE: Energy Services Acquisition
Corp. CONTACT: Ed Burns of Energy Services Acquisition Corp.,
+1-304-399-2318
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