HUNTINGTON, W.Va., Oct. 31,
2024 /PRNewswire/ -- Energy Services of America
Corporation (the "Company" or "Energy Services") (Nasdaq: ESOA),
today announced it has entered into an Asset Purchase Agreement
with Tribute Contracting & Consultants, LLC ("Tribute"), an
underground utility contractor that primarily specializes in water
and wastewater system installations in Ohio, Kentucky, and West
Virginia.
Under the terms of the agreement, Energy Services' new
subsidiary, Tribute Acquisition Company, will purchase
substantially all of the assets of Tribute for $22 million in cash, less any assumed debt and
working capital adjustments, and $2.0
million of Energy Services' common stock. The Company
expects the transaction will close in early December.
Tribute was formed in 2014 by Tom
Enyart and Todd Harrah, who
will continue in their roles under the new subsidiary. "We are
excited to join forces with Energy Services and look forward to new
opportunities in the future," commented Mr. Enyart and Mr.
Harrah.
"We are excited to add Tribute to the Energy Services team,"
Douglas Reynolds, President,
commented on the announcement. "This acquisition is consistent with
our strategy of buying companies that are familiar to us and
further enhances our presence in the water distribution
category."
About Energy Services
Energy Services of America Corporation (NASDAQ: ESOA),
headquartered in Huntington, WV,
is a contractor and service company that operates primarily in the
mid-Atlantic and Central regions of the
United States and provides services to customers in the
natural gas, petroleum, water distribution, automotive, chemical,
and power industries. Energy Services employs 1,000+ employees on a
regular basis. The Company's core values are safety, quality, and
production.
Certain statements contained in the release including, without
limitation, the words "believes," "anticipates," "intends,"
"expects" or words of similar import, constitute "forward-looking
statements" within the meaning of section 21E of the Securities
Exchange Act of 1934, as amended (the "Exchange Act"). Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors that may cause the actual results,
performance, or achievements of the Company to be materially
different from any future results, performance or achievements of
the Company expressed or implied by such forward-looking
statements. Such factors include, among others, general economic
and business conditions, changes in business strategy or
development plans, the integration of acquired business and other
factors referenced in this release. Given these uncertainties,
prospective investors are cautioned not to place undue reliance on
such forward-looking statements. The Company disclaims any
obligation to update any such factors or to publicly announce the
results of any revisions to any of the forward-looking statements
contained herein to reflect future events or developments.
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SOURCE Energy Services of America Corporation