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TexCom updates on acquisitions

TexCom Inc.

TexCom Inc. (OTC Pink: TEXC), an environmental services company serving the oil and gas industry, has signed agreements to acquire the assets of two saltwater disposal wells – the Peak Water Systems SWD #1 and the Bennett SWD #1, both located in Van Buren County, Arkansas.

The purchase price for the assets will be $20.29 million and will include the assumption or refinancing of approximately $7.07 million of debt. The remaining purchase price will consist of $2.65 million in cash and $10.58 million in shares of common stock. The common stock will be issued at $0.244 per share, which is the average closing price on the OTC Pink for the 60 day period prior to execution of the agreements.

These assets are expected to add $5.5 million of revenues per year and earnings before interest, income taxes, depreciation and amortization of $3.7 million per year. The acquisitions are expected to close around June 30, following the company's annual shareholders meeting on June 26.

Green Bank of Houston, Texas, is providing debt financing to complete these acquisitions. WoodRock & Co. has acted as financial advisor to TexCom on these transactions.

 

 

 

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