Integrated Energy Solutions Inc(OTCMKTS:IENG), a fully integrated small and large format downstream oil marketer and also a waste oil collector, value-adding recycler and re-distributor, has stated that it is closing the earlier announced acquisition of some of Companies since it satisfied the requirement raising $800,000 in growth capital for all the companies
The first company is Patten Energy Enterprises Inc. This is a 25 year old energy marketing and consulting company having more than 80 customers, a lot many of which fortune 500 Companies. It not only distributes bulk oil as well as related services throughout California with many famous customers but is also the cornerstone of newly consolidated group of companies. Other than that, there is Atlantic Pacific LLC, a collector, value-added recycler and re-distributor or waste oils and water. The firm has potential to produce over $1 million in sales for FY 2015. This does not include negotiations it is currently having with new customers. There is also AP Lubes, which is an oil and antifreeze bottling Company. The company is presently generating about $1.2 million per year in revenues.
The three companies together may have consolidated revenue of $8,000,000 by December 31st, 2015 with EBITDA in the range of $800,000. IES had issued an aggregate of 2,350,000 preferred shares, $50,000 cash payment to one of the acquired Companies and a $50,000 promissory note.
It also needed to raise growth capital as well as operating capital for IES and the subsidiaries of about $700,000. The year 2014 was challenging for Integrate Energy Solutions and even though it did manage to close a number of high-profile acquisitions, it took about 12 months to complete. ERNEST B. REMO, CEO, INTEGRATED ENERGY,stated that the company is happy to have passed through tough times of 2014 and that it is excited as all business ramp-up into 2016.