Integrated Energy Solutions Inc (OTCMKTS:IENG) a fully integrated small and large format downstream oil marketer and waste oil collector reported the completion of earlier announced acquisition of the below firms, having met the conditions under the original deal by raising $800,000 in capital for the collective group of firms.
The new operating firms
The first firm that Integrated Energy states is Patten Energy Enterprises Inc. It is in the industry of energy marketing and consulting since last 25 years. It is catering to the needs of as many as 80 customers. Most of its clients belong to fortune 500 Companies. It distributes bulk oil and related services throughout California, The list of customers include State and local Governments of California, Disneyland, Pepsi and AT&T Inc. (NYSE:T). The company is the cornerstone of the newly formed group and plans to connect all three units synergistically to enhance margins and top-line revenues.
The second firm
Atlantic Pacific LLC is a collector, re-distributor and value-added recycler. As of now it is in the earliest stage of operations. The company still has capability to generate more than $1 million in sales for FY 2015. The figure does not include ongoing negotiations with a number of potential new customers. It is the second company that Integrated updated about in the release. The company’s revenues have the highest EBITDA and gross margins out of all three firms of IES’s businesses. It owns considerable fixed assets including large tanks and tank trucks.
The third firm
AP Lubes Inc. is an antifreeze bottling Company and markets own manufactured bottled oils and anti freezes. They are sold under the brand name AP Lubes. On an annual run-rate, the company is generating almost $1.2 million per year in revenues. Integrated Energy plans to enhance these financial figures by making capital investments in the unit as needed.
In last trading session, IENG share price plunged 33.33% to close at $0.00040, with almost 324.11 million shares traded.