Integrated Energy Solutions Inc (OTCMKTS:IENG) confirmed the completion of earlier announced purchase of the three firms, having met the terms and conditions mentioned in the deal by generating $800,000 in capital for the collective group of firms.
The first firm
Integrated Energy said that the first firm that it acquired is Patten Energy Enterprises Inc., which is a leading provider of energy marketing and consulting services since last 25 years. The company has more than 80 customers, and most of them are from fortune 500 Companies. Pattern Energy distributes bulk oil and provides related services throughout California. It serves State as well as local governments of California. The other customers include AT&T Inc. (NYSE:T), Disneyland and Pepsi. The management stated it as a foundation of the newly formed group. Integrated Energy said that the three units will be connected synergistically to improve margins and top-line revenues.
The value added recycler
The second company that Integrated Energy acquired is Atlantic Pacific LLC which is a collector, re-distributor and value-added recycler company in the early phase of operations. As per the estimates, it has capability to record over $1 million in sales for FY2015. The sales estimate doesn’t cover the sales that can generate from ongoing deal negotiations with potential new customers. Atlantic Pacific LLC reflects highest EBITDA and gross margins among the three firms. It possesses substantial fixed assets including tanks and tank trucks.
Antifreeze bottling firm
The third company that Integrated Energy acquired is AP Lubes Inc. which is an antifreeze bottling firm and commercializes manufactured bottled oils and anti freezes. The products are offered under the brand AP Lubes. The company is generating $1.2 million annually in revenues. Integrated Energy intends to expand these revenue figures by making fresh capital investments in the company.
Last Friday, IENG share price plunged 50.00% to close at $0.00020, with almost 353.82 million shares traded.