HUNTINGTON, W.Va., August 11, 2022 /PRNewswire/ — Energy Services of America (the “Company” or “Energy Services”) (NASDAQ: ESOA), announced that its new subsidiary, Ryan Construction Services Inc. (“Ryan Construction”) has acquired certain assets, including including equipment, vehicles and small tools, of Ryan Environmental, LLC (“Ryan Environmental”), Bridgeport, West Virginiafor $1.8 million in cash pursuant to an order of the United States Bankruptcy Court for the Northern District of West Virginia (the “court”) the August 9, 2022.
The order also included the acquisition of certain assets, including equipment and small tools, from Ryan Environmental Transport, LLC (“Ryan Transport”), located in Bridgeport, West Virginiafor $1.0 million in liquid. Although included in the order and under common ownership with Ryan Environmental, the Ryan Transport assets were not owned by the bankruptcy estate. The Court also issued a separate order ordering Ryan Environmental to return all leased vehicles to Enterprise Fleet Management, which will be leased under a new agreement by Energy Services. The fair market value of leased vehicles is approximately $1.1 million.
Ryan Construction will lease the former offices of Ryan Environmental to Bridgeport, West Virginia landowners under a new agreement and begin working immediately with former Ryan Environmental customers under new master service agreements. Former Ryan Environmental employees will be offered an employment opportunity with Ryan Construction.
Douglas Reynolds, president, commented on the announcement. “It’s an exciting day for Energy Services. Our new subsidiary, Ryan Construction, will open a new geographic market in the north West Virginia as well as expanding the services offered by Energy Services. In addition to gas distribution services, Ryan Construction will bring new markets with cathodic protection, heavy civil and broadband construction services. »
About energy services
Energy Services of America Corporation (NASDAQ: ESOA), headquartered in Huntington, West Virginiais an entrepreneur and service company that operates primarily in the Mid-Atlantic and Mid-Atlantic regions. United States and provides services to customers in the natural gas, oil, water, automotive, chemical and power industries. Energy Services regularly employs over 800 people. The core values of the company are safety, quality and production.
Certain statements contained in the press release, including, without limitation, the words “believes”, “anticipates”, “intends”, “expects” or words of similar significance, constitute “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended (the “Exchange Act”). These 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. implied by these forward-looking statements. – look at the statements. These factors include, among others, general economic and business conditions, changes in business strategy or development plans, the effect of the COVID-19 pandemic, the integration of acquired businesses and other factors referenced in this communicated. Given these uncertainties, potential investors are cautioned not to place undue reliance on these forward-looking statements. The Company disclaims any obligation to update these 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.
SOURCE Energy Services of America