TexCom Announces Acquisition09-Jul-2013
TexCom, Inc. (OTC Pink: TEXC)(the "Company" or "TexCom"), an environmental services company serving the oil and gas industry, today announced the formation of TexCom Environmental Services, LLC (“TES”) and TES’s acquisition of the business and assets of ALMAC Environmental Services, Inc., and ALMAC, LLC, one of the leading providers of NORM (naturally occurring radioactive material) consulting, risk assessment, training, and decontamination services in the world. Alan MacArthur, a leading authority on NORM, will become President of TES and Frank Starkey will become Vice-President of Operations.
TES paid an initial purchase price of $1.2 million with an additional $1.6 million being payable if certain earnings targets are met over the next four years. Green Bank, of Houston, Texas provided acquisition financing and Woodrock Securities, also of Houston, Texas, provided financial advisory services. Green Bank is also providing a credit facility to allow TES to acquire, construct, and equip a NORM decontamination facility.
“We are extremely excited about this acquisition and the addition of Alan MacArthur and Frank Starkey to our organization,” stated Bob May, CEO and President. “This will allow TexCom, Inc. to expand the environmental services we provide to the oil and gas industry. ALMAC’s list of current clients includes an impressive list of major and independent oil and gas companies with active projects in the United States and in other locations around the world.”
About TexCom, Inc.
TexCom, headquartered in Houston, Texas, is a growth-oriented environmental services company with a primary focus on the disposal of nonhazardous wastes generated by the oil & gas industry.
This press release and the presentation referenced above may contain forward-looking statements, including information about management's view of TexCom, Inc.'s future expectations, plans and prospects. In particular, when used in the preceding discussion, the words "believes," "expects," "intends," "plans," "anticipates," or "may," and similar conditional expressions are intended to identify forward-looking statements. Any statements made in this news release or such presentation other than those of historical fact, about an action, event or development, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other factors, which may cause the results of TexCom, Inc., its divisions and concepts to be materially different than those expressed or implied in such statements. Unknown or unpredictable factors also could have material adverse effects on TexCom's future results. The forward-looking statements included in this press release and the presentation are made only as of the date hereof. TexCom cannot guarantee future results, levels of activity, performance or achievements. Accordingly, you should not place undue reliance on these forward-looking statements. Finally, TexCom undertakes no obligation to update these statements after the date of this release, except as required by law, and also takes no obligation to update or correct information prepared by third parties that are not paid for by TexCom.