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American Environmental Partners, Inc. (PINK: AEPT), rebranded from American Energy Partners, Inc., is a distinguished environmental services company operating primarily in Pennsylvania, Ohio, West Virginia, and New York. AEPT focuses on providing critical remediation and processing solutions for infrastructure and industrial firms. The company’s core services include addressing Technologically Enhanced Natural Occurring Radioactive Material (TENORM) and asbestos waste disposal, utilizing advanced technologies such as the CANBERRA In-Situ Object Counting System (ISOCS).
Recently, AEPT has embarked on a significant transformation and growth trajectory. On October 30, 2023, pending regulatory approval, the company filed for a name change to better reflect its environmental service-centric operations. In an exciting development, AEPT signed a Letter of Intent to be acquired by SCWorx Corp., a Nasdaq-listed company, with the transaction expected to close in the first quarter of 2024. This merger will enable AEPT to list on Nasdaq under the ticker symbol 'AEPT,' thereby enhancing its capital-raising capabilities and market presence.
Despite a challenging third quarter of 2023, where total revenue decreased by 21% to $6.7 million due to the discontinuation of unprofitable services, AEPT has shown resilience by focusing on its core business areas. General and administrative expenses were reduced by 8%, reflecting the company’s ongoing efforts to streamline operations. Furthermore, AEPT continues to pursue strategic partnerships and projects, such as the collaboration with D.S.A Services on the SUNY Sturges Hall renovation project, highlighting its commitment to expanding geographic reach and market influence.
Financially, as of September 30, 2023, AEPT reported current assets of $14.2 million and total debt of $8.1 million. The company’s focus on integrating recent acquisitions and pursuing innovative solutions positions it well for sustained growth amid evolving environmental regulations and increasing sustainability demands.
Under the leadership of Chairman and CEO Brad Domitrovitsch, AEPT is dedicated to delivering value to its shareholders by upholding high standards of transparency and pursuing growth through strategic acquisitions and partnerships. The upcoming merger with SCWorx is viewed as a pivotal step toward achieving greater market presence and operational efficiency, with both companies’ boards approving the agreement.
In recognition of its industry leadership, AEPT’s Chief Operating Officer, Kurtis Hoffman, was awarded the Society of Petroleum Engineers’ Regional Management Award for Eastern North America in January 2024, reflecting the company’s commitment to professional excellence and industry contributions.
American Energy Partners, Inc. (OTC: AEPT) has acquired Austin Master Services, LLC, effective July 1, 2022. This acquisition, whose financial details were not disclosed, is expected to be immediately accretive to earnings and boost annualized revenue to over $25 million. Austin Master Services specializes in environmental services, including radiological waste management and decommissioning. The acquisition will enhance American Energy’s portfolio of ESG-related services and expand its operational capabilities. Key executives from both companies expressed optimism about the combined potential.
American Energy Partners, Inc. (OTC: AEPT) announced the hiring of Nicholas Haden as Chief Commercial Officer effective May 9, 2022. Haden brings over 30 years of experience in business development, marketing, and government relations, having previously established an energy services company. CEO Brad Domitrovitsch praised Haden's qualifications and results-oriented track record. Haden expressed enthusiasm about contributing to AEPT's strategic plans. American Energy focuses on acquiring and growing energy assets to enhance shareholder value.
American Energy Partners, Inc. (AEPT) has successfully completed the acquisition of Apex Energy Service, LLC, effective January 1, 2022. The deal, valued at approximately $7 million in annualized revenue starting Q1 2022, is funded through a mix of cash, debt, and stock. The acquisition is expected to elevate AEPT's total revenue forecast for 2022 to $13 million. Apex, a service provider in Ohio, West Virginia, and Pennsylvania, adds 55 employees and multiple facilities to AEPT's operations. Contingent considerations are tied to achieving specific EBITDA growth targets over the next three years.
American Energy Partners, Inc. (OTC: AEPT) announced the appointment of Kurtis Z. Hoffman as Chief Operating Officer, effective January 1, 2022. Hoffman, who has extensive experience in the energy sector, previously held management roles at CNX Resources and other companies, overseeing budgets of up to $600 million. His addition is expected to enhance American Energy's operational framework and growth strategy. Josh Hickman will step down as COO but will remain President of a subsidiary, Hickman Geological Consulting.
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