Galenfeha Inc. Subsidiary Environmental Solutions Acquires Poff’s Power Solutions

Rhea-AI Summary

Galenfeha, Inc. (OTC Pink: GLFH) announces its wholly-owned subsidiary, Nexgen Environmental Solutions, has acquired Poff’s Power Solutions, LLC, a North Dakota-based company. The acquisition, effective May 1, 2021, enables Nexgen to expand its oil field services portfolio and is part of a strategy to acquire small to mid-size companies in the energy sector. Poff’s reported sales of $229,038 and EBITDA of $70,000 for the six months ending June 30, 2021. Galenfeha is establishing operational facilities in Dickenson, ND, and Midland, TX, with 15,000 square feet of operational space.

Positive

• Acquisition of Poff's Power Solutions strengthens Nexgen's position in oil field services.
• Poff's reported $229,038 in sales and $70,000 in EBITDA for the first half of 2021.
• Establishment of operational facilities in Dickenson, ND, and Midland, TX, with 15,000 square feet of space supports business expansion.

Negative

• None.

West Palm Beach, Florida, July 13, 2021 (GLOBE NEWSWIRE) -- Galenfeha, Inc. (OTC Pink: GLFH) (the “Company” or “Galenfeha”) is pleased to announce that its’ wholly owned subsidiary, Nexgen Environmental Solutions, Inc., (“Nexgen”), has acquired the 100% membership interests of Poff’s Power Solutions, LLC. (“Poff’s”) based in Dickenson, North Dakota.

“Nexgen has begun the process of acquiring small to mid-size companies associated with oil field services and maintenance,” stated Ryan Tyszkow, Galenfeha’s Chief Executive Officer. Mr. Tyszkow further stated: “Nexgen is in discussions with other energy related companies to add to its portfolio.” 

As part of the initial organization, Galenfeha has obtained operational warehouse and office space in Dickenson, ND and Midland, Texas. The combined facilities encompass over 6 acres of land and 15,000 square feet of operational space for the anticipated company activities.

The Poff’s transaction was closed May 1, 2021 and provided for a right of rescission time period which has since expired. Based on information provided by management, Poff’s had sales for the six months ended June 30, 2021, of $229,038 with EBITDA of approximately $70,000.

You can follow Poff’s Power Solutions at: https://www.facebook.com/poffspowersolutions/

Galenfeha is currently established in the automobile industry segment with recent acquisitions of Eminent Auto Group, Inc. (https://eminentautogroup.com/) and The Detail Dudes (https://www.facebook.com/TheDetailDude) (https://www.instagram.com/detaildude/)

About Galenfeha
Galenfeha, Inc. is a publicly traded company focused on developing and acquiring businesses that fit into the disruptive DSF business model of Developing, Scaling, and Financing synergistic industry focused business groups. Galenfeha understands the nature of how technology and innovation can accentuate any business opportunity. The Company’s focus is on how the adaptation of informational technologies, even in brick and mortar businesses, can drive scalable growth and innovation. Galenfeha also believes that the holdings should benefit synergistically from each other and that the ability to have collaboration across varying industries can facilitate the genesis of new ideas and create fertile ground for competitive advantages.

As of the date of this announcement, the Company is a management services and holding company that owns six operating subsidiaries:

-Liveminent, Inc.
-Eminent Auto Group, Inc.  
-The Detail Dudes, LLC 
-Nexgen Environmental Solutions, Inc.  
-Nexgen Environmental Services, Inc.
-Poff’s Power Solutions, LLC

Contact: Galenfeha, Inc. 561-440-5660 email: info@galenfeha.com

This news release contains certain statements that may be deemed "forward-looking statements" with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.

FAQ

What is the significance of Galenfeha's acquisition of Poff's Power Solutions?

The acquisition strengthens Galenfeha's subsidiary, Nexgen, in the oil field services sector, supporting its strategy to expand its portfolio.

When was the acquisition of Poff's Power Solutions closed?

The acquisition was closed on May 1, 2021.

What were Poff's Power Solutions' sales and EBITDA for the first half of 2021?

Poff's reported sales of $229,038 and EBITDA of approximately $70,000 for the six months ended June 30, 2021.

Where are Nexgen's new operational facilities located?

Nexgen has operational facilities in Dickenson, North Dakota, and Midland, Texas.

What is Galenfeha's strategy regarding acquisitions?

Galenfeha aims to acquire small to mid-size companies associated with oil field services and maintenance to enhance its business operations.