Energy Services of America Corporation (OTCMKTS:ESOA) Files An 8-K Financial Statements and Exhibits
Item 9.01 of Form 8-K. This amendment to the Original 8-K is being filed to provide such financial information, which is attached to this report as Exhibits 99.1 and 99.2. No other changes have been made to the Original 8-K. The Item 2.01 disclosure in the original Form 8-K filing is repeated below for convenience.
Item 2.01 Completion of Acquisition or Disposition of Assets.
On December 31, 2020, Energy Services of America Corporation (“Energy Services”) completed the previously announced purchase of substantially all the assets of WV Pipeline, Inc. “WV Pipeline”, a West Virginia corporation located in Princeton, West Virginia.
Energy Services paid $3.5 million in cash and acquired a $3.0 million seller note with a term of five years with an interest rate of 3.25%. The funds to purchase WV Pipeline were drawn from an existing line of credit with United Bank, WV. Previous WV Pipeline owners, David Bolton and Daniel Bolton, will continue their roles as President and Vice President, respectively, of Energy Services’ new subsidiary.
Item 9.01 Financial Statements and Exhibits.
The audited balance sheets of WV Pipeline as of December 31, 2020 and 2019, and the related audited statements of income, statements of stockholders’ equity and cash flows for each of the years in the two-year period ended December 31, 2020, and the related notes and report of the independent auditor thereto, are attached hereto as Exhibit 99.1 and incorporated by reference herein.
The unaudited pro forma combined condensed balance sheet of Energy Services and WV Pipeline as of September 30, 2020 and 2019, and the unaudited pro forma combined condensed statement of income of Energy Services and WV Pipeline for the year ended September 30, 2020 and 2019, and the related notes to the unaudited pro forma combined condensed financial information, are attached hereto as Exhibit 99.2 and incorporated by reference herein.
Exhibit 2.1 Asset Purchase Agreement dated December 16, 2020*
| The unaudited pro forma combined condensed balance sheet of Energy Services and WV Pipeline as of September 30, 2020 and 2019, and the unaudited pro forma combined condensed statement of income of Energy Services and WV Pipeline for the year ended September 30, 2020 and 2019, and the related notes to the unaudited pro forma combined condensed financial information. |
*Previously filed.
Energy Services of America CORP Exhibit
EX-99.1 2 tm219497d1_ex99-1.htm EXHIBIT 99.1 Exhibit 99.1 WEST VIRGINIA PIPELINE,…
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About Energy Services of America Corporation (OTCMKTS:ESOA)
Energy Services of America Corporation is engaged in providing contracting services for energy-related companies. The Company services the gas, petroleum, power, chemical and automotive industries. For the gas industry, the Company is engaged in the construction, replacement and repair of natural gas pipelines and storage facilities for utility companies and private natural gas companies. It is engaged in the construction of both interstate and intrastate pipelines. For the oil industry, the Company provides a range of services relating to pipeline, storage facilities and plant work. For the power, chemical and automotive industries, the Company provides a range of electrical and mechanical installations and repairs, including substation and switchyard services, site preparation, equipment setting, pipe fabrication and installation, packaged buildings, transformers and other ancillary work.
