Galenfeha, Inc. (OTCMKTS:GLFH) Files An 8-K Completion of Acquisition or Disposition of Assets
Item 2.01 Completion of Acquisition or Disposition of Assets
On November 16, 2016, the Company entered into an agreement with
Fleaux Services, LLC for the sale of the companys battery and
stored energy division, which includes, but is not limited to,
all inventory, support equipment, and office operations located
at 9204 Linwood Avenue, Suite 104 and 105, Shreveport, LA 71106.
Mr. Trey Moore is the President/CEO of Fleaux Services, and also
is a Director of Galenfeha, Inc.
The sale is for a cash consideration of $350,000 USD; plus a 3%
royalty on all Galenfeha->
The sale includes all future sales, future purchase orders
resulting from previous negotiations, and all intellectual
property related to Galenfeha, Inc. battery manufacturing and
distribution.
Fleaux Services, LLC will assume responsibility for expenses
related to the Galenfeha, Inc. battery division that includes
previous expenses incurred for sales meetings that secured future
purchase orders.
All contractual agreements between the Galenfeha Inc. battery
division and outside parties, including, but not limited to,
consultants, suppliers, distributors, and sales representatives,
become the responsibility of Fleaux Services, LLC. This includes
all suppliers outstanding invoices for materials not yet
delivered and support equipment that will be relinquished to
Fleaux Services, LLC upon the execution of this agreement.
Galenfeha, Inc. will retain payments on all current outstanding
purchase orders invoiced before the date of this purchase
agreement.
A copy of the sales agreement and payment of debt to related
parties are listed as exhibits:
| Exhibit 99.1 | Sales Agreement |
| Exhibit 99.2 | Related Party Debt Termination Agreement |
| Exhibit 99.3 | Related Party Debt Termination Agreement |
About Galenfeha, Inc. (OTCMKTS:GLFH)
Galenfeha, Inc. is an engineering, product development and manufacturing company. The Company provides solutions for oil and natural gas production, as well as stored energy products across multiple industries. The Company provides these products and services through its Stored Energy and Oil and Gas division. The Company, through Daylight Pumps, LLC (Daylight), produces injections pumps to the oil and gas industry. It offers contractual engineering services, and develops and manufactures products for natural gas producers, and various industries mainly in the states of Texas and Louisiana. The Company’s product, Lithium iron Phosphate (LiFePO4) Stored Energy Systems, is available in over four battery sizes, including approximately 30 ampere hour (Ah), 40Ah, 120Ah and 120Ah Severe Duty (SD). Its other products include Daylight Chemical Injection Pumps, Galenfeha Custom Package Assemblies, Chargers and Portable Power Pack. Galenfeha, Inc. (OTCMKTS:GLFH) Recent Trading Information
Galenfeha, Inc. (OTCMKTS:GLFH) closed its last trading session 00.0000 at 0.0800 with 123,341 shares trading hands.