GALENFEHA, INC. (OTCMKTS:GLFH) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On December 24th, 2018 Galenfeha, Inc. (the ‘Company’) entered into a Definitive Agreement to acquire all assets and operations of Frontier Oilfield Services, Inc. (‘FOSI’), where the Company would issue 1 share of Preferred series of stock for each outstanding share of FOSI. Management at FOSI told the Company that a majority of the shareholders had approved the Transaction.
On January 16th, 2019, FOSI management contacted the Company, and reported that a minority holder of FOSI had expressed concerns that he had not been properly represented on the transaction; therefore legal remedies would be pursued. In order to prevent a lawsuit, FOSI management and Galenfeha management agreed that the transaction should be suspended until the situation could be remedied.
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.
