Galenfeha, Inc. (OTCMKTS:GLFH) Files An 8-K Entry into a Material Definitive Agreement
Item 1.01 Entry into a Material Definitive Agreement
On January 21, 2017 Galenfeha entered into a non-binding Letter
of Intent to purchase Additive Manufacturing, LLC for a cash
purchase of $14,000,000. Full details of the Letter of Intent can
be found as Exhibit 99.1 attached to this form.
Item 1.02 Termination of a Material Definitive
Agreement
On July 15, 2016 Galenfeha management entered into a Consulting
Agreement with Asher Oil Gas Exploration in Natchez, Mississippi;
and Lane Murray, of Jackson, Mississippi. The terms of this
agreement included a $50,000 non-refundable retainer, as well as
1,000,000 shares of Galenfeha, Inc. (GLFH) common stock, to be
issued in four quarterly installments. As of December 31, 2016,
the consultants had received the retainer and a total of 500,000
shares of Galenfeha, Inc. common stock, per the agreement.
On January 18, 2017 the company extinguished the remainder of
this agreement with a one-time payment to the consultants of
$40,000, which included the cancellation of any additional stock
issuance, and the return of the 500,000 shares of Galenfeha
common stock previously issued in Quarters 3 and 4 of 2016.
As of the date of this filing, this consulting agreement has been
extinguished; the 500,000 shares of Galenfeha, Inc. common stock
have been returned and cancelled; and no further stock will be
issued to this agreement. Full details of the Termination of this
consulting agreement can be found as Exhibit 99.2 attached
to this form.
Item 2.01 Completion of Acquisition or Disposition of
Assets
On August 23, 2016, Galenfeha management entered into an
agreement with Kevin L. Wilson for a bridge loan of $350,000
collateralized with the companys Daylight Pump inventory. On
January 20, 2017, Galenfeha entered into an agreement to sell its
entire Daylight Pump inventory to SouthVest BDC, LLC for a cash
selling price of $400,000. A majority of the proceeds of this
sale will be used to repay the note payable entered into with
Kevin L. Wilson for $350,000 plus accrued interest. Full details
of the disposition of these assets can be found as Exhibit
99.3 attached to this form.
Item 5.02, Departure of Directors or Principal
Officers; Election of Directors; Appointment of Principal
Officers;
On January 20, 2017 an offer was extended to Mr. Ron Barranco for
the position of Chief Technology Officer. Mr. Barranco accepted
this position on January 20, 2017. Mr. Barrancos acceptance
letter can be found as Exhibit 99.4 attached to this form.
Exhibit Table:
| Exhibit 99.1 | Letter of Intent Additive Manufacturing, LLC |
| Exhibit 99.2 | Termination Agreement Asher Oil |
| Exhibit 99.3 | Daylight Pump Sale |
| Exhibit 99.4 | Ron Barranco Employment Offer |
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 down -0.0200 at 0.0800 with 123,341 shares trading hands.