LAS VEGAS, NV (Marketwire – September 21, 2015 - National Energy Services, Inc. (the “Company”) (OTC: NESV) a growing oil and gas services company, would like to issue a statement regarding a proposed acquisition which was included in our recent filings to the SEC regarding the signing of an LOI with a Texas based Company operating in the Eagleford and Permian Basins.
Although NES is excited about the opportunity for the anticipated closing of the acquisition, the Board of Directors adopted a policy this year not to announce any news about the agreements until they have conducted full due diligence and have finalized the purchase before announcing to the public. An LOI does not constitute an announcement until the transaction is complete.
Robert Chance, President and Chief Executive Officer of NESV commented, “Over the past year, our team has been working diligently to identify and pursue acquisition opportunities of attractive companies with assets in the energy sector, and that mission has not changed given the challenges the industry has experienced this past year.
The LOI which was include in our filings that was signed by both parties on March 24th, has advanced to closing stages, because of the speculation surrounding the filing of the LOI, given the number of communications NES has received on this particular target, felt a brief statement to shareholders was prudent.
NES has completed all necessary due diligence on the target Companies, of which there are three consolidated into one, which involved a full appraisal of the assets to be included in the sale. Because of the size of the transaction, which is much larger than NES as the Company stands today, it has taken and enormous amount of time and capital to complete the pre-closing process, six months to be exact.
Attorneys for both entities are working to finalize closing documentation to effect the transaction. Although we do not see any complications at this point which will hinder closing, wish to caution that the transaction is not complete and that this communication is only to advise our strategic partners and investors of where we are in the process. We hope to have further updates soon.”
For further information about the Company please visit National Energy Services, read our SEC filings at NESV SEC Filings and subscribe to Email Alerts at Subscribe Today (bottom of the web-page) to receive company news and shareholder updates.
About National Energy Services, Inc.
National Energy Services is building a portfolio of complementary oil and gas services through acquisitions. Through its subsidiary, JD Field Services, Inc., the Company provides oilfield services to the oil and gas industry in the United States. It primarily focuses on drilling services, operation services, and maintenance services of the well-site activities.
Forward Looking Statements
This press release may contain forward-looking. These forward-looking statements are identified as any statement that does not relate strictly to historical or current facts. Statements using words such as "may," "could," "should," "expect," "plan," "project," "strategy," "forecast," "intend," "anticipate," "believe," "estimate," "predict," "potential," "pursue," "target," "continue," or similar expressions help identify forward-looking statements. Additionally, statements concerning future matters such as revenue projections, projected profitability, growth strategies, development of new products or services, enhancements or technologies, possible changes in legislation and other statements regarding matters that are not historical are forward-looking statements. Investors are cautioned that any such forward-looking statement are not guarantee of future performance and involve risks and uncertainties, many of which are beyond the Company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors including the risk disclosed in the Company's reports filed with the SEC. The foregoing list of factors is not complete and the Company does not undertake to update any forward-looking statements that it may make except as required by applicable law.
