Summer Energy Holdings, Inc. acquired REP Energy, LLC from Angela Hanley, Neil Leibman, Jaleea George, Tom O’Leary and others for $4.7 million.
November 06, 2017
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Summer Energy Holdings, Inc. (OTCPK:SUME) acquired REP Energy, LLC from Angela Hanley, Neil Leibman, Jaleea George, Tom O’Leary and others for $4.7 million on November 1, 2017. Under the terms of the consideration, Summer Energy will issue 2.2 million shares. The purchase price also reflects REP Energy’s outstanding debt obligations totaling approximately $0.77 million, as well as $0.07 million in cash drawn on commercial line of credit. The transaction is subject to the approval of the Board of REP Energy. The transaction has been approved by a majority of the disinterested members of the Board of REP Energy. Alexander N. Pearson of Kirton & McConkie, PC acted as the legal advisor to Summer Energy Holdings on the transaction.
Summer Energy Holdings, Inc. (OTCPK:SUME) completed the acquisition of REP Energy, LLC from Angela Hanley, Neil Leibman, Jaleea George and Tom O’Leary on November 1, 2017.
Summer Energy Holdings, Inc. operates through its wholly owned subsidiaries Summer Energy, LLC (Summer LLC), Summer Energy Midwest, LLC (Summer Midwest), and Summer Energy Northeast, LLC. Summer LLC is a retail electric provider in the state of Texas under a license with the Public Utility Commission of Texas (PUCT). Summer LLC procures wholesale energy and resells to commercial and residential customers. The Company provides electricity to residential and all size commercial customers in the restructured retail energy market. Summer Northeast is engaged in serving electric load to both residential and commercial customers in the Northeastern United States and holds licenses in Massachusetts and New Hampshire. Summer Midwest provide billing, collections, back-office service, including supply and scheduling services, customer service and accounting services.
SUMMER ENERGY HOLDINGS, INC. 