Victory Oilfield Tech, Inc. acquired Pro-Tech Hardbanding Services, Inc. from Stewart Matheson for $1.5 million.
August 01, 2018
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Victory Oilfield Tech, Inc. (OTCPK:VYEY) acquired Pro-Tech Hardbanding Services, Inc. from Stewart Matheson for $1.5 million on July 31, 2018. Under the terms, $0.35 million of cash was paid, 0.011 million shares were issued, $0.15 million under escrow was released at closing, cash of $0.3 million to be paid on 60th day following the closing and $0.7 million to be paid over a period of two years following the closing in equal quarterly installments of $0.088 million each, with the first such payment being made on October 31, 2018, and the last such payment being made on July 31, 2020. Victory Oilfield Tech is taking a loan of $0.38 million from Kodak Brothers Real Estate Cash Flow Fund, LLC to fund the acquisition. The transaction is subject to legal due diligence by Victory Oilfield Tech, entering consulting agreement, all applicable waiting periods will have expired or otherwise been terminated, approvals of all governmental entities and approvals or notifications of any lenders, lessors, suppliers, customers or other third parties. Louis A Bevilacqua of BEVILACQUA PLLC acted as the legal advisor to Victory Oilfield Tech. Justin Byrne of Rischard, Carsey & Byrne, PLLC acted as the legal advisor to Stewart Matheson.
Victory Oilfield Tech, Inc. (OTCPK:VYEY) completed the acquisition of Pro-Tech Hardbanding Services, Inc. from Stewart Matheson on July 31, 2018.
Victory Clean Energy, Inc., formerly Victory Oilfield Tech, Inc., is a green hydrogen energy company. It is engaged in developing and implementing clean, sustainable low-cost energy solutions with applications across various industries, including transportation, power generation, and industrial processes. Its TrueGreen Hydrogen production solutions provide clean, reliable, and cost-effective energy sources to a diverse range of clients. TrueGreen Hydrogen focuses on decarbonization in heavy transportation and industrial hydrogen markets. Its hydrogen production technology uses completely sustainable and renewable biomass to produce green hydrogen. Its Net Zero Energy Group specializes in providing sustainable and renewable energy solutions, offering both hydrogen energy solutions derived from renewable sources and completely sustainable prime power generated from biomass. Its Biomass Development Group, LLC, specializes in the cultivation, processing, and distribution of biomass.