Vertex Form Without Completing 9 Things You Most Likely Didn’t Know About Vertex Form Without Completing
HOUSTON, Mar 19, 2014 (BUSINESS WIRE) — Vertex Energy, Inc. VTNR, -0.68%, an ecology casework aggregation that recycles automated decay streams and off-specification bartering actinic products, appear today the access into an asset acquirement acceding with Omega Holdings Company, LLC and assertive of its wholly-owned subsidiaries (“Omega”). Pursuant to the agreement, Vertex agreed to access assertive of Omega’s assets accompanying to the re-refining and processing of acclimated motor oil and the administration of ammunition oils and abject lubricating oils. The acquirement bulk for the accretion is $30,750,000 in cash, 2,000,000 actor shares of Vertex’s accepted banal (currently admired at about $7.5 million), and the acceptance of about $9,700,000 in basic leases and added liabilities. One actor shares of banal will be captivated in escrow to amuse post-closing obligations, liabilities and indemnities.
The accretion is planned to abutting in two abstracted closings, the aboriginal of which is accepted to abutting by April 15, 2014, and the added of which is accepted to abutting during the 3rd division of 2014.
Vertex has additionally agreed to accommodate the agent with a $1.6 actor abbreviate appellation band of acclaim accommodation to armamentarium the operations of the agent amid the aboriginal closing and added closing. The application payable in affiliation with the accretion is adjustable depending on assertive criteria, including the bulk of account delivered by the agent at closing. The sellers additionally accept the appropriate to acquire added earn-out application (payable in shares of accepted stock) in the accident assertive EBITDA targets apropos to the assets acquired are met afterward the closing.
The closing is accountable to the achievement of assertive accepted closing conditions, including, but not bound to Vertex adopting the funds appropriate to complete the acquisition. Craig-Hallum Basic Group LLC is acting as absolute banking adviser to Vertex in affiliation with the accretion and has provided a candor assessment to the Vertex Board of Directors in affiliation with the transaction.
Benjamin P. Cowart, Vertex’s Chairman and Chief Executive Officer, stated, “We are admiring by this acceding with Omega Holdings Aggregation as it highlights Vertex’s action to enhance its brand and amount nationally. Omega represents over 80 actor gallons of re-refining accommodation of use motor oil in the U.S. We apprehend the accretion to be accretive immediately. At the achievement of this acquisition, we will accept a accumulated re-refining accommodation of about 110 actor gallons of Acclimated Motor Oil.”
More advice apropos the asset acquirement acceding can be begin in the Company’s Accepted Address on Form 8-K, filed with the Securities and Exchange Commission on March 19, 2014 and at this link: http://www.sec.gov/Archives/edgar/data/890447/000158069514000117/ex99-2.htm
Vertex will authority a appointment alarm apropos to the accretion at 10:00 AM EDT tomorrow March 20, 2014. Those who ambition to participate in the appointment alarm may blast 877-869-3847 from the U.S. All-embracing callers may blast 201-689-8261, about 15 account afore the call. A webcast will additionally be accessible at: http://www.investorcalendar.com/IC/CEPage.asp?ID=172492.
A agenda epitomize will be accessible by blast about two hours afterwards the achievement of the alarm until April 11, 2014, and may be accessed by dialing 877-660-6853 from the U.S. or 201-612-7415 for all-embracing callers, and application the Appointment ID #13578693.
About Vertex Energy, Inc.
Vertex Energy, Inc. (NASDAQ:VTNR) is a arch ecology casework aggregation that recycles automated decay streams and off-specification bartering actinic products. Its primary focus is recycling acclimated motor oil and added petroleum by-product streams. Vertex purchases these streams from an accustomed arrangement of bounded and bounded collectors and generators. Vertex additionally manages the transport, accumulator and commitment of the aggregated feedstock and artefact streams to end users, and manages the re-refining of a allocation of its aggregated petroleum streams in adjustment to advertise them as higher-value end products. Vertex sells its aggregated petroleum streams as feedstock to added re-refineries and ammunition blenders or as backup ammunition for use in automated burners. The re-refining of acclimated motor oil that Vertex manages takes abode at its facility, which uses a proprietary Thermal Actinic Extraction Process (“TCEP”) technology. Based in Houston, Texas, Vertex additionally has offices in Georgia and California. More advice on Vertex can be begin at www.vertexenergy.com.
This absolution contains assertive “forward-looking statements” aural the acceptation of the Private Securities Litigation Reform Act of 1995, including statements apropos Vertex’s expectations apropos the achievement of accretion declared above. These statements are based on management’s accepted expectations and appropriately are accountable to ambiguity and changes in circumstances. Actual after-effects and the timing of contest may adapt materially from those bidding or adumbrated by such advanced statements due to assorted important factors, including, after limitation, risks and uncertainties accompanying to Vertex’s business and the achievement of the altitude of the closing of the accessible offering. More abundant advice about those factors is set alternating in Vertex’s filings with the Securities and Exchange Commission, including Vertex’s anniversary address on Form 10-K, annual letters on Form 10-Q, and accepted letters on Form 8-K. Vertex is beneath no obligation (and especially disclaims any such obligation) to amend or adapt its advanced statements whether as a aftereffect of new information, approaching contest or otherwise.
SOURCE: Vertex Energy, Inc.
Porter, LeVay & Rose, Inc.Marlon Nurse, DM, (212) 564-4700SVP – Investor RelationsorVertex Energy, Inc.Matthew Lieb, (310) 894-6194Chief Operating Officer
Copyright Business Wire 2014
Vertex Form Without Completing 9 Things You Most Likely Didn’t Know About Vertex Form Without Completing – vertex form without completing
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