$ELTZ - QUESTION: does Elite really own $8mil reve
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Posted On: 12/14/2017 9:20:33 AM
$ELTZ - QUESTION: does Elite really own $8mil revenue Pirate Oil??? Why on earth is this ticker sitting on .0012 at $8mil revs and 1 bil total A/S + small 68mil float? Am I missing something here or is the market just not up to speed here on ELTZ?
Elite Group, Inc. announces acquisition of Pirate Oilfield Services, Inc.
FRISCO, TX -- (Marketwired) -- 11/01/17 -- Elite Group, Inc. (OTC PINK: ELTZ), a Nevada corporation established to acquire assets in the oil field service sector, is proud to announce it has acquired Pirate Oilfield Services, Inc. The company has executed a purchase and sale agreement for the company and closed the transaction September 12, 2017.
Pirate Oilfield Services, Inc. is an oil and gas service company located in Midland, Texas. Pirate provides multiple services to oil and gas companies including roustabout services, equipment rental, welding services, and many others. Pirate had revenue of $6.5 mil for 2016 and will do approximately $5 mil in revenue for 2017 due to the reorganization and ramp up. New services in addition to the roustabout work will be vacuum truck rental, grubber clearing and site, pipeline and pit construction. This new work will be added through Pirate's existing MSA's (Master Service Agreements) with multiple companies such as Pioneer, Energen, Anadarko, Koch Industries, Parsley, Sandridge, McGuire and others. Pirate estimates its revenue could increase to over $8 million for 2018.
Terry Tecco, CEO of ELTZ, commented, "Pirate Oilfield Services, Inc. is the initial acquisition for ELITE and will serve as the platform entity for future acquisitions. As part of our ongoing business strategy we will continue to research and identify additional acquisitions that fit our model."
The 8K for this transaction may be viewed in Elite Group, Inc.'s October 26, 2017 filing. https://www.otcmarkets.com/edgar/GetFilingHtm...D=12340348
Elite Group, Inc. announces acquisition of Pirate Oilfield Services, Inc.
FRISCO, TX -- (Marketwired) -- 11/01/17 -- Elite Group, Inc. (OTC PINK: ELTZ), a Nevada corporation established to acquire assets in the oil field service sector, is proud to announce it has acquired Pirate Oilfield Services, Inc. The company has executed a purchase and sale agreement for the company and closed the transaction September 12, 2017.
Pirate Oilfield Services, Inc. is an oil and gas service company located in Midland, Texas. Pirate provides multiple services to oil and gas companies including roustabout services, equipment rental, welding services, and many others. Pirate had revenue of $6.5 mil for 2016 and will do approximately $5 mil in revenue for 2017 due to the reorganization and ramp up. New services in addition to the roustabout work will be vacuum truck rental, grubber clearing and site, pipeline and pit construction. This new work will be added through Pirate's existing MSA's (Master Service Agreements) with multiple companies such as Pioneer, Energen, Anadarko, Koch Industries, Parsley, Sandridge, McGuire and others. Pirate estimates its revenue could increase to over $8 million for 2018.
Terry Tecco, CEO of ELTZ, commented, "Pirate Oilfield Services, Inc. is the initial acquisition for ELITE and will serve as the platform entity for future acquisitions. As part of our ongoing business strategy we will continue to research and identify additional acquisitions that fit our model."
The 8K for this transaction may be viewed in Elite Group, Inc.'s October 26, 2017 filing. https://www.otcmarkets.com/edgar/GetFilingHtm...D=12340348
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