FORT WORTH, Texas, June 07, 2018 (GLOBE NEWSWIRE) -- via OTC PR WIRE -- Galenfeha, Inc. (OTC:GLFH) announced today the company’s newly appointed CEO, Mr. Trey More, gives updates to shareholders.
Mr. Moore stated: “I want to address our shareholders and investors, and answer some questions that have been rising since our press release announcing the potential Acquisition of Fleaux Services, and my new role as the CEO of Galenfeha, Inc.
Galenfeha released first quarter earnings results on May 25, 2018, and the company reported combined revenues of approximately $1,100,000. 2017 wastewater rehabilitation work for the city of Shreveport Louisiana continued over into 2018 and was the primary reason why Galenfeha’s Fleaux Solutions Division beat revenue expectations for first quarter. This work that was not completed in 2017 and continued into this year has had the effect of delaying some of our scheduled work with prime contractors for second quarter.
We believe this schedule shift will be temporary, and have notified the city that Fleaux Solutions has staff and equipment ready to work 2 shifts 7 days a week in order to help city prime contracts get back on schedule. We have been informed by our prime contractors that these delays only impact will be moving some of this year’s work into 2019.
We recently stated in a press release that company affiliates where going to move all their preferred stock back into the common stock. After much consideration, management has disregarded this recommendation, and will keep the same structure and dynamics as our founder, Mr. James Ketner, had originally designed. His method protects our common shareholders, and puts performance goals in place for management to meet before being able to participate in the tradable float.”
Fleaux Services Acquisition
Mr. Moore continued: “Management has been looking into every available financing option in order to finalize the Acquisition of Fleaux Services. We believe we have engineered a package that is logical and favorable to the bank and the shareholders. We hope to have news soon securing the funds for the acquisition. Fleaux Services had top line revenues of $23m for the first 5 months of 2018, with net income of approximately $1.6.
We are not able to forecast 2018 bottom line numbers for both companies at this time because we have two priorities; continuing growth, and at the same time de-leveraging the company and improving our balance sheet. Although this might not be what shareholders want to hear today, we are looking into the long term plans for Galenfeha. If we can deleverage our balance sheet, it will pave way to more acquisitions in the future with cheaper financing while also providing a strong foundation for rapid organic growth in revenue and profits.
I leave you all with this message, no one will work harder than our management team and myself to create shareholder value and continued profitable growth. I urge each of you to get involved and know your company you have invested in no matter the amount. We have over 1300 shareholder/investors that in my opinion can be an effective sales force and ambassador of all our positive and remarkable achievements we have made and will be making in the future. We value your confidence, trust and commitment to the company’s success.”
About Galenfeha, Inc.:
Galenfeha, Inc. was founded by James Ketner in March 2013 as an Engineering Services/Research and Development company headquartered in Ft. Worth Texas. The company generates revenue by receiving royalties from products we developed, providing engineering, regulatory, and business consulting services across numerous disciplines, such as aerospace, automotive, and medical, and by making investments in companies that our management team feels to be undervalued. With the recent acquisition of Fleaux Solutions, LLC, the company also generates revenues and earnings through government contracts. The Company’s stock has been actively traded ( GLFH ) since September 2014.
For more information on Galenfeha's products and services, please visit www.galenfeha.com
About Fleaux Services of Louisianan, LLC:
Fleaux Services was created from and is based on a simple concept -Service for the Customer and the Employees are Assets. Fleaux Services has built a sales and support team with an industry reputation of making sure that the customer is taken care of with quality parts and service. Fleaux Services is a company committed to Oil and Gas industry innovative solutions with a creative vision of complete system automation through hardware and software products. While investing in its employees and customers knowledge level of available technologies, we are devoted to creating simplicity through advanced Technology.
An online presentation of Fleaux Services: https://prezi.com/view/xcQMMUlYCM1Y2vKuexSt/
For more information on Fleaux Services of Louisianan, LLC please visit www.fleaux.com
Contact: Galenfeha, Inc. 817-945-6448 info@galenfeha.com
Fleaux Contact: Fleaux Services of Louisiana, LLC 318-603-5440 info@fleaux.com
Forward-Looking Statements: Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as "anticipate," "believes," "estimate," "expect," "should," "intend," "projects," "objective," and "appears," and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization, or technological difficulties; the regulatory and trade environment; the impact of reimbursement rates and coverage; and the risk factors reported from time to time in the Company's SEC reports. The Company undertakes no obligation to revise any forward-looking statements as a result of future events or development.
