Enservco Announces Board Changes and Provides Corporate Update
May 01 2024 - 3:45PM
Enservco Corporation (NYSE American: ENSV) (“Enservco” or the
“Company”) today announced changes to its Board of Directors and
provided a corporate update. Marc Kramer was appointed to the
Company’s Board of Directors on April 30, 2024 upon the
recommendation of the Company’s Board of Directors. He fills the
position vacated by Mr. Steve Weyel who resigned effective April
29, 2024 to focus his attention on a new business venture.
Mr. Kramer is a transportation industry investor
and operator with over 30 years of investment experience. For the
past seven years, he has served as executive chairman of SOAR
Transportation Group, of which he is a majority owner, a provider
of asset based and non-asset transportation and logistics services
serving shippers throughout the United States. Mr. Kramer’s
previous experience includes founding AVC Partners, which focused
on investing and growing businesses in the transportation and
logistics industry, and serving as managing director for both
H.I.G. Capital and Fenway Partners LLC. Mr. Kramer sits on a
variety of private boards which focus on logistics and investment
sectors of the transportation industry. He holds a bachelor’s
degree in government and economics from Dartmouth College and a
master’s of business administration from Harvard University.
Rich Murphy, Chairman and CEO of Enservco,
commented, “We welcome Marc to our Board. As we make the strategic
shift into the logistics and transportation business, having
someone of Marc’s experience and connections within the industry as
a member of our Board is invaluable. We appreciate the service of
Mr. Weyel to our Company and wish him the best in his new
venture.”
The Company continues to explore strategic
initiatives to reduce reliance upon the seasonal frac heating
business. The Buckshot Acquisition will provide Enservco with a
proven and growing foundation in an attractive year-round logistics
business.
Rich continued, “We appreciate the ongoing
support of our stockholders. There are several important proposals
to be voted on, including approval of issuance of shares in
relation to the Buckshot Acquisition, as well as approval of our
five directors who will – as in the past – serve one-year terms. We
look forward to closing the Buckshot Acquisition in the near term,
with stockholder approval at our annual meeting a key step in the
process. The addition of Buckshot to our existing business will
prove transformational for Enservco as we transition away from a
seasonal business that is subject to commodity risk, to a logistics
business that generates strong year-round cash flow. The transition
will not require substantial new overhead or capital. We are
continuing our evaluation of strategic alternatives designed to
further reduce our seasonal focus, with the underlying premise that
any opportunities must be immediately accretive, generate solid
cash flow, and provide visible near and long-term growth.”
ABOUT ENSERVCO
Enservco provides a range of oilfield services
through its various operating subsidiaries, including hot oiling,
acidizing, frac water heating, and related services. The Company
has a broad geographic footprint covering major domestic oil and
gas basins across the United States. Additional information is
available at www.enservco.com. On March 20, 2024, the Company
announced an agreement to purchase Buckshot Trucking LLC, an energy
logistics provider in multiple key oil and gas basins (the
“Buckshot Acquisition”). The Buckshot Acquisition is scheduled to
close in the second quarter of 2024. When closed, the Buckshot
Acquisition would provide Enservco with a growing business that is
not weather dependent, allow the Company to enter steady year-round
logistics, provide an expanded operating footprint, and improve
cash flow visibility.
CAUTIONARY NOTE REGARDING
FORWARD-LOOKING STATEMENTS
This news release contains information that is
"forward-looking" in that it describes events and conditions
Enservco reasonably expects to occur in the future. Expectations
for the future performance of Enservco are dependent upon a number
of factors, and there can be no assurance that Enservco will
achieve the results as contemplated herein. Certain statements
denoting future possibilities, are forward-looking statements. The
accuracy of these statements cannot be guaranteed as they are
subject to a variety of risks, which are beyond Enservco's ability
to predict, or control and which may cause actual results to differ
materially from the projections or estimates contained herein.
Among these risks are those set forth in Enservco’s annual report
on Form 10-K for the year ended December 31, 2023, and subsequently
filed documents with the Securities and Exchange Commission
(“SEC”). Forward looking statements in this news release that are
subject to risks related to, among other things, closing of the
Buckshot Acquisition on anticipated terms and timing, and the
ability of Enservco to successfully integrate Buckshot’s market
opportunities, personnel and operations and to achieve expected
benefits. Enservco disclaims any obligation to update any
forward-looking statement made herein.
CONTACT
Mark PattersonChief Financial OfficerEnservco
Corporationmpatterson@enservco.com