Energy Services of America Corporation (the “Company” or “Energy Services”) formed a newly wholly owned subsidiary Tri-State Paving Acquisition Company, Inc., a West Virginia corporation, which has entered into an Asset Purchase Agreement with Tri-State Paving & Sealcoating, LLC (“Tri-State Paving” or “TSP”), a West Virginia corporation located in Hurricane, West Virginia to acquire substantially all of the assets of Tri-State Paving for $7.5 million in cash, a $1.0 million seller note, and $1.0 million in the Company’s common stock. The Company expects the transaction will close on April 29, 2022.
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Douglas Reynolds, President, commented on the announcement. “Tri-State Paving is a great company, and this acquisition extends and deepens our services offered to water distribution utilities. Increasing our exposure in the growing water market is a key strategic initiative for Energy Services, which makes Tri-State Paving a great fit.” Reynolds continued “We are also very pleased that David Corns had agreed to stay on with us. David has a tremendous amount of knowledge and experience in the industry, and we look forward to working with him.”
Energy Services of America Corporation (NASDAQ: ESOA), headquartered in Huntington, WV, is a contractor and service company that operates primarily in the mid-Atlantic and Central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries. Energy Services employs 700+ employees on a regular basis. The Company’s core values are safety, quality, and production