West Palm Beach, Florida, July 13, 2021 (GLOBE NEWSWIRE) -- Galenfeha, Inc. (OTC Pink: GLFH) (the “Company” or “Galenfeha”) is pleased to announce that its’ wholly owned subsidiary, Nexgen Environmental Solutions, Inc., (“Nexgen”), has acquired the 100% membership interests of Poff’s Power Solutions, LLC. (“Poff’s”) based in Dickenson, North Dakota.
“Nexgen has begun the process of acquiring small to mid-size companies associated with oil field services and maintenance,” stated Ryan Tyszkow, Galenfeha’s Chief Executive Officer. Mr. Tyszkow further stated: “Nexgen is in discussions with other energy related companies to add to its portfolio.”
As part of the initial organization, Galenfeha has obtained operational warehouse and office space in Dickenson, ND and Midland, Texas. The combined facilities encompass over 6 acres of land and 15,000 square feet of operational space for the anticipated company activities.
The Poff’s transaction was closed May 1, 2021 and provided for a right of rescission time period which has since expired. Based on information provided by management, Poff’s had sales for the six months ended June 30, 2021, of $229,038 with EBITDA of approximately $70,000.
You can follow Poff’s Power Solutions at: https://www.facebook.com/poffspowersolutions/
Galenfeha is currently established in the automobile industry segment with recent acquisitions of Eminent Auto Group, Inc. (https://eminentautogroup.com/) and The Detail Dudes (https://www.facebook.com/TheDetailDude) (https://www.instagram.com/detaildude/)
Galenfeha, Inc. is a publicly traded company focused on developing and acquiring businesses that fit into the disruptive DSF business model of Developing, Scaling, and Financing synergistic industry focused business groups. Galenfeha understands the nature of how technology and innovation can accentuate any business opportunity. The Company’s focus is on how the adaptation of informational technologies, even in brick and mortar businesses, can drive scalable growth and innovation. Galenfeha also believes that the holdings should benefit synergistically from each other and that the ability to have collaboration across varying industries can facilitate the genesis of new ideas and create fertile ground for competitive advantages.
As of the date of this announcement, the Company is a management services and holding company that owns six operating subsidiaries:
-Eminent Auto Group, Inc.
-The Detail Dudes, LLC
-Nexgen Environmental Solutions, Inc.
-Nexgen Environmental Services, Inc.
-Poff’s Power Solutions, LLC
This news release contains certain statements that may be deemed "forward-looking statements" with respect to the Company within the meaning of applicable securities laws. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words "expects", "plans", "anticipates", "believes", "intends", "estimates", "projects", "potential" and similar expressions, or that events or conditions "will", "would", "may", "could" or "should" occur. Forward-looking statements are based on the reasonable beliefs, estimates and opinions of the Company's management on the date the statements are made. Except as required by law, the Company undertakes no obligation to update these forward looking statements in the event that management's beliefs, estimates or opinions, or other factors, should change.