Green Bank Provides Financing for TexCom Acquisitions

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Green Bank Provides Financing for TexCom Acquisitions

TexCom Inc. (OTC Pink: TEXC), an environmental services company serving the oil and gas industry, has closed on its agreements to purchase two saltwater disposal wells – the Peak Water Systems SWD #1 and the Bennett SWD #1, both located in Van Buren County, Arkansas.

The purchase price for the assets is $20.29 million and includes the refinancing of $7.12 million of debt. The remaining purchase price consists of $2.63 million in cash and $10.54 million in shares of common stock. The common stock will be issued at $0.244 per share (or $2.44 after the completion of the recently announced one-for-ten reverse stock split), which is the average closing price on the OTC Pink for the 60-day period prior to execution of the agreements. 

These assets are expected to add $5.5 million of revenues per year and earnings before interest, income taxes, depreciation and amortization of $3.7 million per year. 

Green Bank of Houston, Texas, provided debt financing to complete these acquisitions. WoodRock & Co. acted as financial advisor to TexCom on these transactions.

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