--News Direct--
McapMediaWire -- Publicly traded Titan NRG, Inc. (OTC: TTNN) ("Titan NRG") operating as a downstream energy and transportation holding company through its wholly-owned subsidiaries, today announced that it has entered into an agreement to purchase NRG Equipment LLC. NRG Equipment is an equipment leasing company based in Montana that primarily leases propane-related equipment. The transaction is further evidence of the company's commitment to growing its core transportation business. The acquisition becomes effective after the close of business on January 31st, 2023. The purchase price is in excess of $5,000,000 and included the assumption of certain debt as well as owner financing.
“We’re looking forward to have NRG Equipment under the Titan umbrella,” said Alex Majalca Jr., Titan NRG’s President, and CEO. “It was a tricky transaction with the board and management not wanting to do a large share transfer at these price levels and working with the previous owner’s goals, but we ultimately found a win-win solution. Our initial monthly savings aren't quite what we originally expected because of the structure and assumption of debt, but in the long run, we feel it will be a great positive step forward.”
Alex Majalca Jr. went on to say, “I believe we’ll see additional opportunities for acquisitions as a large number of the smaller carriers are struggling to survive the current economic challenges. Our goals moving forward will be to get fully reporting and gain new investors' attention. We’re looking forward to 2023 and growing the company by the best means possible.”
Contact:
Alex R. Majalca Jr.
President/Chief Executive Officer
Titan NRG, Inc.
About Titan NRG Inc.: Titan NRG is a holding company that operates as a downstream energy and transportation company through its wholly-owned subsidiaries. NRG Dynamics currently has 25+ transports operating in 9 states. APE Fuels offers retail and commercial propane serving southern AZ with 1500+ leased tanks and 2500+ customers. Vespene with wholesale purchasing and sales of LPG products. NRG Rail has a long-term lease on a new 18 car rail facility in Tucson, Arizona with an approved and permitted 1.2mm gallons of propane/butane storage.
We're focused on vertical integration while expanding our operations to cover everything from the refinery to retail. This business model is a win for our customers, company, and shareholders. Additionally, this model can be replicated in other regions.
NOTES ABOUT FORWARD-LOOKING STATEMENTS
Safe Harbor Statement: This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements are based on the current plans and expectations of management and are subject to a number of uncertainties and risks that could significantly affect the company's current plans and expectations, as well as future results of operations and financial condition. A more extensive listing of risks and factors that may affect the company's business prospects and cause actual results to differ materially from those described in the forward-looking statements can be found in the reports and other documents filed by the company with OTC Markets. The company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
Contact Details
Titan NRG, Inc.
Alex R. Majalca Jr
Company Website
View source version on newsdirect.com: https://newsdirect.com/news/titan-nrg-inc-ttnn-announces-acquisition-of-nrg-equipment-151275277
