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Slide #39. Vertex Energy — Used Oil Re-Refining Assets from Omega Holdings Company
Vertex Energy (NASDAQ:VTNR)
Used Oil Re-Refining Assets from Omega Holdings Company
Vertex Energy, Inc. (NASDAQ:VTNR), an environmental services company that recycles industrial waste streams and off-specification commercial chemical products, announced today the entry into an asset purchase agreement with Omega Holdings Company, LLC and certain of its wholly-owned subsidiaries ("Omega"). Pursuant to the agreement, Vertex agreed to acquire certain of Omega's assets related to the re-refining and processing of used motor oil and the distribution of fuel oils and base lubricating oils. The purchase price for the acquisition is $30,750,000 in cash, 2,000,000 million shares of Vertex's common stock (currently valued at approximately $7.5 million), and the assumption of approximately $9,700,000 in capital leases and other liabilities. One million shares of stock will be held in escrow to satisfy post-closing obligations, liabilities and indemnities.
Vertex Energy is an environmental services company that recycles industrial waste streams and off-specification commercial chemical products. Co. has three segments: Black Oil, which collects and purchases used motor oil directly from third-party generators, aggregates used motor oil, and sells used motor oil to its customers for use as a feedstock or replacement fuel for industrial burners; Refining and Marketing, which aggregates and manages the re-refinement of used motor oil and other petroleum by-products and sells the re-refined products to end customers; and Recovery, which includes a generator solutions company for the proper recovery and management of hydrocarbon streams.
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