Follow Us:
Press Releases and Electronic Newsletters
Sharing the news of our clients through press releases and e-newsletters is not only a service we offer, it's
how we show our pride and support for them. The people and businesses we represent are our number one priority, so
their news is in fact our news. Browse our News Archives to get a taste of what we've been up to.
HOT OFF THE PRESS
take a look at what we've got simmering...
Share |

November 04, 2010


 

Redhawk Energy Sells Texas-Based Business Units For $66.0 Million
 
Will Re-Direct Investments to Louisiana-based Assets and Companies
 
 
LAFAYETTE, LA – OCTOBER 20, 2010 – RedHawk Energy Corporation (“RedHawk” or “Company”) announced today the completion of the sale of its Texas-based oilfield services operations for approximately $66.0 million in cash, assumed bank indebtedness, certain equity securities and other consideration. With the completion of the sale, G. Darcy Klug, founder of RedHawk, will resume duties as the Company’s Chairman of the Board and Chief Executive Officer.
 
Commenting on completion of the sale, Klug said, “We acquired the Texas-based oilfield service operations in late 2009. After the acquisition, we returned the business unit to profitability which, in turn, dramatically improved cash flow from its operations. The improved cash flow allowed us to significantly reduce bank indebtedness which then positioned us for a sale of the business unit. The sale resulted in investment and cash returns in excess of our original objective. With completion of this sale, we will now direct our investment focus on Louisiana-based business opportunities. In this regard, we have been working with representatives from the Lafayette Economic Development Authority to evaluate certain investment opportunities.”
 
RedHawk Energy Corporation was founded in 2008 to focus on acquiring and consolidating well-managed, smaller, undercapitalized onshore and offshore oilfield service and equipment companies with excellent reputations for quality and service.
 
By acquiring, consolidating and integrating these well-managed businesses, these acquisitions will have greater access to the capital necessary to not only withstand the current economic challenges facing the energy industry but they will now have available maintenance and growth capital, cross-selling opportunities and the ability to leverage the client relationships into new sales opportunities when they emerge from this economic slowdown.
 
Commenting on RedHawk’s decision to re-direct its investment focus on Louisiana business opportunities, Gregg Gothreaux, President and Chief Executive Officer of the Lafayette Economic Development Authority, said “RedHawk Energy’s decision to sell Texas-based assets and focus their effort in Louisiana further cements Lafayette’s position as an energy hub for the southeastern United States. As RedHawk works to integrate equipment manufacturing and service companies, they will undoubtedly grow while offering more efficient service to their customers. Having a company with forward-thinking leaders, such as those at RedHawk, is a definite asset for Lafayette’s business community.”
 
# # #
 
RedHawk Energy Corporation is focused on investments in and the consolidation, through acquisition, of domestic oil and gas equipment manufacturing, leasing and service companies. RedHawk’s common stock is registered with the Securities and Exchange Commission but the Company is not currently trading its common stock. This press release contains certain forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995 which involve known and unknown risks, uncertainties and other factors. The accuracy of the forward-looking statements depends on assumptions about events that change over time and may be susceptible to periodic change based on actual experience and new developments. Actual events, circumstances, effects and results may differ materially from the results, performance or achievements expressed or implied by the forward-looking statements. Consequently, the forward-looking statements contained herein should not be regarded as representations by RedHawk or any other person that the projected outcomes can or will be achieved. RedHawk cautions readers that it assumes no obligation to update the forward-looking statements in this press release.
 

 

E-NEWSLETTER SIGN UP
keep up with what's going on in the shop...
HOT OFF THE PRESS
a quick look at what we've got simmering...
MAY 05, 20172017 Louisiana Seafood Cook-Off Competitors Announced
MAY 02, 2017REDHAWK ANNOUNCES TROUBLED ECOGEN DUE DILIGENCE RESULTS
APR 17, 2017THE MANY ROADS TO RETIREMENT
APR 08, 2017Happy Easter. Celebrate Earth Day. Spa Mizan and Salon.
can’t find what you’re looking for?
VIEW THE CALZONE NEWS ARCHIVE
If you're interested in what Calzone can do for you, please email us, or call: 337.235.2924
visit us at the links below