UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
PURSUANT TO SECTION 13 OR 15(D) OF
THE SECURITIES EXCHANGE ACT OF 1934
Date of Report (Date of earliest event reported): March 30, 2016
Energy Services of America Corporation
(Exact Name of Registrant as Specified in its Charter)
|
Delaware (State or Other Jurisdiction of Incorporation) |
001-32998 File Number) |
20-4606266 (I.R.S. Employer Identification No.) |
| 75 West 3rd Ave., Huntington, West Virginia | 25701 |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s telephone number, including area code: (304) 522-3868
Not Applicable
(Former name or former address, if changed since last report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):
| ¨ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
| ¨ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ¨ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ¨ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Item 1.01 Entry into a Material Definitive Agreement
On March 30, 2016, Energy Services of America, Inc. (the “Company”) entered into a $15.0 million revolving line of credit financing arrangement with United Bank, Inc. (West Virginia) and Summit Community Bank (West Virginia). This one year financing arrangement, effective February 27, 2016, replaces the $10.0 million revolving line of credit agreement reached on February 27, 2015.
On April 1, 2016, the Company issued a press release announcing the agreement. A copy of the press release dated April 1, 2016 is included as Exhibit 99.1 to this report and is being furnished to the SEC and shall not be deemed filed for any purpose.
Item 9.01 Financial Statements and Exhibits
(c) Exhibits
99.1 Press Release dated April 1, 2016
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.
| ENERGY SERVICES OF AMERICA CORPORATION | ||
| DATE: April 1, 2016 | By: | /s/ Charles Crimmel |
| Charles Crimmel | ||
| Chief Financial Officer | ||
Exhibit 99.1
ENERGY SERVICES OF AMERICA ANNOUNCES ADDITIONAL FINANCING ARRANGEMENT
Huntington, WV April 1, 2016 - Energy Services of America (the “Company”)(OTC: ESOA), parent company of C.J. Hughes Construction Company and Nitro Electric Company, announced today that the Company entered into a $15.0 million revolving line of credit financing arrangement with United Bank, Inc. and Summit Community Bank (West Virginia) on March 30, 2016. This one year agreement, effective February 27, 2016, renews the $10.0 million revolving line of credit financing arrangement dated February 27, 2015.
Douglas V. Reynolds, President, discussed the financing agreement. "We are very excited to announce the renewal of our line of credit agreement with United Bank and Summit Bank. The $15.0 million agreement is a $5.0 million increase from the previous agreement and will provide sufficient operating capital for our construction projects over the next year. As of March 31, 2016, our anticipated backlog is $96.0 million, which includes a $34.0 million natural gas transmission pipeline project, $20.0 million in petroleum pipeline and commissioning work, and $10.0 million of HVAC and mechanical work in downtown Charleston, West Virginia”.
Certain statements contained in the release, including without limitation statements including the words "believes," "anticipates," "intends," "expects" or words of similar import, constitute "forward-looking statements" within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company expressed or implied by such forward-looking statements. Such factors include, among others, general economic and business conditions, changes in business strategy or development plans and other factors referenced in this release. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.
Contact: Douglas V. Reynolds 304-522-3868