Galenfeha Announces Retirement Of Convertible Debt
FORT WORTH, Texas, Nov. 1, 2016 /PRNewswire/ — Galenfeha, Inc. (OTC:GLFH) today announced the company has retired two of the four convertible debentures the company entered into during 1st and 2nd quarters 2016. The company disclosed this information on Form 8-K, filed with the Securities and Exchange Commission yesterday.
Galenfeha’s newly-appointed Chairman and Chief Executive Officer, Mr. James Ketner, commented: “I stated in a press release last week the importance of extinguishing these convertibles. The management team at Galenfeha must get these notes off the table in order to restore the confidence of our investors and shareholders.”
The company is currently negotiating repayment of the remaining two notes, and anticipates additional announcements later this week.
Galenfeha was founded by Mr. Ketner in March 2013 as an Engineering Services/Research and Development company, headquartered in Bedford, Texas. In May 2014, the company opened a Manufacturing and Distribution facility in Shreveport, Louisiana. Galenfeha’s stock has been actively traded (GLFH) since September 2014.
Mr. Ketner closed with: “We are executing our immediate plan of action as quickly as possible. Over the next two months, I will do everything in my power to eliminate toxic financing, pay off debt, reduce SG&A costs, and guide the company to profitability; restoring confidence and adding value for our shareholders.”
About Galenfeha, Inc.
Galenfeha (GLFH) is a design, engineering, and manufacturing firm with a focus on stored energy solutions with low environmental impact. Galenfeha designs, manufactures and markets a complete line of patent pending, microprocessor controlled, LiFePO4 chemistry battery systems for Oil and Gas measurement and automation as well as a full line of proprietary high precision chemical injection systems. The company also provides stored energy solutions for U.S. military applications.
For more information on Galenfeha’s products and services, please visit www.galenfeha.com.
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