Galenfeha Announces Third Convertible Debt Retirement
FORT WORTH, Texas, Nov. 3, 2016 /PRNewswire/ — Galenfeha, Inc. (OTC:GLFH) today announced the retirement of the third of four convertible debentures the company entered into 1st and 2nd quarters 2016. The company disclosed this information on recent Form 8-K’s filed with the Securities and Exchange Commission this week.
Mr. James Ketner, Galenfeha’s newly-appointed Chairman and Chief Executive Officer, commented: “Over the past week, we have removed significant headwinds affecting our company and shareholders. I would like to thank all three note holders for their cooperation in negotiating early payoffs. We established good relationships with all three firms, left the doors open to do business in the future with better terms, and resolved these notes both amicably and with dignity.”
Last week, Mr. Ketner stated in a press release the importance of extinguishing these convertibles in order to restore the confidence of Galenfeha’s investors and shareholders. The company is currently in discussions to repay the last remaining note, and anticipates additional news to follow soon.
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: “Once this final note has been extinguished, I will turn my complete attention to our strategic SG&A cost reduction program. Profitability and debt elimination will provide us with the flexibility to consider future capital returns to 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.
Forward-Looking Statements: Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as “anticipate,” “believes,” “estimate,” “expect,” “should,” “intend,” “projects,” “objective,” and “appears,” and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company’s management, as well as assumptions made by and information currently available to the Company’s management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization, or technological difficulties; the regulatory and trade environment; the impact of reimbursement rates and coverage; and the risk factors reported from time to time in the Company’s SEC reports. The Company undertakes no obligation to revise any forward-looking statements as a result of future events or developments.
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SOURCE Galenfeha, Inc.