American Energy Partners (OTCMKTS:AEPT) Stock Soars After Acquisition of Austin Master Services
Incorporated in 1997, American Energy Partners (OTCMKTS:AEPT), based in Pennsylvania, is engaged in sourcing, treating, and distributing reclaimed water in the United States. The firm is involved in designing, constructing as well as operating regional water treatment facilities serving the industrial, energy and government sectors. The company is also focusing on drilling, operating as well as partnership opportunities in the oil and gas sectors. Furthermore, it is also giving geotechnical services, educational market platforms of videography as well as podcasts besides construction, drilling, and well-site services.
Market Stats
On Friday, AEPT stock soared 40.40% to $0.12 with more than 30K shares, compared to its average volume of 3.3K shares. The stock moved within a range of $0.1200 – 0.1450 after opening trading at $0.1450.
American Energy Announces the Acquisition of Austin Master Services
American Energy Partners Inc on July 1, 2022, announced the acquisition of Austin Master Services, LLC, located in Pottstown. Though the total consideration of the acquisition hasn’t been revealed, it was funded through a mix of debt, cash, and common stock. The acquisition will result in accrual earnings of over $$25,000,000.
A full-service, comprehensive environmental services firm, Austin Master Services specializes in radiological waste management solutions including decommissioning and deactivation, remediation, and transportation. They give industrial hygiene, professional safety, and health physics services. The permitted and licensed Ohio facility can handle trans-loading of contaminated debris besides decontamination of building material surfaces for volume reduction of waste materials.
American Energy’s CEO Brad Domitrovitsch said that the acquisition adds service lines to the company’s portfolio of ESG-related companies. He added that the firm is proud of adding Joe Bement, Patrick Horkman as well as rest of the team to the American Energy Partners family.
Austin Master Service’s President Joe Bement said that the company is excited about the opportunity to join hands with the American Energy Partners team. Bement added that the combined resources, as well as expertise, will facilitate success in the industry and beyond.
Earlier, American Energy Partners had announced that Nicholas Haden has been taken as the Chief Commercial Officer for American Energy. With over three decades of experience in marketing, business development as well as government relations in several business sectors, Haden started, grew as well as sold an energy services company to a major utility.
Haden has been a board member of The Pennsylvania Economic Development Financing Authority. He has a BA degree from the Pennsylvania State University. American Energy’s CEO Brad Domitrovitsch said that Haden is most qualified to oversee the development and commercial implementations of the firm.
Key Quote
American Energy’s CEO Brad Domitrovitsch stated, “The acquisition of Austin Master Services adds service lines to the American Energy Partners portfolio of ESG related companies. We are proud and excited to add Joe Bement, Patrick Horkman, and the rest of the Austin Master’s team to the American Energy Partners family.”
Traders Corner
AEPT stock is trading below the 20-Day and 50-Day Moving averages of $0.12 and $0.12 respectively. Moreover, the stock is trading below the 200-Day moving average of $0.13.
