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Energy Services of America Business Acquires Assets from Ryan Environmental
Friday 12 August 2022

West Virginia, US-based contractor and service company Energy Services of America's (NASDAQ: ESOA) newly formed Ryan Construction Services Inc. subsidiary has acquired certain assets, including equipment, vehicles, and small tools, of Ryan Environmental, LLC, Bridgeport, WV, for USD 1.8m in cash pursuant to an order issued by the United States Bankruptcy Court for the Northern District of West Virginia on August 9, 2022, the company said.

Also included in the order was the acquisition of certain assets, including equipment and small tools, of Ryan Environmental Transport, LLC, located in Bridgeport, WV, for USD 1m in cash.

While included in the order and under common ownership with Ryan Environmental, Ryan Transport's assets were not being held by the bankruptcy estate.

The court also issued a separate order that directed Ryan Environmental to surrender all vehicles being leased from Enterprise Fleet Management, which will be leased in a new agreement by Energy Services.

The fair market value of the leased vehicles is approximately USD 1.1m.

Ryan Construction will lease Ryan Environmental's former offices in Bridgeport, WV from the property owners under a new agreement and begin work immediately with Ryan Environmental's former customers under new Master Service Agreements.

Former employees of Ryan Environmental will be offered an employment opportunity with Ryan Construction.

Energy Services of America Corp. (NASDAQ: ESOA), headquartered in Huntington, West Virginia, is a contractor and service company that operates primarily in the mid-Atlantic and Central regions of the United States and provides services to customers in the natural gas, petroleum, water distribution, automotive, chemical, and power industries.

Energy Services employs 800+ employees on a regular basis. The company's core values are safety, quality, and production.
Date Published: 12/08/2022