ESP Resources, Inc. announced the completion of the acquisition of Turf Chemistry, Inc. with the issuance of two million shares of common stock. The deal closed on June 16, 2010.
ESP Resources, Inc. paid a total of $969,230 in cash and stock to the owners of Turf Chemistry, Inc. The company paid $339,230 in cash, and issued two million shares of ESP Resources, Inc. common stock in the deal.
ESP Resources, Inc. also agreed to an earn out provision in the acquisition agreement where the company agrees to issue more common stock to the sellers if certain revenue targets are reached in 2011. The company estimates the value of this contingent payment at $350,000.
David Dugas, the President of ESP Resources, Inc., said, “We plan an aggressive expansion into areas currently serviced by Turf Chemistry for the remainder of 2010 and 2011.”
ESP Resources, Inc. is an energy resource company headquartered in Louisiana. The company has exploration and production operations, and a specialty chemical business.
The exploration and production segment owns a 21% working interest in Well 80 located on the Baker Ranch, and a 10% interest in the Block 83/84 Project, located in Pecos County, Texas. The specialty chemical business supplies chemicals for use in various oil field activities, including production, drilling and remediation.
For more information on the company, go to www.espchem.com