FORT WORTH, Texas, Nov. 1, 2016 /PRNewswire/ -- Galenfeha, Inc. 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.
Contact:
LaNell Armour
Secretary/Treasurer/Director
773-879-6384
800-280-2404
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.
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/galenfeha-announces-retirement-of-convertible-debt-300354564.html
SOURCE Galenfeha, Inc.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Trade confidently with insights and alerts from analyst ratings, free reports and breaking news that affects the stocks you care about.
