Aly Energy Services, Inc. Announces Completion of Private Placement and Resignation of Member of Board of Directors
January 06 2014 - 6:14PM
Marketwired
Aly Energy Services, Inc. Announces Completion of Private Placement
and Resignation of Member of Board of Directors
HOUSTON, TX--(Marketwired - Jan 6, 2014) - Aly Energy Services,
Inc. (OTCQB: ALYE) today announced that it has completed a private
offering of an aggregate of 15,744,997 shares of its common stock
at a price of $0.15 per share to approximately 22 of the existing
beneficial owners of its capital stock. The offering is exempt
from registration under the Securities Act of 1933, as amended,
pursuant to Section 4(2) and Rule 506 thereunder. The proceeds
of the offering will be used to pay down debt and on growth capital
expenditures for its operating yards in the Permian and Eagle Ford
basins.
On December 27, 2013, ALYE announced that Allen Morton resigned
as a member of its board of directors on December 20,
2013. Mr. Morton has taken a position as a managing director
at FBR Capital Markets & Co., an investment bank, and his
resignation from the board is to avoid any perception of a conflict
since FBR currently provides ALYE with investment banking or
financial advisory services. Munawar Micki Hidayatallah,
Chairman and Chief Executive Officer of ALYE, stated: "Mr. Morton
was a valuable member of the board and we will miss his
contribution."
About Aly Energy Services, Inc.
ALYE, through its subsidiaries Aly Operating, Inc. and Austin
Chalk Petroleum Services Corp., is a provider of surface rental
equipment and a roustabout service which is responsible for
delivery of equipment and rig-up on well sites. ALYE has operating
yards in Giddings, Texas (headquarters), San Angelo, Texas, and
Dilley, Texas from which it services the Eagle Ford shale, the
Permian Basin, and other areas in Texas. ALYE's primary
products include mud circulating tanks (400 and 500 barrel
capacity), mud pumps (diesel and electric), oil skimming systems,
secondary containment systems and stairs, mud mixing plants, and 3"
polyethylene pipe. ALYE fabricates several of its products
in-house.
Contact: Alya Hidayatallah CFO (713) 333-4000
Aly Energy Services (GM) (USOTC:ALYE)
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