Aly Energy Services, Inc. Announces Completion of Private Placement and Resignation of Member of Board of Directors
(Marketwire Via Acquire Media NewsEdge) HOUSTON, TX -- (Marketwired) -- 01/06/14 --
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.
Source: Aly Energy Services, Inc.
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