Last night we sent out our Friday Alert on Enviro-Serv, Inc. (OTC Pink: EVSV) to our Members and discussed how the buzz and momentum was building. Well, this morning the Price certainly reacted nicely to the energy that built overnight through emails, twitter, skype and facebook. Yesterday’s Close was .0083 and at today’s Opening Bell, the volume started to pour into EVSV and the Price per Share shot up to .013 for 57% in Gains.
At midday, we’re sitting at over 30 million in volume and with a Price that has remained over .01 for most of the morning. We keep seeing attempts at challenging the day’s High, and we could be in for an afternoon run above current Highs. Also, the company released news today announcing that it has agreed on a valuation with Air-Systems Group allowing the acquisition to move forward.
The body of that press releases is below:
Enviro-Serv Inc. today announces that both companies have agreed upon the valuation for acquisition of Air Systems Group (ASG) opening the door to commence and finalize Enviro-Serv’s first acquisition.
Chris Trina , Chairman and CEO of ESI stated this, “This is extremely exciting and encouraging for both companies. After almost 3 weeks of performing due diligence since the April 16 announcement of our letter of intent to acquire ASG much has been accomplished. Our team literally spent hours and hours sitting with the owners in their office going over their current financials and their expected future goals. Performing proper due diligence requires more than receiving bank statements and pro-formas.
To really understand and learn about a potential subsidiary candidate our team must be face-to-face with them often, having lunch and dinner, meeting wives or husbands and their family members, speaking to vendors and employees alike and looking over major contracts. We must become part of their family so to speak over a very short period of time to obtain that “warm and fuzzy” one must feel to partner up with a company.”
Trina further stated, “I think the most difficult task after the due diligence process is completed is agreeing on the valuation of the target company. All three partners of ASG unanimously voted in favor of our initial valuation which opened the door to completing our first acquisition at ESI which super exciting for our shareholder’s.”
Trina ended by saying, “There is indeed more work to be done and some very important items to be further discussed to finalize this transaction; however the excitement level from both sides and the progress already made makes me believe we can wrap this up by late May.”
Troy Tipton , Vice President of Operations at Air Systems Group quoted, “we are very excited to move forward with ESI in becoming a wholly owned subsidiary. The benefits of being part of a publicly traded entity are exciting at many levels.”