This Day On The Street
Continue to site right-arrow
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

VeroLube’s Acquisition Of Thermo Fluids Update

VeroLube, Inc. (“VeroLube” or the “ Company”), announces today the signing of an extension and amendment to the previously executed stock purchase agreement dated March 10, 2014 (the “Extension”) to acquire Thermo Fluids, Inc. (“Thermo Fluids”) through its wholly owned subsidiary VeroLube USA, Inc. Thermo Fluids, a standalone subsidiary of Nuverra Environmental Solutions, Inc. (“Nuverra”) – (NYSE:NES) based in Scottsdale, Arizona, is the largest western used oil collector and the third-largest collector of used motor oil in the U.S. Thermo Fluids collects approximately 50 million gallons of used motor oil annually from a diverse base of more than 20,000 locations.

As part of the Company’s requirements for its pending public listing, VeroLube required the Extension to allow for the conversion of Thermo Fluids’ 2011 U.S. GAAP audited financial statements to stand-alone International Financial Reporting Standards (IFRS). The Company expects the audit process to be finalized in 30 to 45 days with a revised transaction close expected on or before August 29 th, 2014.

The executive management teams of VeroLube and Thermo Fluids are working collaboratively to effectuate a smooth transition for employees and customers at closing. This pre-closing transition planning is designed to help ensure an expedited and seamless integration of Thermo Fluids into VeroLube. Additionally, this will allow VeroLube to lay the foundation ahead of the closing for executing its business plan that includes additional collection acquisitions, organic growth and optimization of the Thermo Fluids’ operations. The Company intends to expand its collection footprint allowing for select target marketing of select regional and national accounts.

About VeroLube, Inc.

VeroLube, Inc. is a provider of used oil re-refining services using its own patented and certified ReGen TM re-refining process producing high yields of quality hydrocarbon products from used motor oils through its vertically integrated route based collectors of used motor oil.

For further information:

Bruce Hall, Chief Financial Officer (972) 841-6298 of VeroLube, Inc. ( www.verolube.com)

About Thermo Fluids, Inc.

Thermo Fluids Inc. is an environmental services company and the largest producer of commercial fuel oil from recovered used motor oil in the Western United States. The company collects and purchases used motor oil from a large number of companies across a diverse range of industries, such as quick-lube centers, auto dealerships, mining operations and industrial companies. In addition to collecting used motor oil, the company serves as a "one-stop" shop of collection and recycling services for waste products, including oily wastewater collection and processing, spent antifreeze collection and recycling, and used oil filter collection and recycling.

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Try it NOW
Only $9.95
Try it NOW
14-Days Free
Try it NOW

Check Out Our Best Services for Investors

Dividend Stock Advisor

David Peltier identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Updates with exact steps to take - BUY, HOLD, SELL
Trifecta Stocks

Every recommendation goes through 3 layers of intense scrutiny—quantitative, fundamental and technical analysis—to maximize profit potential and minimize risk.

Product Features:
  • Model Portfolio
  • Intra Day Trade alerts
  • Access to Quant Ratings
Options Profits

Our options trading pros provide over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • Actionable options commentary and news
  • Real-time trading community
Try it NOW
Try it NOW
Try it NOW
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 17,678.23 -40.31 -0.23%
S&P 500 2,056.15 -4.90 -0.24%
NASDAQ 4,863.3620 -13.1570 -0.27%

Partners Compare Online Brokers

Free Reports

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs