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.