SEATTLE, Nov. 13, 2009 (GLOBE NEWSWIRE) -- GeoBio Energy, Inc. (Pink Sheets:GBOE) ("GeoBio" or the "Company") today announced that the Company has signed a Letter of Intent (LOI) to acquire Farmington, New Mexico based H&M Precision Products, Inc. ("H&M"), an oil and natural gas services company.
Commencing operations in 1995, H&M sells proprietary chemical blends used to maintain, clean, and improve the operating efficiency of natural gas and oil wells. It also provides gas and oil well services, applying the chemical blends with proprietary treatment procedures to alleviate equipment problems and output shortfalls. Under the proposed acquisition, H&M would become a wholly-owned subsidiary of GeoBio, and H&M's core management and employees would remain employed with H&M.
L.G. Miyatovich, recently appointed CEO of GeoBio, commented, "H&M provides an exciting opportunity through which to enter the growing oil and gas services industry and to expand GeoBio's energy-related revenue opportunities. With its established revenue stream and profitability, we expect that GeoBio will be able to finance this acquisition, which will also serve as a foundation for additional expansion both through organic growth and future acquisitions."
About GeoBio Energy:
GeoBio Energy's business model emphasizes the acquisition and operation of existing companies in oil and gas services and the energy industry. Additionally, the company is working to develop more efficient and alternative methods for handling existing resources in this sector in order to realize greater efficiencies and provide efficient, green technology services.
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