SEATTLE, Jan. 28, 2010 (GLOBE NEWSWIRE) -- GeoBio Energy, Inc. (Pink Sheets:GBOE) (“GeoBio” or the “Company”), today announced that it has engaged the financial advisory services of Goodrich Capital, LLC (“Goodrich”) to assist in the implementation of the Company’s financial strategy, including strategic planning and acquisitions, financial management, market research and business development. GeoBio concurrently plans to raise up to $20 million in capital financing over the next 6 months, in connection with certain proposed acquisitions in the oil and natural gas services industry.
GeoBio is currently finalizing the terms of a stock purchase acquisition of Farmington, New Mexico based, H&M Precision Products, Inc (“H&M”) (originally announced by GeoBio on November 13, 2009). H&M sells proprietary chemical blends used to maintain, clean, and improve the operating efficiency of natural gas and oil wells. GeoBio hopes to complete the acquisition of H&M in March 2010.
Lance Miyatovich, Chief Executive Officer of GeoBio, states, “We look forward to working with Goodrich as we execute our expansion strategy. We anticipate that Goodrich will support our efforts to finance the planned acquisition of H&M and several other opportunities we are currently considering. We believe this partnership will enable us to implement the initial stages of our plan to acquire and consolidate oil and natural gas service and support businesses. Ultimately, we expect to provide natural gas and oil companies solutions highly adapted to different operating conditions and problems so as to maximize production from various petroleum based fuel sources.”
For more information on Goodrich Capital LLC, please go to: www.goodcap.com
About GeoBio Energy:
GeoBio Energy’s business model emphasizes the acquisition and operation of existing companies in the oil and gas services and energy industry. As oil well and gas exploration continue in the face of ever rising demand, obtaining peak efficiency and production from existing, aging wells becomes increasingly important. GeoBio believes this to be a principal challenge and an opportunity in its strategy to combine and consolidate companies in the oil and natural gas services sector. 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, where and when available.
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