LOS ANGELES, CA, April 10, 2024 (GLOBE NEWSWIRE) -- via NewMediaWire -- Geopulse Exploration, Inc. (OTCPink:GPLS)(“Geopulse” or the “Company”) has entered into a Reorganization Agreement with Advanced Technology Construction, LLC, d/b/a ATC Services for the acquisition of all of the outstanding membership interests of ATC, to take place in two closings.
ATC Services is headquartered in the Permian Basin of Texas and is engaged in the business of oil and gas construction, maintenance, and fabrication services. Geopulse Management was attracted to the acquisition because the Permian Basin produced nearly 6 million barrels of oil a day in 2023. That’s more than Iraq, the United Arab Emirates or Kuwait, according to Peter McNally, analyst at Third Bridge.
ATC Services provides high-margin support services to some of the largest players in the Permian and provides services including but not limited to drilling and facility pad construction, road construction and maintenance, frac pit construction, pit closures, fabrication, environmental remediation, hydrovacs, vacuum trucks, and other services.
In the first closing, which took place on April 9, 2024, Geopulse acquired fifty percent (50%) of the outstanding ATC membership units. At the second closing, which will take place on a date no later than one hundred eighty (180) days after the first closing, Geopulse will acquire the remaining fifty percent (50%) of the outstanding ATC membership units. In addition, after the second closing, two members of ATC, namely Shawn Rye and Chris Bishop, will be appointed to the Geopulse board of directors.
ATC Services will operate as a wholly-owned subsidiary of Geopulse after the second closing. This transaction is expected to add approximately twelve million dollars ($12,000,000) in run-rate revenue to Geopulse in 2024 on an annual basis, with a positive net income. The management teams of both ATC and Geopulse believe that there is significant opportunity to grow the ATC operations through organic growth as well as through additional acquisitions of synergistic service providers in the Texas market.
“This transaction presents an incredible opportunity to grow and scale across the Permian and Delaware Basins, and we couldn’t be more excited for the opportunity ahead of us,” said Chris Bishop, CEO of ATC Services.
“To start ATC and grow it to where we have today takes a lot of blood, sweat and tears and it takes an incredible team like the one that we have built Our company culture, and strong leadership at every level across the field has been the key to our success, and to partner with Marcus Laun in our next phase of growth is a dream come true, as we plan to grow organically,” he continued.
Management of Geopulse has determined that this transaction is an excellent course of action to increase shareholder value for Geopulse shareholders. Geopulse management has spent recent years pursuing a financial services effort in the cannabis industry that hasn’t generated significant revenues or income. “Between the difficulties of attempting to navigate cannabis banking rules, money services licensing requirements, as well as the difficulties of launching and managing a stablecoin business I determined that this change of direction better suited our capabilities and resources,” stated Marcus Laun of Geopulse. “In my estimation, the growth opportunities I have seen in the West Texas market merit this course of action,” he continued.
For more information, investors can contact Marcus@growthcircle.com
With media inquiries, please contact Public & Investor Relations, Controlled Development Partners: (917) 584-7042 or josh@controlleddev.com.
About Geopulse Exploration, Inc.
Geopulse Exploration is an emerging growth company focusing on opportunities in the oilfield services space in West Texas. It recently completed the first closing of 50% of ATC Services. ATC provides high-margin support services to some of the largest players in the Permian and provides services including but not limited to drilling and facility pad construction, road construction and maintenance, frac pit construction, pit closures, fabrication, environmental remediation, hydrovacs, vacuum trucks, and other services.
