SEATTLE, Aug. 13, 2010 (GLOBE NEWSWIRE) -- GeoBio Energy, Inc. (Pink Sheets:GBOE) ("GeoBio"), announces the completion and filing of its September 30, 2008 10K. Subsequent filings to bring GeoBio up-to-date through June 30, 2010 are expected to be filed and registered with the SEC in the coming week. In addition, the audits of GeoBio's two previously announced acquisition targets in the natural gas and oil services industry are nearing completion.
The filings and audits performed by Peterson Sullivan, LLC, an experienced PCAOB qualified accounting firm in Seattle, Wa. Peterson Sullivan has been supported in this effort by Turning Point, LLC, a Bellevue, WA, based company which provides CFO Advisory services, and with whom GeoBio has previously worked.
GeoBio's three previously announced acquisitions that are moving forward: The civil construction company operating in the Piceance Creek Basin shale play area of Colorado is scheduled for closing on or before September 15, 2010. H&M Precision Products (H&M), a chemical treatment and service company focused on oil and natural gas production improvement in the San Juan Basin shale play area of New Mexico is scheduled to close on or before September 10, 2010.
In addition, GeoBio recently announced a Letter of Intent to purchase all of the ownership interests of Magna Energy Services, LLC ("Magna"), located in Aztec, New Mexico. A definitive purchase agreement is in process. The acquisition of Magna is planned to be completed soon after the first two acquisitions.
Magna and H&M are chemical treatment and service companies focused on oil and natural gas production improvement in the San Juan Basin shale play area of New Mexico. The chemical business, along with the proposed acquisition of a civil construction company operating in the Piceance Creek Basin shale play area of Colorado, are part of GeoBio's strategy to provide a solid platform for substantial growth.
GeoBio also expects to grow organically by (i) utilizing the existing relationships of its pending acquisition targets to facilitate geographic expansion, and (ii) taking advantage of synergies between the two companies' customer bases. Additionally, GeoBio intends to pursue multiple key strategic acquisitions, with hopes of adding both geographic reach and new capabilities. At present, several additional acquisition opportunities are being evaluated.
Peterson Sullivan and Turning Point have worked under the direction of Douglas A. Daniel, incoming Senior Vice President of Corporate Development and Finance. "Both Doug and I are very pleased with the efforts of these two very qualified firms to bring the company current and complete the audits of our two acquisitions," said GeoBio's incoming CEO, John Sams. "We look forward to closing the acquisitions on a timely basis and moving forward with our business integration and planned growth strategy."
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, preparing and monitoring drilling sites and obtaining peak efficiency and production from existing, aging wells becomes increasingly important. GeoBio believes this to be a significant growth opportunity in its strategy to combine and consolidate companies in the oil and natural gas services sector.
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