Enservco Closes Buckshot Trucking Acquisition; Signs Share Exchange Deal With Star Equity

MT Newswires Live08-12

Enservco (ENSV) said Monday it has completed its acquisition of Buckshot Trucking for $5 million, allowing it to enter the energy logistics business.

The company also said it has signed a share exchange deal and financing with Star Equity Holdings (STRR), including a $2.5 million exchange of equity between the parties and Enservco's issuance of a $1 million short-term promissory note to Star to facilitate the closing the Buckshot acquisition.

Enservco said the deal makes Star a significant shareholder in the firm and provides equity infusion and short-term debt. Star Chief Executive Richard Coleman also received one seat on Enservco's board.

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