AS VEGAS, NV--(Marketwired - Nov 6, 2014) - National Automation Services, Inc. (NAS) (OTCQB: NASV) Management wishes to provide guidance to its Shareholders and Strategic Partners on the achievement of key milestones in the execution of its business plan during 2014 to date and to state its current objectives for fourth quarter 2014 and first quarter 2015. The acquisition of JD Field Services in March was pivotal. Not only did it add $20 Million of revenues (before costs) to NAS (based on the revenues of JD Field Services for the year ended December 31, 2013), it created a platform from which a unique, timely and dynamic enterprise could be launched. Effectively catching the wave of the booming domestic Oil & Gas business, NAS has quickly moved to assemble a stable of profitable oil and gas service companies with a view toward creating a national footprint to service the oil and gas Industry. The goal is to build an all-inclusive servicing company, which can offer a well-rounded servicing platform to prospective clients. By July, the Company had successfully entered into Purchase and Sale Agreements with two additional acquisitions, MonDak Tank and Devoe Construction, which together contribute an additional $22 Million based on historical averages provided by MonDak Tank and Devoe Construction, to NASs top line which will, if confirmed in the financial statements of MonDak Tank and Devoe Construction, make NAS an estimated $42 Million revenue company once completed. The Devoe and MonDak are subject to closing conditions and are anticipated to be closed early next year. The $10 Million debt financing previously announced by the Company is currently in negotiations with several different lenders. The Company has entertained many term sheets with a focus on carefully selecting the right group to enhance current funding needs, as well as sharing visions of growth for the future, which include funding needs to complete the two new acquisitions. Although delayed, it is expected, but not guaranteed, to be concluded in the very near future. While our accomplishments give the company credibility, our future depends on what we do going forward. As of this writing, the Company has prepared the NYSE Markets application, which will be submitted once the anticipated recapitalization process is completed, currently undergoing regulatory review. Current operations by JD Field Services have continued to be robust throughout the 3rd quarter. Clients have not shown any signs of a drop in activity to date. Given recent pressure on world oil production and prices, we have carefully polled our customer base and indications are activity levels will continue at current levels, and in some cases will actually increase with more rigs being added by some producers. JD Field Services has responded to the demand by adding more resources to meet the demands, especially in the rig moving and set-up crews. This includes the addition of a new 275 ton Grove Crane, the second being purchased this year, which has been ordered and delivery of the unit is expected to be onsite next week. Invoice amount for the Grove Crane is $1.9 Million.
Posted on: Thu, 06 Nov 2014 23:00:59 +0000
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