EES signs LOI to acquire Patriot Chemicals

OKLAHOMA CITY — Energy and Environmental Services Inc. (EES) has signed a nonbinding letter of intent (LOI) to merge Patriot Chemicals & Services LLC into the company.

Subject to the terms in the letter of intent, upon completion of the merger, EES will pay to Patriot shareholders $300,000 in cash, $300,000 in notes and 2 million shares of EES common stock. Earnouts could add an additional 1 million shares in each of year one and year two. The merger is subject to completion of a definitive agreement, customary representations, conditions and covenants, and closing price adjustments.

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