SAN ANTONIO, TX / ACCESSWIRE / March 25, 2024 / BlueFire Equipment Corp. (OTC Pink:BLFR) ("BLFR" or the "Company"), a specialist in emerging industry acquisitions, today announces the execution of its restructure to optimize current operations and facilitate planned acquisitions within 2024 to become a full energy holding brand after executing February 28, 2024, Contribution Agreement (the "Agreement").
Company Restructure:
After a few weeks of due diligence pursuant to the Agreement, management has decided that immediate changes needed to be made to catapult the Company on the rapid trajectory ahead. As of March 25, 2024, all members within Screaming Eagle Partners, LLC. ("SEP"), including Kirk Yariger, Casey Kulhanek, Jonas Crafts, John Taylor, Jay Meadors and Tim Loposer have been terminated. Any of the aforementioned terminated individuals have no right to represent or negotiate on the behalf of the Company on any entities associated with SEP.
Any vendors, consultants, or contracted associates of SEP must submit contracts they may have, directly to the Company's Interim CEO, Nickolas S. Tabraue, within 14 days, in order to review validity of such contracts/agreements during the Company's 90-day due diligence period pursuant to the Agreement.
With SEP restructured, the Company can immediately initiate its strategy to optimize and increase production within SEP's 90% managing interest in Screaming Eagle BNR JV, LLC.
Furthermore, Matthew Goldston has been terminated as the Company's CFO due to the association with aforementioned terminated individuals, and lack of timely providing/reporting requested corporate information after committing to do so.
2024 Planned Acquisitions:
The Company is still on schedule on its cash deposit secured LOIs to be acquired within 2024, with its initial acquisition slated for Q2 2024.
Companies being merged and approximate value:
Company Focus | Value | Merger Timeline |
Construction Equipment & Real Estate* | $47,000,0000 | Q2 2024 |
Manufacturing, Service, Property & Real Estate* | $44,000,000 | Q2/Q3 2024 |
Property & Real Estate* | $16,500,000 | Q2/Q3/Q4 2024 |
Equipment/Tool Rental* | $27,774,299 | Q3 2024 |
Well Service* | $72,300,000 | Q3/Q4 2024 |
Well Service and Rental* | $14,700,000 | Q3/Q4 2024 |
Transportation* | $3,500,000 | Q4 2024 |
Health, Safety & Environmental* | $12,500,000 | Q4 2024 |
Plugging and Abandonment* | $3,500,000 | Q4 2024 |
Fluid Services* | $14,200,000 | Q4 2024 |
*The companies are under a Confidentiality Agreement until closed and merged.
As the Company progresses with its planned acquisitions, the executive team will expand the Board of Directors to 7 members.
Marketing and Branding:
The Company plans to commence on a marketing and branding campaign to establish BLFR as a full energy holding brand, based on its current and planned acquisitions. Management is currently in discussion with firms that will assist with the marketing and branding campaign to maximize the Company's image as an up-and-coming industry leader.
Share Cancellation and Audit Status:
As of March 20, 2024, the engaged attorney has shared that the 18,000,000 shares of common stock that has been in the process of cancellation is still on schedule to be achieved within Q1 2024. Additionally, the Company will start working on cancelling additional shares of common stock as part of its restructure.
Due to the change in CFO, planned management expansion, and aggressive 2024 acquisition plan, the company plans on changing its unexecuted audit engagement letter to a firm that the new management team sees best suited.
Dr. D. Rene Ramirez, BLFR's Chairman of the Board comments, "We appreciate the support we've received from various business associates during the first few weeks of our transition. Our goal is to continue to operate swiftly, yet strategically, in order to accomplish our goal of rapid growth through efficient and controlled scalability."
T. Dan Powers, BLFR's Director of the Board comments, "We are pleased in the continuous movement of establishing, with integrity, an ethical and profitable company for our stockholders.
As well, we are extremely excited with our ongoing growth and development efforts with planned strategies and implementation of creating a diverse, synergized and prolific energy business group."
Nickolas S. Tabraue, BLFR's Interim CEO and Director of the Board, comments, "Within a few weeks working with the new team from executing Ram Cap, LLC.'s Contribution Agreement, we have made great internal strides that will expedite our original plans. We feel that this restructure and strategy will accelerate and exceed our growth to bring in the most immediate intrinsic value to our shareholders."
About BlueFire Equipment Corp. (BLFR)
BLFR, after its two acquisitions in the oil and gas industry-90% of Screaming Eagle Partners, LLC. and 85% of Screaming Eagle Energy, LLC., both operating in the state of Texas-is focused on increasing its acquisitions within the energy sector. This initiative is supported by funding and structuring facilitated through its Ram Cap, LLC.'s contributions and assigned assets.
To learn more, please visit: https://blfr.info
SAFE HARBOR ACT: Forward-looking statements are included within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended. All statements regarding the Company's expected future financial position, results of operations, cash flows, financing plans, business strategy, products and services, competitive positions, growth opportunities, plans and objectives of management for future operations or listing on an exchange - including words such as "anticipate," "if," "believe," "plan," "estimate," "expect," "intend," "may," "could," "should," "will" and other similar expressions - are forward-looking statements and involve risks, uncertainties and contingencies, many of which are beyond the Company's control and may cause actual results, performance or achievements to differ materially from anticipated results, performance or achievements. The Company is under no obligation to (and expressly disclaims any such obligation to) update or alter its forward-looking statements, whether as a result of new information, future events or otherwise. There are no assurances that the Company will complete additional acquisitions or will be successful in being approved for a NASDAQ listing. No information in this press release should be construed in any manner whatsoever as an indication of the future performance of the Company's revenues, financial condition or stock price.
Company Contact:
Nickolas S. Tabraue
Interim CEO and Director of the Board
[email protected]
Phone (786) 375-7281
SOURCE: Bluefire Equipment Corp.