HOUSTON, June 2, 2022 /PRNewswire/ -- Houston Natural Resources Corp. (OTC: HNRC) ("HNR or the Company") announced today that it will be acquiring additional wastewater treatment facilities to continue to develop a network of wastewater treatment facilities. The transaction is expected to close during the month of June.
The company being acquired is a water well services and drilling company with historical recurring customer/service revenue of 68% and a projected go forward recurring customer/service revenue of 80%.They specialize in municipal, mining, industrial, and agricultural water wells and pump systems and have been in business for 7 years. They are primarily a services and hold contractor licenses in the US Western Region and have a fleet of small and large drilling rigs and support equipment in addition to three Saltwater Disposal Units.
Revenues and EBITDA for 2021 were approximately $7.2 million and $500,000. Revenues and EBITDA for 2022 are estimated to be $8.5 million and $1.0 million. Revenues and EBITDA for 2023 are estimated to be $11 million and $1.5m. The equipment appraised at $13 million dollars will be part of an increase of $10 million in the company's assets.
The company has received financing commitments for the transaction which will be a combination of cash and securities. The company intends to continue to acquire additional wastewater treatment facilities and technologies to provide for a nationwide network of wastewater treatment plants.
https://www.prnewswire.com/news-releases/hnrc-to-acquire-water-treatment-company-for-10-million-301560233.html