Wayne Vinson, president and CEO of NGSG
, said, "This transaction represents the accomplishment of one of our key near-term strategic objectives.
Concurrent with the completion of the offering, NGSG
used $3,452,464 in offering proceeds and $3,500,000 in long-term bank debt to retire approximately $7 million in debt associated with the Company's 2001 purchase of Great Lakes Compression.
All of the shares and warrants constituting the offering are being sold by NGSG.
NGSG intends to use net proceeds from the offering to pay for the manufacture and fabrication of additional gas compressors, reduce indebtedness and for working capital.
Our goal is to team up with our customers as they outsource services and to become a part of their organizational solutions for the gas production business," said Wallace Sparkman, President of NGSG