Galenfeha, Inc. (OTC:GLFH) announced the following developments: the company added Mr. Ron Barranco as Chief Technology Officer; signed a letter of intent to acquire Additive Manufacturing, LLC for $14,000,000 in cash; retired and cancelled additional shares from the common share structure; and signed a purchase agreement to sell the Daylight Pump division inventory to pay off the company’s outstanding debt.
Galenfeha President and CEO, James Ketner paraphrased Allen Greenspan, warning not to be “consumed by irrational exuberance” by the progress the company has made since his recent return, and wants to re-emphasize that again here.
Mr. Ketner stated: “Do not get consumed by irrational exuberance regarding the Letter of Intent disclosure we filed with the commission today. The acquisition has not been finalized; there are countless things that can go wrong on a deal like this; and we expect to have to face them all. I would also like to again point out a cautionary statement I put on the investor page of our website:”
CAUTIONARY NOTE TO INVESTORS: Investing in our securities, whether open market purchases or private transactions, comes with the high risk that you could lose your entire investment. Our Independent Auditors have issued a cautionary going concern statement on our financial reports since the company's inception.
Mr. Ketner continued, “Although we have made strong progress to heading the company in a profitable direction, I want to be very clear, and on the record informing the public of the risk involved investing in our company.”
Mr. Ketner continued: “Now let’s talk about things we have actually accomplished in the last 30 days. First, it gives me great pleasure to announce that Mr. Ron Barranco has joined Galenfeha’s executive management team as Chief Technology Officer. He is an industry leader in his field, we have similar backgrounds, and he will be instrumental to our company moving forward. Mr. Barranco has owned and operated machine shops, designed Print3D, created stereolithography.com, and has solid historic relationships throughout the industry.”
Mr. Barranco commented: “I’m more than excited about joining the Galenfeha team. The mission statement of the company is exactly what I was looking for in order to bring recently developed technology into the market place of additive manufacturing and 3D printing. With President Trump’s commitment of bringing manufacturing back to the U.S., I believe the acquisition of Additive Manufacturing, LLC, combined with new technology I bring to Galenfeha, will position us for significant growth in the near future.”
Mr. Ketner concluded with: “Also in the last 30 days, we extinguished the last agreement we had that issued common stock; we had 500,000 shares of common stock returned to the company and cancelled; and we finalized a purchase agreement to sell our entire Daylight Pump inventory to a Houston, Texas firm.”
Details of the above information can be found on Form 8-K filed with the Securities and Exchange Commission this morning.
About Ron Barranco
Mr. Ron Barranco has over 40 years of comprehensive experience in the manufacturing industry, including serving as a hands-on machinist, machine shop owner/operator, engineer, software developer, and entrepreneur. Mr. Barranco is the co-founder of Hunter Hawk, a groundbreaking company which offered its clients complete product engineering, producing complex turnkey product lines. He followed this venture by creating 3D Guys, supplementing the services provided by Hunter Hawk with a fully rounded CNC machine shop and aluminum foundry. Mr. Barranco was one of the pioneers of 3D Printing, establishing stereolithography.com in the 1990s. In 1999, stereolithography.com created its first “Instant Online Quote Engine,” while functioning as a manufacture broker, providing a full spectrum of production parts, including all commonly used casting alloys and processes. Mr. Barranco then focused his energies on software development, resulting in his Print3D software program. Print3D was sold to 3D Systems in 2011. Renowned for his instinctive ability to design and produce new product lines and software programs, as well as improve existing products, Mr. Barranco joined Galenfeha, Inc. as Chief Technology Officer in January 2017.