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NetworkNewsBreaks – Galenfeha, Inc. (GLFH) Divests Battery Division to Reduce Debts, advance toward Profitability

Company: Galenfeha, Inc. (GLFH)
Category: News

Galenfeha (OTC: GLFH) this morning reported the sale of its battery and stored energy division to Fleaux Services, LLC for a cash consideration of $350,000, as well as royalty payments on each battery sold for the next two years. Galenfeha founder and CEO James Ketner said the sale will help the company improve its balance sheet as part of aggressive efforts to curb short-term corporate obstacles.  “Galenfeha benefits from the sale by receiving cash to improve the company’s balance sheet; significantly reduce SG&A costs; and move forward toward profitability… Fleaux Services can move the operation under their roof with a minimal increase to their operating costs, thereby reducing the price of the batteries; which in turn will make these products more affordable to customers… With the recent termination of all convertible notes, and the proceeds from this sale, Galenfeha has reduced more than half of the debt reported in our last quarterly report, which will be beneficially reflected on our year-end financial reports.  These recent developments, and what we have planned in the near future, will allow the company to stand on its own two feet, not requiring any more additional paid-in capital or dilutive financing,” Ketner stated in the news release.

To view the full press release, visit: http://nnw.fm/D3nov

About Galenfeha, Inc.

Galenfeha (GLFH) is an engineering, manufacturing, and product development company that designs new technology to help reduce and/or eliminate detrimental impacts to the planet’s environment. For more information, please visit www.galenfeha.com

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NetworkNewsBreak (NNB) provides a rapid summary of corporate news that caught the attention of NetworkNewsWire (NNW). NNB keeps you up-to-date on active US Public Companies complementary to NNW’s broader scope as a provider of news aggregation and syndication, enhanced press release services and a full array of social communication solutions. As a multifaceted financial news and distribution company with an extensive team of journalists and writers, NNW is uniquely positioned to best serve private and public companies who need to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.

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