Today you would be hard pressed to find an engineer—or even a newly minted engineering student—who isn’t familiar with 3D printing and ready to carry on an enthusiastic conversation about the benefits of the technology. Whether 3D printers are being used in rapid prototyping or small batch production, they’ve changed the face of design and manufacturing forever. Companies around the world with well-rounded portfolios and interests are certainly taking note, whether they are investing in the technology in their own factories, or putting their capital into other companies they see as having great potential.
Galenfeha, Inc., along with adding Ron Barranco as their chief technology officer, has just signed a letter of intent signaling their impending acquisition of Additive Manufacturing LLC. It has also been announced that they are planning to pay $14 million in cash for the company, along with signing a purchase agreement to sell the Daylight Pump division inventory to pay off the company’s outstanding debt.
Just last year, James Ketner, CEO and president of Galenfeha, warned the public not to be ‘consumed by irrational exuberance’ considering the company’s progress. He sees that comment as being just as relevant today with this latest deal.
“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,” said Ketner. “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.
“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.”
Barranco has been involved in 3D printing since the late ’90s, along with creating the Print3D software program, with his company being sold to 3D Systems in 2011.
“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 US, 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,” said Barranco.
“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,” concluded Ketner.
Headquartered in California, Additive Manufacturing LLC offers over 25 years of experience to their customers, often taking the important role of helping them learn to bridge that common gap today between new technology like 3D printing and traditional technology. Galenfeha, Inc. was founded by James Ketner in March 2013 as an engineering services/research and development company headquartered in Ft. Worth Texas. Discuss in the Galenfeha forum at 3DPB.com.[Source: TenLinks]