FORT WORTH, Texas, Nov. 22, 2016 /PRNewswire/ -- Galenfeha, Inc. (OTC:GLFH) today announced the launch of the company's new website and updates shareholders of recent developments.
Mr. James Ketner, Galenfeha's founder and recently appointed Chairman and CEO discussed: "As you are aware, Galenfeha is moving back in the direction originally intended upon the company's formation. Today, we have started down the path to regain my initial objectives for the company: to be a vehicle that assembles a team and finances the development of groundbreaking new technology that is resistant to adverse economic and market fluctuations."
Galenfeha generates revenue by earning royalties from products we developed, and directly investing in a diversified group of businesses that generate cash and consistently earn above-average returns on capital. The company makes investment decisions by utilizing management's historic relations and expertise to identify opportunities that we feel are undervalued.
Mr. Ketner continued: "With the recent sale of our stored energy division, we are quickly moving the company towards profitability and improving our balance sheet. We have reduced major headwinds to our shareholders in the last 30 days by the elimination of all convertible debentures, cutting our debt by more than half, lowering our overhead and SG&A costs to a minimum, and anticipate directing the company to profitability by the end of the year."
Galenfeha also provides engineering, regulatory, and general business consulting services across all disciplines, such as aerospace, oil and gas, automotive, and medical. We are currently researching new technology to more efficiently produce sustainable energy to satisfy the growing needs of the planet.
In closing Mr. Ketner stated: "I would like to point out a cautionary statement I put on the investor page of our new website:"
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 going concern cautionary statement on our financial reports since the company's inception.
"I hope to be able to remove these cautionary statements in the near future, but for now, I want to be on the record informing the public of the risk involved investing in our company."
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.
Forward-Looking Statements: Except for historical information contained in this release, the matters discussed are forward-looking statements that involve risks and uncertainties. When used in this release, words such as "anticipate," "believes," "estimate," "expect," "should," "intend," "projects," "objective," and "appears," and similar expressions, as they relate to the Company or its management, identify forward-looking statements. Such forward-looking statements are based on the beliefs of the Company's management, as well as assumptions made by and information currently available to the Company's management. Among the factors that could cause actual results to differ materially are the following: the effect of business and economic conditions; the impact of competitive products and pricing; capacity and supply constraints or difficulties; product development, commercialization, or technological difficulties; the regulatory and trade environment; the impact of reimbursement rates and coverage; and the risk factors reported from time to time in the Company's SEC reports. The Company undertakes no obligation to revise any forward-looking statements as a result of future events or developments.
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SOURCE Galenfeha, Inc.