FORT WORTH, Texas, Oct. 28, 2016 /PRNewswire/ -- Galenfeha, Inc. (OTC: GLFH) today announced the reinstatement of founder James Ketner as Chairman and CEO of the company. Following a unanimous vote by the board of directors, Mr. Ketner's appointment became effective on October 27, 2016, and he will function in this role on an interim basis through December 31, 2016.
Regarding the appointment, Mr. Ketner commented: "Galenfeha has short term problems that need immediate attention. These problems exist as a result of misinformation and misrepresentations given to the board of directors. The board made decisions in good faith; however, we now realize some of those decisions were erroneous, so I will be rectifying these issues immediately."
Mr. Ketner continued: "The first thing on my agenda is to pay off the floorless convertible debentures written earlier this year. Given the already profitable nature of these notes to the bearer, I am hoping negotiations to extinguish these agreements will be both amicable and dignified."
Galenfeha was founded by Mr. Ketner in March 2013 as an Engineering Services/Research and Development company, headquartered in Bedford, Texas. The company opened a Manufacturing/Distribution facility in Shreveport, Louisiana in May 2014, and its stock has been actively traded (GLFH) since September 2014.
Mr. Ketner closed with: "We are also outlining a plan of action that reinforces management's commitment to the company and to the shareholders. This plan, once executed, will reduce the dilutive exposure the recent convertible notes had to our common stock."
About Galenfeha, Inc.
Galenfeha (GLFH) is a design, engineering, and manufacturing firm with a focus on stored energy solutions with low environmental impact. Galenfeha designs, manufactures and markets a complete line of patent pending, microprocessor controlled, LiFePO4 chemistry battery systems for Oil and Gas measurement and automation as well as a full line of proprietary high precision chemical injection systems. The company also provides stored energy solutions for U.S. military applications.
For more information on Galenfeha's products and services, 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.