Energy Services Of America Corporation (ESOA) Announces Acquisition

Energy Services of America Corporation (Nasdaq: ESOA) formed a newly wholly owned subsidiary Tri-State Paving Acquisition Company, Inc., a West Virginia corporation, which has entered into an Asset Purchase Agreement with Tri-State Paving & Sealcoating, LLC ("Tri-State Paving" or "TSP"), a West Virginia corporation located in Hurricane, West Virginia to acquire substantially all of the assets of Tri-State Paving for $7.5 million in cash, a $1.0 million seller note, and $1.0 million in the Company's common stock. The Company expects the transaction will close on April 29, 2022.

David Corns will continue his role as President of Energy Services' new subsidiary and commented on the announcement. "This is the special type of business combination where everyone involved wins. Our customers, and especially our employees, will all benefit from the additional resources provided by our becoming part of the Energy Services family of companies. Over the last eighteen years TSP built our reputation around safety, quality, and customer service. We are a natural fit with Energy Services, and I am excited to see what the future holds for this new alliance."

Douglas Reynolds, President, commented on the announcement. "Tri-State Paving is a great company, and this acquisition extends and deepens our services offered to water distribution utilities. Increasing our exposure in the growing water market is a key strategic initiative for Energy Services, which makes Tri-State Paving a great fit." Reynolds continued "We are also very pleased that David Corns had agreed to stay on with us. David has a tremendous amount of knowledge and experience in the industry, and we look forward to working with him."

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