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holdin 3.00 for a few days. This continues to consolidate while closing over the 50dma. If we can hold the 50 it should pop off of it soon.
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quote:Originally posted by keithsan: bought back again here.
Boooooom! NEWS!!!!
OMNI Announces 50% Increase in Drilling Backlog Wednesday December 21, 4:00 pm ET Seismic Drilling Backlog Tops $40 Million; Increased Transition Zone Activity Seen for 2006
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OMNI Signs Definitive Purchase Agreement With Preheat, Inc. Thursday December 29, 4:00 pm ET Acquisition Immediately Accretive to Earnings; Preheat Annual Revenues More Than $20 Million; Pro Forma 2005 EBITDA Expected to Top $5 Million; Oil Field Rental Equipment Added as Third Core Business Unit
CARENCRO, La., Dec. 29 /PRNewswire-FirstCall/ -- OMNI ENERGY SERVICES CORP. (Nasdaq: OMNI - News) announced today the execution of a definitive Stock Purchase Agreement to acquire Preheat, Inc. ("Preheat") for $16 million in cash, and the issuance of 900,000 shares of OMNI's common stock and $4.0 million of buyer promissory notes. Closing is subject to the approval of the Company's lenders, the Board of Directors of both companies and the shareholders of Preheat. At closing, Preheat is required to have on hand a minimum of $4.5 million of excess working capital. For the calendar year ending December 31, 2005, the Company said it expects Preheat's annual revenues and Pro Forma EBITDA will exceed $20.0 million and $5.25 million, respectively.
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