Energy Services of America Completes Restructuring

HUNTINGTON, W.V., Feb. 18, 2014 /PRNewswire/ -- Energy Services of America (OTC: ESOA), parent company of C.J. Hughes Construction Company and Nitro Electric Company, announced today that it terminated the Engagement of Centrus Group, Inc. to Provide Professional Services ("Engagement") dated September 4, 2013.  Centrus had previously been appointed as "Restructuring Agent" as required by the Forbearance Agreement ("Forbearance") ESOA entered into with its lenders on November 28, 2012.  Under the Engagement, the scope of Centrus' duties were limited to "Financial Advisor."  With the new debt financing agreement ESOA entered into on January 31, 2014, the Forbearance was terminated and the Engagement with Centrus was no longer required.

Douglas V. Reynolds, President discussed the decision to terminate the Engagement.  "We are very appreciative of the effort and cooperation put forth by Centrus as our company navigated some troubling times.  The restructuring efforts we have completed were a team effort and we are very proud of the results.  We view the end of this agreement as a continuation of our goal to return the company to sustained profitability."

Certain statements contained in the release, including without limitation statements including the words "believes," "anticipates," "intends," "expects" or words of similar import, constitute "forward-looking statements" within the meaning of section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"). Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements of the Company expressed or implied by such forward-looking statements. Such factors include, among others, general economic and business conditions, changes in business strategy or development plans and other factors referenced in this release. Given these uncertainties, prospective investors are cautioned not to place undue reliance on such forward-looking statements. The Company disclaims any obligation to update any such factors or to publicly announce the results of any revisions to any of the forward-looking statements contained herein to reflect future events or developments.

SOURCE Energy Services of America

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