Aly Energy Services, Inc. (OTCPK:ALYE) signed a definitive purchase agreement to acquire Evolution Guidance Systems Inc. from Thor Eckmann and Henry Iwunze for $2 million on June 17, 2014. The consideration is paid $1.7 million in stock and $0.3 million in an account payable. The transaction will be funded with 3 million shares equity raised at $0.55 per share in April 2014. The transaction is valued at EBITDA multiple of 9.7. Thor Eckmann and Henry Iwunze will remain with Evolution Guidance Systems after the acquisition. The deal is expected to close on July 1, 2014.

Aly Energy Services, Inc. (OTCPK:ALYE) completed the acquisition of Evolution Guidance Systems Inc. from Thor Eckmann and Henry Iwunze on July 1, 2014.