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Hamilton, Bermuda - Sept. 28, 2015 - PRNewswire
NewLead Holdings Ltd. (OTC: NEWL) ("NewLead" or the "Company") announced today that the Company did not complete the acquisition of the Marrowbone mine which the Company expected to finalize during the third quarter of 2013, as it had previously announced during such quarter.
The Company did not proceed with the aforementioned acquisition due to a number of factors including a failure of the parties to reach acceptable definitive terms for such acquisition, the collapse of coal prices, as well as adverse coal market conditions especially with regard to the export and transportation of coal that continues today.
The Company had previously disclosed in the Annual Report on Form 20-F for the year ended December 31, 2013, filed with the Securities and Exchange Commission ("SEC") on May 9, 2014, under "Item 5: Operating and Financial Review and Prospects, Commodities Business", that there was no assurance that the ongoing discussions following the expiration of the exclusivity period for the acquisition of the Marrowbone mine would result in agreement for the acquisition of such mine or if such agreement was reached, whether the Company would be able to finance any such acquisition.
For further information, please visit the Company's SEC filings at the "Investor Relations" section under "SEC Filings", "http://www.newleadholdings.com/sec.html". The Annual Reports of the Company on Form 20-F can be found at the 'Investor Relations" section under "Annual Reports, "http://www.newleadholdings.com/annual-reports.html".
About NewLead Holdings Ltd.
NewLead Holdings Ltd. is an international vertically integrated shipping, logistics and commodity company providing ideal solutions for seaborne transportation of dry bulk commodities and petroleum products through owned and managed vessels. NewLead controls a fleet of ten vessels, including five dry bulk and five tanker vessels and manages one third party tanker vessel. NewLead is a Securities and Exchange Commission ("SEC") reporting Foreign Private Issuer in compliance with applicable SEC rules and regulations and current in its SEC reporting, utilizing U.S. Generally Accepted Accounting Principles' financial reporting standards. NewLead's common shares are traded under the symbol "NEWL" on the Over-the-Counter market. To learn more about NewLead Holdings Ltd., please visit NewLead's renewed website at www.newleadholdings.com.
NewLead Holdings Ltd. press release