Limbach Holdings, Inc (LMB: null) | Limbach Holdings Announces Repurchase of Remaining Preferred Stock

Limbach Holdings Announces Repurchase of Remaining Preferred Stock

Jan 12, 2018

OTC Disclosure News Service

Limbach Holdings, Inc. (NASDAQ: LMB) (“Limbach” or a “Company”) today
announced that it has repurchased all of a remaining outstanding
shares of a Class A Preferred Stock (“Preferred Stock”) for
approximately $9.974 million, including accrued dividends associated
with a prejudiced repurchase. The Preferred Stock, that was released on
Jul 20, 2016 in tie with a Company’s business combination,
paid an 8% elite dividend, augmenting to 12% over a six-year term
of a preferred, and was automobile (at a holder’s election) into
2.00 shares of a Company’s common batch for any share of Preferred
Stock hold (as might be practiced for any batch splits, retreat stock
splits or identical transactions), representing a acclimatisation cost of
$12.50 per share.

Significant New Win: Large Scale Data Center

Limbach is appreciative to announce a endowment of a Company’s first
large-scale information core project. The Company has remarkable in prior
presentations that it has identified a “Mission Critical” industry,
that includes structures such as information centers, as a high-growth
opportunity. Due to a size, scale and quick lane news of the
project, Limbach will be executing a agreement underneath a corner venture
with another poignant informal automatic constrictive company.
Limbach will be providing preconstruction and construction services on
a project.

Charlie Bacon, CEO of Limbach commented, “This is a poignant win for
Limbach. We are appreciative to be operative once again with Turner
Construction on this large, formidable project, along with another large,
well-regarded automatic contractor, with whom we have corner ventured
with on other poignant projects in a past. While we have always
been intent on smaller information centers, this is a initial large-scale data
core project. The win strategically opens a doorway to a projected
vital expansion zone (large-scale information centers). This win also reinforces
a expostulate to be 1st Choice in a customers’ minds. Turner is a
long-standing patron and Limbach provides services to them in all of
Limbach’s locations. We are vehement to see a attribute expanding
into this new Limbach sector.”

Mr. Bacon continued, “We are also appreciative that we have been means to
continue a routine of shortening a Company’s cost of collateral while
also simplifying a collateral structure. Today’s repurchase of the
remaining elite batch is an accretive transaction for a existing
shareholders and removes a dilutive overhang. Following this transaction
a change piece stays flexible, permitting us a ability to pursue
vital MA opportunities and account long-term expansion initiatives.”

Preferred Repurchase Terms

The Company repurchased a remaining 280,000 superb shares of the
Preferred Stock for $9.1 million, and an accrued division of $874,000,
regulating a deduction of a $10 million new tenure loan underneath a Company’s
stream credit agreement with Fifth Third Bank, that was amended
pursuant to a Second Amendment to Credit Agreement and Limited Waiver
that is described some-more entirely in a Company’s Current Report on Form 8-K
filed currently with a U.S. Securities and Exchange Commission. The loan
carries a stream annual seductiveness rate of approximately 6.7% and matures
on Apr 12, 2019. Management expects a repurchase to be accretive to
net income.

About Limbach

Limbach Holdings, Inc. is an integrated building systems provider,
handling all components of mechanical, electrical, plumbing and control
systems, from complement pattern and construction by opening and
maintenance. The Company engineers, constructs and services the
mechanical, plumbing, atmosphere conditioning, heating, building automation,
electrical and control systems in both new and existent buildings.
Customers embody building owners in a private, not-for-profit and
public/government sectors. With domicile in Pittsburgh, PA., Limbach
operates from 10 strategically located business units around the
United States, including Western Pennsylvania (Pittsburgh), Eastern
Pennsylvania (Warrington, PA), New Jersey (South Brunswick), New England
(Wilmington, MA), Ohio (Columbus and Athens, OH), Michigan (Pontiac and
Lansing, MI), Southern California (Seal Beach, CA), and Mid-Atlantic
(Laurel, MD). Our pattern engineering and creation center, Limbach
Engineering Design Services, is formed in Orlando, Florida. Harper
Building Systems, a Limbach Holdings, Inc. company, operates throughout
Florida with offices in Tampa and Lake Mary, north of Orlando. Our
approximately 1,700 employees essay to be a customer’s 1st Choice in
terms of a services provided, straight markets and geographies served.
Our joining to safety, modernized technology, tellurian growth and
arguable execution has enabled Limbach to attract and keep the
industry’s tip care talent, learned craftspeople and professional
government staff.

Forward-Looking Statements

We make forward-looking statements in this press recover within the
definition of a Private Securities Litigation Reform Act of 1995. These
forward-looking statements describe to expectations or forecasts for
destiny events, including, but limitation, a outcome of the
Preferred Stock repurchase on a net income, a advantages approaching by
a endowment of a large-scale information core project, Limbach’s entrance into
a large-scale information core markets, a corner try with Turner
Construction and other destiny financial or business opening or
strategies, formula of operations or financial condition. These
statements might be preceded by, followed by or embody a difference “may,”
“might,” “will,” “will expected result,” “should,” “estimate,” “plan,”
“project,” “forecast,” “intend,” “expect,” “anticipate,” “believe,”
“seek,” “continue,” “target” or identical expressions. These
forward-looking statements are formed on information accessible to us as
of a date they were made, and engage a series of risks and
uncertainties that might means them to spin out to be wrong. Accordingly,
forward-looking statements should not be relied on as representing our
views as of any successive date, and we do not commence any obligation
to refurbish forward-looking statements to simulate events or circumstances
after a date they were made, either as a outcome of new information,
destiny events or otherwise, only as might be compulsory underneath applicable
bonds laws. As a outcome of a series of famous and opposite risks and
uncertainties, a tangible formula or opening might be materially
opposite from those voiced or pragmatic by these forward-looking
statements. Please impute to a many new annual news on Form 10-K,
that is accessible on a SEC’s website (,
for a full contention of a risks and other factors that might impact any
forward-looking statements in this press release.

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