Summit, NJ: Pilot Hill Advisors LLC announced today that the shareholders of Payzone Directional Services, Inc. have sold a portion of their stock to the company's newly-formed Employee Stock Ownership Plan (ESOP). Terms of the transaction were not disclosed. Pilot Hill Advisors LLC provided financial consulting services to the company.
Founded in 2006, Payzone Directional Services, Inc. provides highly reliable, technologically advanced and low cost directional drilling and measurement-while-drilling services to the oil and gas exploration to oil and gas exploration companies in the western United States. These services enable oil and gas companies to more efficiently and effectively locate and extract oil and gas resources.
Commenting on the transaction, the company's Chairman Chad Hathaway stated, "Our employees are critical to the success of our business and we are pleased that they will now have an opportunity to participate in the long term financial return of our company through the ESOP. We believe the ESOP is an excellent complement to our team effort culture which has been a strong component of our success and growth over the past several years. The financial consulting and guidance rendered by Pilot Hill Advisors has made for a smooth transaction and has allowed us to minimize distraction from the management demands of our business."
Jim Higgins, Managing Director at Pilot Hill Advisors LLC commented, "Payzone is a remarkable company that is on a substantial growth curve and we are pleased that we could help the company achieve the simultaneous objective of creating tax-efficient shareholder liquidity while also providing the employees an opportunity to realize retirement wealth correlated to the company’s financial prospects."
Contact Jim Higgins for more information.