Benzinga | Aug 9, 2021 08:48AM EDT

Camber Energy Acquires ~60.5% Interest in Simson-Maxwell Ltd.

Camber Energy, Inc. (NYSE:CEI) ("Camber" or the "Company") is pleased to announce the acquisition, through its majority-owned subsidiary, of a majority interest ( 60.5%) in Simson-Maxwell Ltd. ('Simson-Maxwell'). Other shareholders include Simmax Corp., an existing shareholder of Simson-Maxwell for 20 years, and Remora EQ LP, another strategic stakeholder.

Simson-Maxwell is a leading manufacturer and supplier of industrial engines, power generation products, services and custom energy solutions. The company integrates innovative technology with superior products to contribute to global energy sustainability. Operating for over 80 years, Simson Maxwell's diverse group of employees at seven branch locations service over 4,000 maintenance contracts and assist with satisfying the energy and power-solution demands of the company's entire customer-base.

James Doris, President and Chief Executive Officer of Camber, commented, 'We are very excited to be working with Remora and the entire Simson-Maxwell team, and look forward to further strengthening an already-established platform and recognizable brand to position the company for additional expansion throughout North America through the remainder of this year and beyond.'

Daryl Kruper, Chairman of Simson-Maxwell, commented, "Our team is thrilled to partner with Remora and Viking. Having Camber as a stakeholder allows us to enhance our unique, customized service offering and to expedite our growth strategy."

Additional details regarding the transaction were included in Camber's Current Report on Form 8-K filed with the Securities and Exchange Commission ('SEC') on August 9, 2021, and is available under "investors" - "SEC filings" at www.camber.energy.