Artemis Energy Backs Out of C-store Business
MYRTLE BEACH, S.C. -- Artemis Energy Holdings Inc. rescinded its merger transaction with Artemis Acquisition Corp. (AAC) and returned all of its assets, including Travel Center Partners, to AAC. As part of the transaction, Artemis Energy is no longer in the business of convenience stores, gas stations, car washes or quick-service restaurants (QSRs), according to a news release.
As CSNews Online reported in June, Artemis Energy obtained a $25-million Reserve Equity Financing Facility from AGS Capital Group LLC, a U.S.-based specialist investor group, in order to enhance growth for its current c-stores, truck stops, restaurants and car washes, as well as anticipated future acquisitions in the southeastern United States. The transaction included an option for Artemis to receive up to a total of $50 million.
As of June 4, Artemis Energy owned seven c-stores along with several QSRs and car washes, primarily located in Georgia and South Carolina near its Myrtle Beach headquarters. The company also told CSNews Online that it had plans to significantly grow its retail business.
Following today's transaction, Artemis Energy will continue to maintain its TransWorldNews.com press release service, as well as Link My Stock Inc., a financial networking portal that allows public companies, broker dealers, brokers and individuals to network with each other.
"Now that the assets have been returned, we will be focusing our efforts on the development of new features for Link My Stock and widening the distribution of our press release service through both Link My Stock and TransWorldNews.com," said Artemis Energy President Ray Firth. "We think that these core businesses have far greater potential for increasing shareholder value than the businesses that were returned to AAC."
According to the news release, shareholders of AAC will maintain the shares in the company they owned prior to the merger. Artemis Energy continues to trade on the OTC Markets under the ticker symbol ARTT.