Enservco Announces Board Changes and Provides Corporate Update

• Addition of Marc Kramer to Board of Directors Provides Significant Transportation and Logistics Experience as Company Begins Logistics Business Segment Operations Upon Closing of Buckshot Acquisition
• Exploring Strategic Initiatives to Reduce Reliance on Seasonal Business

LONGMONT, Colo., May 01, 2024 (GLOBE NEWSWIRE) -- Enservco Corporation (NYSE American: ENSV) (“Enservco” or the “Company”) today announced changes to its Board of Directors and provided a corporate update. Marc Kramer was appointed to the Company’s Board of Directors on April 30, 2024 upon the recommendation of the Company’s Board of Directors. He fills the position vacated by Mr. Steve Weyel who resigned effective April 29, 2024 to focus his attention on a new business venture.

Mr. Kramer is a transportation industry investor and operator with over 30 years of investment experience. For the past seven years, he has served as executive chairman of SOAR Transportation Group, of which he is a majority owner, a provider of asset based and non-asset transportation and logistics services serving shippers throughout the United States. Mr. Kramer’s previous experience includes founding AVC Partners, which focused on investing and growing businesses in the transportation and logistics industry, and serving as managing director for both H.I.G. Capital and Fenway Partners LLC. Mr. Kramer sits on a variety of private boards which focus on logistics and investment sectors of the transportation industry. He holds a bachelor’s degree in government and economics from Dartmouth College and a master’s of business administration from Harvard University.

Rich Murphy, Chairman and CEO of Enservco, commented, “We welcome Marc to our Board. As we make the strategic shift into the logistics and transportation business, having someone of Marc’s experience and connections within the industry as a member of our Board is invaluable. We appreciate the service of Mr. Weyel to our Company and wish him the best in his new venture.”

The Company continues to explore strategic initiatives to reduce reliance upon the seasonal frac heating business. The Buckshot Acquisition will provide Enservco with a proven and growing foundation in an attractive year-round logistics business.

Rich continued, “We appreciate the ongoing support of our stockholders. There are several important proposals to be voted on, including approval of issuance of shares in relation to the Buckshot Acquisition, as well as approval of our five directors who will – as in the past – serve one-year terms. We look forward to closing the Buckshot Acquisition in the near term, with stockholder approval at our annual meeting a key step in the process. The addition of Buckshot to our existing business will prove transformational for Enservco as we transition away from a seasonal business that is subject to commodity risk, to a logistics business that generates strong year-round cash flow. The transition will not require substantial new overhead or capital. We are continuing our evaluation of strategic alternatives designed to further reduce our seasonal focus, with the underlying premise that any opportunities must be immediately accretive, generate solid cash flow, and provide visible near and long-term growth.”