Luminart, a provider of aggregate, heavy hauling, infrastructure development and oil well services announced the launch of a new subsidiary company, Luminart Leasing.

The new company will be absorbing the equipment of the various Luminart subsidiary companies and setting up a structured lease/rent agreement with the operating entities. The new company will give Luminart the opportunity to generate an additional income stream by leasing or renting equipment that is not currently deployed.

Randy Wells will be heading up this division in addition to his current duties as COO of Luminart. He has a string of successes in the leasing industry handling everything from the marketing and sales to running the legal departments. “We see this company as being a stand-alone profit center for Luminart that has tremendous potential”, commented Wells.

The company said Luminart Leasing will be focusing on trucking, yellow iron, pumping and crushing equipment and noted it was in negotiations with a North Dakota bank in hopes of providing a local presence.

The company plans to handle heavy equipment leasing for other companies and their needs in North Dakota. The company has developed relationships with over 10 funding sources.

“Most people don’t understand the North Dakota needs and subsequently don’t get the financing they need. We are in the market and can tell the story that funders need to hear”, stated Wells.