“This sale is a nice strategic move for ENTREC,” commented
The aggregate consideration to be paid at closing consists of cash of
Post-sale, ENTREC’s operations will be focused on the following businesses in 2020:
- Continuing to provide a full spectrum of crane and heavy haul transportation services in
the United States through its locations inNorth Dakota ,Colorado, Texas andWyoming . This includes ENTREC’s recent expansion intoWilliston, North Dakota inNovember 2019 ;
- Providing oilfield transportation and picker truck services throughout
Alberta and North-eastBritish Columbia through its investment inENT Oilfield Group Ltd. andCapstan Hauling Ltd ; and
- Providing specialized heavy haul transportation services throughout
Western Canada .
About ENTREC
ENTREC is a heavy haul transportation and crane solutions provider to the oil and natural gas, construction, petrochemical, mining and power generation industries. ENTREC is listed on the TSX under the symbol ENT.
About
Based in
Forward-looking Statements
This press release contains forward-looking statements which reflect ENTREC’s current beliefs and are based on information currently available to ENTREC. These statements require ENTREC to make assumptions it believes are reasonable and are subject to inherent risks and uncertainties. Actual results and developments may differ materially from the results and developments discussed in the forward-looking statements as certain of these risks and uncertainties are beyond ENTREC's control.
Examples of such forward-looking statements in this press release relate to, but are not limited to, (i) ENTREC's expectation that the sale to
Although ENTREC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because ENTREC can give no assurance that they will prove to be correct. ENTREC may not be able to complete all required conditions to close the sale of its Canadian crane business and assets. Further, ENTREC’s ability to become a preferred supplier of heavy haul transportation services to
Readers are cautioned not to place undue reliance on these forward-looking statements, which are given as of the date hereof, and to not use such forward-looking statements for anything other than their intended purpose. ENTREC undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For further information, please contact:
Telephone: (780) 960-5625
Telephone: (780) 960-5630
www.entrec.com
Source:2019 GlobeNewswire, Inc., source