Athabasca Basin Development Limited Partnership

February 28, 2011 09:25 ET

ABDLP Purchases Flyer Electric

WOLLASTON LAKE, SASKATCHEWAN--(Marketwire - Feb. 28, 2011) - Athabasca Basin Development Limited Partnership has purchased the assets of Flyer Electric Ltd.

Flyer Electric Ltd. is a Birch Hills based company that provides commercial and industrial electrical services throughout Saskatchewan. With an employee base that exceeds 20 staff, Flyer's list of clients includes companies from the uranium, potash, and commercial sectors.

The entity going forward will retain a similar name (Flyer Electric LP), and there will be no changes to its current staff, office location, and management team.

"Flyer Electric provides good quality service, has dedicated management and employees, and has a long-term proven track record" says ABDLP Chair, Anne Robillard. "With their experience in the north and in the mining sector, we are pleased to have Flyer join our group of companies. Given our broad range of mining and exploration services this is a very good fit for us and we look forward to working with Bob Cockwill and his team" continues Robillard.

Flyer Electric was started by Bob Cockwill over 30 years ago. As the ownership of his business changes hands, he speaks to the purchase agreement and says, "I feel ABDLP is a good fit to assume ownership and continue the growth path that our team started for Flyer Electric. I am looking forward to managing the company through this transition for the next few years and am confident that employees and customers will only be affected in a good way. Flyer Electric has a very bright future and I am quite pleased how this transaction occurred."

ABDLP CEO, Geoff Gay is pleased with the addition of Flyer Electric to its list of holdings and adds, "The importance of this transaction goes beyond the purchase of a very good electrical business. It is no secret there will be a lot of business people retiring in Saskatchewan in the next several years and with this transaction we have shown that ABDLP can be a purchaser provided the right criteria are fulfilled. Bob has done an excellent job of developing a strong management team and core group of employees and that is very important to the long-term success of the company."

About Athabasca Basin Development Limited Partnership:

ABDLP is an investment holdings company primarily focused on the mining and exploration sector. Its investments include partial/complete ownership in construction (Points Athabasca), underground mining (Mudjatik Thyssen Mining), security (Athabasca Basin Security), diamond drilling (Team Drilling), logistics (Points North) and road maintenance (ABDLP Road Services). Work by its holdings is being undertaken in four provinces and one territory and its clients include potash, oil, uranium and gold companies.

In 2008 ABDLP was awarded the inaugural Skookum Jim award which recognizes excellence by a Canadian aboriginal firm. Throughout all of its companies over 700 people are employed, and consolidated revenues range from $30 to $65 million on an annual basis. ABDLP possesses a significantly strong balance sheet and is continually looking for new investments and opportunities. ABDLP owners are the seven far north communities in Saskatchewan.

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