CALGARY, ALBERTA--(Marketwire - Nov. 21, 2012) -
NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA
Canadian Oilfield Solutions Corp. (TSX VENTURE:OTS) (the "Corporation") is pleased to announce that it has completed the previously announced acquisition of a private company based in the USA that services the oil and gas, mining and general industrial sectors with an established manufacturing and distribution network in the US and international markets.
Under the terms of the acquisition, the Corporation acquired all tangible and intangible assets of the vendor, including capital assets and product inventory, for aggregate purchase consideration of approximately $144,000 USD. The Corporation will also pay the vendor a royalty representing 10% and up to a maximum of $250,000 USD of the gross profits realized by the Corporation from the operation of the purchased assets. The Corporation has also entered into a technical support and services consulting agreement with the principal of the vendor.
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.