CERF Incorporated

CERF Incorporated

March 09, 2016 08:00 ET

CERF Announces New Waste Management Contracts, the Appointment of Todd Ziniuk as Acting COO and Cancellation of Certain Stock Options

CALGARY, ALBERTA--(Marketwired - March 9, 2016) - CERF Incorporated (the "Company" or "CERF") (TSX VENTURE:CFL) is pleased to announce that CERF's Waste Management Segment, ("MCL"), has entered into two long-term waste management contracts (collectively the "Contracts"), one with the City of Lethbridge and one with the City of Edmonton, Alberta. CERF is also pleased to announce the appointment of Mr. Todd Ziniuk as Acting Chief Operating Officer ("COO").

New Contracts

Under the terms of the Contracts, CERF expects to provide collection services to certain areas of Edmonton and Leduc, and CERF will operate a landfill facility on behalf of the City of Lethbridge. In connection with the Contracts, CERF expects to purchase approximately $3.2 million in new waste management equipment, which it plans to fund under its existing credit facility. With the addition of the Lethbridge Contract, MCL now operates under eight municipal facility contracts in Alberta.

CERF also announced today, that effective immediately Mr. Todd Ziniuk has been appointed Acting Chief Operating Officer of the Company. Mr. Skip Kerr, the Company's Chief Operating Officer is currently on medical leave. Mr. Ziniuk, who joined CERF upon the acquisition of Zedcor Oilfield Rentals Ltd. ("Zedcor") in February 2016, brings a solid base of industry knowledge with over 15 years of direct experience in the oilfield rentals and logistics industries.

Mr. Ziniuk was previously General Manager and owner at Zedcor and was the founder and President at both Oilpatch Rentals Ltd. and North American Tubulars Ltd. which were sold in 2007 and 2012, respectively.

"We are very excited to have Todd as our Acting COO. We know that his energy, industry knowledge and leadership skills will strengthen the entire CERF team and help us as we continue to grow and as we expand our customer base in both our energy services and equipment rentals businesses," said Austin Fraser, President, CERF Incorporated. "CERF would also like to acknowledge Skip Kerr for his tireless efforts on behalf of the Company and we all wish him a full and speedy recovery."

Cancellation of Incentive Stock Options

CERF has cancelled a total of 745,000 incentive stock options granted under its Stock Option Plan to certain officers, directors, employees and consultants who have voluntarily returned these options to the Company. The cancelled options were granted from February 11, 2013 to October 20, 2014 and were exercisable at prices ranging from $2.71 to $3.17 for a period of 5 years from the date of grant. Following the cancellation, the Company will have 2,335,000 issued and outstanding stock options with a weighted-average exercise price of $0.59.

About CERF Incorporated:

CERF is a Canadian public corporation with two primary divisions: Energy Services and Industrials. The Energy Services division is comprised of one reporting segment, the Oilfield Rentals Segment and is engaged in the rental of oilfield equipment to the Western Canadian Oil and Gas Industry. The Industrials division is comprised of two reporting segments, the Industrial Rental Segment and the Waste Management Segment. The Industrial Rentals Segment is engaged in the rental, sales and service of construction and industrial equipment. The Waste Management Segment operates waste handling facilities throughout Alberta and also removes and disposes of waste from commercial, residential and industrial customers. CERF Incorporated trades on the TSX Venture Exchange under the symbol "CFL".

Cautionary Note Regarding Forward-Looking Information

This news release contains certain "forward-looking information" within the meaning of Canadian securities laws, which may include, but is not limited to, the planned purchase of approximately $3.2 million in new waste management equipment and the planned funding thereof under its existing credit facility. Although CERF has attempted to identify important factors that could cause actual results to differ materially, there may be other factors that cause results not to be anticipated, estimated, described or intended. There can be no assurance that the forward-looking information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such information. Accordingly, prospective investors should not place undue reliance on forward-looking information. Other than as required by applicable securities law, CERF assumes no obligation to update or revise such forward-looking information to reflect new events or circumstances.

Neither 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.

Contact Information

  • CERF Incorporated
    Austin Fraser
    (403) 826-5701

    CERF Incorporated
    Derrek Wong, MBA, CFA, FCMA, FCPA
    V.P. Finance & Chief Financial Officer
    (403) 354-5440