CALGARY, ALBERTA--(Marketwired - June 22, 2016) - CERF Incorporated (the "Company") (TSX VENTURE:CFL) is pleased to announce that at the Annual and Special Meeting of the shareholders of the Company held on June 22, 2016, the proposed name change of the Company to Canadian Equipment Rentals Corp. was approved.
This name change reflects the rebranding efforts recently initiated by management and the corporate strategy approved by the Board of Directors, which has the Company expanding its rental offerings into new market segments including large industrial projects. This strategy will create more market diversification for the Company and generate synergies between the various operating divisions of the Company.
The Company also announces that in the second quarter of 2016, it has successfully sold various pieces of under-utilized rental equipment from both its Energy Services and General Rentals divisions for proceeds of approximately $3.2 million. These funds will be used to pay down debt and for general corporate purposes.
About Canadian Equipment Rentals Corp.
Canadian Equipment Rentals Corp. is a Canadian public corporation with three operating divisions: Energy Services, General Rentals and Waste Management. The Energy Services division is engaged in the rental of surface rentals, downhole equipment and accommodations to the Western Canadian Oil and Gas Industry. The General Rentals division is engaged in the rental of industrial and construction equipment. The Waste Management division is engaged in waste facilities management and collections. Canadian Equipment Rentals Corp. trades on the TSX Venture Exchange under the symbol "CFL".
Certain statements included or incorporated by reference in this press release constitute forward-looking statements or forward-looking information. Forward-looking statements or information may contain statements with the words "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "budget", "should", "project", "would have realized', "may have been" or similar words suggesting future outcomes or expectations. Although the Company believes that the expectations implied in such forward-looking statements or information are reasonable, undue reliance should not be placed on these forward-looking statements because the Company can give no assurance that such statements will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of assumptions about the future and uncertainties. Although management believes these assumptions are reasonable, there can be no assurance that they will be proved to be correct, and actual results will differ materially from those anticipated. For this purpose, any statements herein that are not statements of historical fact may be deemed to be forward-looking statements. The forward-looking statements or information contained in this press release are made as of the date hereof and the Company assumes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new contrary information, future events or any other reason, unless it is required by any applicable securities laws. The forward-looking statements or information contained in this press release are expressly qualified by this cautionary statement.
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