CALGARY, ALBERTA--(Marketwire - Oct. 4, 2012) - CERF Incorporated ("CERF Inc.") (TSX VENTURE:CFL) is pleased to announce that it has completed the purchase of 100% of the issued and outstanding shares of TRAC Energy Services Ltd. ("TRAC"), a private oilfield equipment rental company based in Nisku, Alberta which also has offices in Calgary. The purchase price for the acquisition was $17,813,300, subject to working capital and other normal closing adjustments, payable by cash in the amount of $11,730,113 and by the issuance of 2,027,729 common shares ("Common Shares") in the capital of CERF Inc. at a deemed price of $3.00 per Common Share. The existing management team of TRAC, namely, Mr. Cameron Miller and Mr. Travis Porter, are continuing as President and Vice President Sales and Marketing, respectively, of TRAC.
CERF Inc. is also pleased to announce that, in connection with the purchase of TRAC, it has increased its bank credit facilities to an aggregate of approximately $31.0 million.
CERF Inc. is a Canadian public corporation engaged in the rental, sale and service of industrial and construction equipment, the rental of oilfield equipment and waste management and environmental services. CERF Inc. trades on the TSX Venture Exchange under the symbol "CFL" and after the foregoing issuance of Common Shares, has 11,671,096 Common Shares issued and outstanding.
Advisory Regarding Forward-Looking Statements
Certain statements contained in this press release constitute "forward-looking statements" under applicable securities laws. These statements regarding future events or future performance and are based on CERF Inc.'s current expectations, estimates, projections, assumptions and beliefs. Although CERF Inc. believes that the expectations reflected in the forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct. Accordingly, undue reliance should not be placed on these forward-looking statements. The use of any of the words "expect", "anticipate", "continue", "estimate", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking statements. All such forward-looking statements involve known and unknown risks and uncertainties, certain of which are beyond the control of CERF Inc. The forward-looking statements contained in this press release are made as of the date hereof and CERF Inc. does not intend, and does not assume any obligation, to update or revise any forward-looking statements whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
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.