Destiny Resource Services Corp.
TSX : DSC

Destiny Resource Services Corp.

November 01, 2006 16:00 ET

Destiny Resource Services Corp. Announces Acquisition of Advanced Locating Services

CALGARY, ALBERTA--(CCNMatthews - Nov. 1, 2006) - Destiny Resource Services Corp. (TSX:DSC) announces it has acquired Advanced Locating Services and its related pipeline, first call and other locating businesses.

"An input component to the ability to do seismic survey work in areas with pipelines and other underground infrastructure is pipeline locating." said Bruce Libin, Executive Chairman and CEO. "With the work we did last winter we became aware of the need to assure ourselves of adequate supply of these services. To meet this need, as well as to give us another profitable business to grow, we have acquired, indirectly, the shares of Advanced Locating Services Inc. for cash of $1,300,000, subject to adjustments. The funds will come from working capital.

"With this transaction, we are very pleased to have Mike and Paula Derouin and their team joining Destiny. The expertise of the Advanced field people and their commitment to quality and safety fit very well with Destiny's operational approach and growth strategies."

The transaction, which closed October 31, 2006, has an effective date of August 1, 2006.

Advanced Locating Services offers pipeline locating, 1st Call Management and inspection services to the oil and gas and utility industry throughout western Canada. Founded by Mike Derouin in 1996, Advanced currently has 40 field personnel capable of handling all facets of Advanced's locating services. Destiny anticipates Advanced will add EBITDA in excess of $500,000 for 2007.

"We are excited about joining Destiny" said Mike Derouin. "We see great growth potential for our business and believe we can best achieve it with the strengths of Destiny. While the transaction will be basically invisible to our clients and our people, Advanced will now be able to utilize the management skills and balance sheet of Destiny to achieve synergies and faster growth."

Mike Derouin will continue to manage Advanced, reporting within Destiny to Joe Pilieci, Vice-President.

ADVISORY: This news release contains forward-looking statements. Although Destiny believes that the expectations reflected in these forward-looking statements are reasonable, undue reliance should not be placed on them because by its nature forward-looking information involves numerous assumptions, known and unknown risks and uncertainties, of both a general and specific nature, that could cause actual results to differ materially from those suggested by the forward-looking information or contribute to the possibility that predictions, forecasts or projections will prove to be materially inaccurate.

The forward-looking statements contained in this press release are made as of the date hereof and Destiny undertakes no obligation, whether as a result of new information, future events or other wise, unless so required by applicable securities laws.

Destiny provides Seismic Front-End Services comprised of seismic survey and mapping (Wolf Survey & Mapping), seismic line clearing (Destiny Resources) and shot-hole drilling (Double R Drilling) to energy explorers and producers and to seismic acquisition companies. Destiny provides navigation, positioning and asset management technology to improve the productivity and safety of seismic operations through its Kodiak Nav Solutions division.


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