Enerflex Systems Income Fund

Enerflex Systems Income Fund

June 01, 2005 23:59 ET

Enerflex Systems Ltd. Announces Strategic Acquisition

CALGARY--(CCNMatthews - June 1) - Enerflex Systems Ltd. (TSX: EFX) announces a key acquisition in support of its international growth strategy.

Enerflex has entered into an exclusive agreement by way of a Letter of Intent to acquire 100% of the shares of HPS Group Limited and its subsidiaries. HPS Group is an unlisted Australian public company based in Perth, Western Australia. P. John Aldred, Chairman and Chief Executive Officer of Enerflex noted that "HPS Group is a specialized engineering, fabrication and project management organization serving the energy industry in Australia. This acquisition is a key component of our strategy to increase the scale and reach of Enerflex in Australasia, South America and the Middle East."

J. Blair Goertzen, President and Chief Operating Officer stated, "I am thrilled with the possibilities that this acquisition brings to Enerflex. The culture and core values of each company are very similar which will enable us to quickly move forward with a clear unified focus. The operations of the two companies complement one another. As a result, there are a wealth of opportunities available to the combined organization that position us for further regional expansion."

HPS Group has a core team of approximately 190 personnel. Enerflex continues its due diligence review with closing of the transaction expected in early July 2005.

Enerflex Systems Ltd. is a leading supplier of products and services to the global oil and gas production industry. Our core expertise lies between the wellhead and the pipeline. Enerflex provides natural gas compression, power generation and process equipment for sale or lease, hydrocarbon production and processing facilities, electrical, instrumentation and controls services and a comprehensive package of field maintenance and contracting capabilities. Through our ability to provide these products and services in an integrated manner, or as stand-alone offerings, Enerflex offers its customers a unique value proposition.

Headquartered in Calgary, Canada, the Company has approximately 2,000 employees and operations in Canada, the United States, the Netherlands, Germany, Australia, Pakistan and Indonesia. The Company's shares trade on the Toronto Stock Exchange under the symbol EFX.

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