Entrec Transportation Services Ltd.
TSX VENTURE : ENT

September 19, 2011 08:00 ET

Entrec Adopts Additional Equity Compensation Plan, Issues Options and Restricted Shares and Appoints Additional Senior Management

EDMONTON, ALBERTA--(Marketwire - Sept. 19, 2011) - Entrec Transportation Services Ltd. (TSX VENTURE:ENT) (the "Corporation" or "Entrec") is pleased to announce that it has established an employee share ownership plan (the "Restricted Share Plan"). Under the Restricted Share Plan, key employees and other key personnel ("Employees") are granted the right to receive an allotted number of common shares from treasury (the "Restricted Shares") at a deemed value equal to the market price of Entrec's common shares on the grant date. The Restricted Shares vest to the Employee 20% per year over five years.

"We are firm believers that employee ownership is critical to our overall success," comments Rod Marlin, Entrec's chairman and CEO. "We differentiate ourselves from many other companies in our industry by making our key employees owners. Employee ownership provides employees with a vested interest in Entrec's future and allows them to fully participate in the benefits of our success."

The Restricted Share Plan remains subject to ratification by Entrec's shareholders at the Corporation's next shareholders' meeting and final approval from the TSX Venture Exchange. Common shares reserved for issuance pursuant to Restricted Share awards granted, together with any common shares reserved for issuance pursuant to options to purchase common shares granted under the Corporation's Share Option Plan, shall not exceed 10% of Entrec's issued and outstanding common shares, from time to time.

Further details regarding the Restricted Share Plan will be included in the information circular of the Corporation to be sent to shareholders of the Corporation prior to the next shareholders' meeting at which shareholder approval of the Restricted Share Plan will be sought.

The Corporation also announces that, subject to the approval of the shareholders at the next shareholders' meeting, 466,500 Restricted Shares have been granted under the Restricted Share Plan including 47,500 Restricted Shares granted to directors and officers of the Corporation. All Restricted Shares vest at 20% per year over 5 years commencing September 1, 2012 and are due to expire on September 1, 2021.

Further, the Corporation is pleased to announce that it has appointed Joe Kapusin as Vice President of Sales and Marketing effective September 1, 2011 to lead its sales and marketing initiatives. Prior to the acquisition of the Entrec business, the Entrec business did not have a formal sales force. Over the next year the Corporation will continue to promote and establish the "Entrec" brand in the marketplace through an increased focus on sales and marketing.

The Corporation is also pleased to announce that Glen Fleming has been appointed to the position of Vice President of Operations effective September 1, 2011. Mr. Fleming has over 20 years of senior management experience in the oil and gas services industry and will add significant depth and leadership to our management team. The Corporation also announced today that it has granted options to Glen Fleming, the Vice President of Operations to acquire an aggregate of 150,000 common shares of the Corporation at any time on or before September 16, 2016 at an exercise price of $1.35 per share.

About ENTREC

ENTREC specializes in the transportation and rigging of overweight and oversized cargo for the oil and gas, construction, petrochemical, mining and power generation industries. The common shares of ENTREC trade on the TSX Venture Exchange under the trading symbol "ENT".

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.

Contact Information

  • Entrec Transportation Services Ltd.
    Rod Marlin
    Chairman & CEO
    (780) 960-5647

    Entrec Transportation Services Ltd.
    John M. Stevens
    President & COO
    (780) 960-5625

    Entrec Transportation Services Ltd.
    Jason Vandenberg
    CFO
    (780) 960-5630