Entrec Transportation Services Ltd.
TSX VENTURE : ENT

Entrec Transportation Services Ltd.

April 09, 2012 08:00 ET

Entrec Completes Acquisition of Singer Specialized Group of Companies

SPRUCE GROVE, ALBERTA--(Marketwire - April 9, 2012) - Entrec Transportation Services Ltd. (TSX VENTURE:ENT) ("ENTREC") is pleased to announce it has completed the acquisition of 100% of the issued and outstanding shares of the Singer Specialized Group of Companies ("SINGER"). SINGER is based in Calgary, Alberta and specializes in the transportation of over-sized equipment within the oil and gas, petro-chemical, power generation and mining industries.

Operating out of a modern 21,000 square foot shop and office facility, SINGER operates an extensive fleet of conventional heavy haul trailers, tractors, winch tractors, prime movers, picker trucks, as well as 58 lines of hydraulic platform trailers. ENTREC's existing Calgary location will be integrated into the SINGER location.

The aggregate purchase price paid on closing was $15.265 million less the value of long-term debt and was paid through a combination of: (i) the issuance of 3,900,000 common shares of ENTREC issued at a deemed price of $1.35 per share; and (ii) the remainder in cash. The final purchase price for SINGER remains subject to certain adjustments related to SINGER's working capital balances as at March 31, 2012 and normalized earnings before interest, taxes, depreciation and amortization ("EBITDA") for the trailing 12 month period ended March 31, 2012.

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