Entrec Corporation
TSX VENTURE : ENT

Entrec Corporation

November 02, 2012 08:00 ET

ENTREC Completes Acquisition of Tiggo Transport Ltd.

SPRUCE GROVE, ALBERTA--(Marketwire - Nov. 2, 2012) - ENTREC Corporation (TSX VENTURE:ENT) ("ENTREC") is pleased to announce it has completed its previously announced acquisition of Tiggo Transport Ltd. ("TIGGO"), a heavy haul transportation and lifting services company based in Grande Prairie, Alberta and Dawson Creek, British Columbia. TIGGO operates a modern equipment fleet valued at approximately $10 million, including 6 crane mounted picker trucks, 25 tractor units, 25 support vehicles, and over 60 trailers.

The aggregate consideration paid on closing for 100% of the issued and outstanding shares of TIGGO consisted of (i) the issuance of 3,100,000 common shares of ENTREC; (ii) $12.0 million in cash; and (iii) 1,700,000 share purchase warrants, each warrant entitling the holder thereof the right to acquire one common share at an exercise price of $2.00 per share. The share purchase warrants expire on October 31, 2015. The final purchase price for TIGGO remains subject to certain adjustments related to TIGGO's working capital balances as at October 31, 2012.

During the twelve months ended September 30, 2012, TIGGO generated earnings before interest, taxes, depreciation and amortization ("EBITDA") of approximately $5 million.

About ENTREC

ENTREC specializes in the lifting, transportation (over the road and on-site), loading, off-loading and setting 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 Corporation
    Rod Marlin
    Chairman & CEO
    (780) 960-5647

    ENTREC Corporation
    John M. Stevens
    President & COO
    (780) 960-5625

    ENTREC Corporation
    Jason Vandenberg
    CFO
    (780) 960-5630