RATHWELL, MB--(Marketwired - May 10, 2013) - Hutech21Co. Ltd. (PINKSHEETS: CLGZF) announced today that it has completed the acquisition of 100% of Prairie Oil Field Services Ltd. ("Prairie Oil Field" or "the Company"), a mining, manufacturer and distributor of crushed gravel and sand in North America. As of this transaction, Hutech21 Co. Ltd. will effectively do business as Prairie Oil Field Services Ltd., with an official corporate name change to be announced separately.
Prairie Oil Field primarily serves municipalities and commercial clients, aiding in their renovations, new construction and disaster recovery services, in South Central Canada. Darcy R. Hird, President and CEO of Prairie Oil Field, commented, "Severe flooding along the Red River in April 2011, which affected Manitoba in Canada, as well as North Dakota and Minnesota in the United States, has created strong and ongoing demand for our gravel and natural disaster services. In 2013, we continue to rebuild rural communities whose outdated infrastructure was hit the hardest. Prairie Oil Field also was awarded a number of contracts from the Government of Canada Emergency Management Response System to provide services to municipalities in Manitoba. In addition to these sales, we have a pipeline of commercial projects that will coincide with the summer construction boom."
"With many growth factors at play, we are very excited to become a publicly traded company. Additional capital raised will be used to grow both organically and through acquisitions. I look forward to updating our shareholders frequently on our progress and upcoming milestones in the near future," concluded Mr. Hird.
About Prairie Oil Field Services Ltd.
Established in 1996, Prairie Oil Field mines, manufactures, transports and supplies quality crushed gravel and clay sand, along with expert staffing and equipment, including gravel truckers, excavators, pickers and loaders in various sizes. Headquartered in Rathwell, Manitoba, the Company serves South Central Canada's construction industry. In addition, the Company has a number of municipal contracts through the Government of Canada's Federal Emergency Management Response System and other departments.
For more information on the Company, please visit http://www.hutech21coltd.com/.
This release contains statements that constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. These statements appear in a number of places in this release and include all statements that are not statements of historical fact regarding the intent, belief or current expectations of Hutech21Co. Ltd., its directors or its officers with respect to, among other things: (i) financing plans; (ii) trends affecting its financial condition or results of operations; (iii) growth strategy and operating strategy. The words "may," "would," "will," "expect," "estimate," "can," "believe," "potential" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond Hutech21Co. Ltd.'s ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. More information about the potential factors that could affect the business and financial results is and will be included in Hutech21Co. Ltd.'s filings with the Securities and Exchange Commission.