RATHWELL, MB--(Marketwired - May 13, 2013) - Hutech21Co. Ltd. (PINKSHEETS: CLGZF), d.b.a. Prairie Oil Field Services Ltd. ("Prairie Oil Field" or "the Company"), a mining, manufacturer and distributor of crushed gravel and sand materials in North America, announced today that it has entered into an agreement to acquire a 160-acre quarry in Manitoba. The quarry will provide Prairie Oil Field with new opportunities to expand its existing quantities of crushed gravel, as well as begin mining and marketing a more diversified product line, including shale and stone specialty products. The all-cash transaction is expected to be non-dilutive to shareholders and close within 30 days.
"This acquisition supports our anticipated growth as we enter the busy Spring/Summer construction season," said Darcy Hird, President and CEO of Prairie Oil Field. "Applications and demand for Prairie Oil Field's specialized expertise in mining gravel will be expanded by this acquisition. The quarry will immediately increase our inventories of crushed gravel, and enable us to produce a wide variety of stone and shale materials. We plan to purchase a screener for the quarry, which will enable us to begin offering higher-margin, specialty stone and other products and further diversify our revenue streams."
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.