XGEN Ventures Inc.
NEX BOARD : XGN.H

January 09, 2007 10:10 ET

XGEN Acquires Vision Hydrovacs

TORONTO, ONTARIO--(CCNMatthews - Jan. 9, 2007) - The Board of Directors of XGEN Ventures Inc. (the "Company") (NEX BOARD:XGN.H) is pleased to announce that the Company has now executed the Purchase and Sale Agreement to acquire the assets of the company operating as Vision Hydrovacs (the "Vendor"). The transaction is effective December 15, 2006 ("Closing Date"). The TSX Venture Exchange has issued a bulletin as of January 5, 2007 indicating their acceptance of the Company's filing documentation on this transaction.

The Vendor has been successfully operating in Alberta for several years within the energy, utility and municipal services fields. Operations are primarily focused in the Alberta energy industry hotbeds of Grande Prairie and Fort McMurray. The Company has plans for immediate expansion into other commercial centers within Western Canada.

With this acquisition, XGEN acquires extensive management and operating expertise in this specialized field, a fleet of quality operating equipment and a loyal clientele.

Under the terms of the Asset Purchase Agreement, the Company will issue shares over the next 12 months to meet a target asset valuation of $1.5 million. Progressive share releases are subject to certain performance milestones being met by the Vendor. Currently, the Vendor will contribute monthly revenues of approximately $400,000 to the Company.

Forward-Looking Statements

Certain statements contained in this press release may constitute forward-looking statements reflect the Company's current views with respect to future events and are subject to certain risks, uncertainties and assumptions. Many factors could cause the Company's actual results, performance or achievements to be materially different from any future results, performance or achievements that may be expressed or implied by such forward-looking statements, including among other things, those which are discussed under the heads "Risk Factors" and elsewhere in documents that the Company files from time to time with securities regulatory authorities. Should one or more of these risks or uncertainties materialize, or should assumptions underlying the forward-looking statements prove incorrect, actual results may vary materially from those described herein as intended, planned, anticipated, believed, estimated or expected. The Company does not intend and does not assume any obligation, to update these forward-looking statements.

This press release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of the securities in any State in which such offer, solicitation or sale would be unlawful.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPOSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • XGEN Ventures Inc.
    Rod J. MacKenzie
    Managing Director
    (403) 852-6767
    or
    XGEN Ventures Inc.
    Dan Amadori
    President
    (416) 644-4361