Zedi Inc.
TSX VENTURE : ZED

Zedi Inc.

January 17, 2011 08:00 ET

Zedi Inc. Closes Acquisition of Southern Flow Companies, Inc.

CALGARY, ALBERTA--(Marketwire - Jan. 17, 2011) - Zedi Inc. (the "Company" or "Zedi") (TSX VENTURE:ZED) today announces that the acquisition of Southern Flow Companies, Inc. ("Southern Flow"), previously announced on January 5, 2011, was completed on January 14, 2011.

Due to a very strong fourth quarter the positive working capital for Southern Flow increased by US$965,000 resulting in an adjusted purchase price of US$16,515,000. Zedi acquired 100% of the common shares of Southern Flow from PowerSecure International, Inc. for a total purchase price of US$16,515,000, $9,515,000 of which was funded with cash on hand and the balance, approximately US$7,000,000 was funded from a term debt facility with Zedi's primary banker. The acquisition includes positive working capital in Southern Flow of $4,692,000.

Zedi Inc. (TSX VENTURE:ZED) specializes in the end-to-end management of oil and gas production operations. Zedi arms producers from the field to head office with accurate, timely and centralized data to help them make better business decisions. Using technology to gather highly accurate data from well sites, Zedi automatically moves it through critical work processes including web-based field data capture and production accounting systems. Zedi technology is continually evolving in the control and optimization of wells to ensure maximum production and cost reduction. Established in 1987, Zedi has enhanced the operational performance of more than 800 upstream, midstream and oilfield service customers.

Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.

Contact Information