Winalta Announces Sale of Last Remaining Non Core Asset
CALGARY, Nov. 14, 2012 /CNW/ - Winalta Inc. ("Winalta" or the "Company") is pleased to announce it has entered into an unconditional agreement to sell 100% of its Sylvan Lake lands asset for $2.0 million. The sale is secured by a $200,000 non-refundable deposit and is scheduled to close December 19, 2012.
On September 7, 2012, Winalta acquired the remaining 50% of the Sylvan Lake lands from its Joint Venture partner at a cost of $750,000. The sale of the Sylvan Lake lands is the final non energy service asset that Winalta was looking to divest. The proceeds of the sale will go towards general working capital and contribute to further expansion of the Company's 2013 capital expenditure program.
Winalta Inc., operating under the trade name, Winalta Oilfield Rentals, is an oilfield service provider that specializes in portable industrial rental accommodations, remote offices and Dedicated Geo Labs; servicing the Western Canadian oil and gas Industry.
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.
Certain information set forth in this press release, including the timing of the closing of the sale transaction may constitute forward-looking statements. By their nature, forward-looking statements involve material assumptions and are subject to numerous risks and uncertainties, including with respect to market and economic conditions and their impact on the Company's business, some of which, are beyond the Company's control. Readers are cautioned not to place undue reliance on the forward-looking statements as the assumptions used in the preparation of such information, although considered reasonable at the time of preparation, may prove to be imprecise and actual results, performance or outcomes could materially differ from those expressed or implied in such forward-looking statements and accordingly, no assurance can be given that any of the events anticipated by forward looking statements will transpire or occur, or if any of them do so, what benefit Winalta will derive there from. The Company does not assume the obligation to revise or update this forward-looking information after the date of this release or to revise such information to reflect the occurrence of future unanticipated events, except as may be required under applicable securities laws.
SOURCE: Winalta Inc.For further information:
David Hopley, CFO
Phone: (780) 960-6900
Austin Fraser, Senior Vice President
Phone: (403) 826-5701