Missouri Water Treatment Facility Current Annual Revenue of $ 32MM/Year
CALGARY, Feb. 5, 2013 /CNW/ - Ridgeline Energy Services Inc.
("Ridgeline" or the "Company") (TSXV: RLE, OTCQX: RGDEF, FSE: RL7) an
energy services and water treatment technology company, today announces
a Management Agreement with Consolidated Water Treatment of Missouri
(CTM). Ridgeline will provide contracting services for the collection,
treatment and disposal of industrial waste water in Carthage Missouri.
All the water handled under this management agreement will be processed
for beneficial use and discharge. Oils and other effluent will be
extracted for agriculture and energy industries.
The purpose of The Management Agreement is to allow RLE to manage CTM
while a definitive agreement to purchase a majority interest of CTM by
RLE is drafted and expected to be executed in February 2013. The
Agreement took effect on December 1st, of last year, and was held as confidential between the parties until
permanent management from Ridgeline could be put in place.
CTM receives industrial water from a wide variety of waste producers.
The initial facility was constructed several years ago to create a
state of the art facility for processing industrial waste water
byproducts. Ridgeline water processing equipment will allow the
facility to more than double in capacity and revenue over the next 12
to 18 months.
Dennis M. Danzik (Founder of the Ridgeline water treatment technology)
was engaged to manage the facility by banking and investor interests of
CTM. Since early December Mr. Danzik has been applying waste water
handling knowhow to the CTM operation in order to determine if the
combination of Ridgeline's processes and management could improve the
operation. Since December 1st 2012, results have been impressive with a marked improvement in the
operating and financial performance of the CTM facility. Significant
further gains in both annual revenue and earnings are possible
Ridgeline has used the Management Agreement step successfully at the
Santa Fe Springs facility in California which the acquisition that is
expected to close imminently. It allows Ridgeline to do a much higher
degree of diligence as the company has full access and visibility of
financials, operating capabilities, customers and suppliers, all
aspects of managing the facility are managed by Ridgeline. The Company
has had independent auditors reviewing all financial records of CTM
since December 2012 in preparation of a final agreement.
"The management of CTM instantly doubles the revenue size of Ridgeline
and completes our vertical track of waste water to direct energy. In
the coming months, we will continue to aggressively grow our industrial
waste water opportunities. Facilities like CTM, and our Santa Fe
Springs facility are perfect examples of a substantial Ridgeline
future" stated Dennis M. Danzik.
Tony Ker, CEO of Ridgeline commented "Ridgeline views this as key step
to providing an additional large scale site with equal to or better
financial benefits than our Santa Fe Springs facility in California. It
also provides our first complete opportunity to vertically integrate
into the waste water collection, treatment, disposal and waste
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is an energy services and water treatment
technology company. The Company is applying proprietary technology to
treat water generated from industrial and commercial waste water
markets. These markets include a wide variety of clients across a broad
spectrum of industries including oil and gas. Through its environmental
consulting and remediation divisions, Ridgeline Environment has built a reputation as an established provider of environmental
services to the Western Canadian oil and gas industry. Ridgeline GreenFill provides soil remediation and wet waste disposal services to the oil
and gas industry. The Company trades on the TSX Venture Exchange under
the symbol "RLE", the OTCQX as "RGDEF" and the Frankfurt Stock Exchange
ON BEHALF OF THE BOARD OF DIRECTORS
"Neither 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 news
release. This news release may contain forward-looking statements.
Forward-looking statements address future events and conditions and
therefore, involve inherent risks and uncertainties. Actual results may
differ materially from those currently anticipated in such statements. Such information is subject to known and unknown risks, uncertainties
and other factors that could influence actual results or events and
cause actual results or events to differ materially from those stated,
anticipated or implied in the forward-looking information. Readers are
cautioned not to place undue reliance on forward-looking information,
as no assurances can be given as to future results, levels of activity
SOURCE: Ridgeline Energy Services Inc.
For further information:
Ryan Johnson of Ridgeline Energy Services Inc.
(604) 566-8066 ext. 3 (Vancouver)
David Waldman at Crescendo Communications
(212) 671-1021 (New York)
Robert Blum, Joe Diaz or Joe Dorame
Lytham Partners, LLC
(602) 889-9700 (Phoenix)