Sale is for CDN $ 7.347 Million
CALGARY, AB and SCOTTSDALE,AZ, July 19, 2013 /CNW/ - Ridgeline Energy Services Inc. ("Ridgeline" or the "Company") (TSXV: RLE, OTCQX: RGDEF, FSE: RL7) a technology driven company operating in the waste water industry announced the execution of an Definitive Purchase Agreement ("DA") to
sell both of its Canadian Environmental Services and Greenfill business
divisions to Ridgeline Canada, Inc. of Calgary.
Yesterday Ridgeline announced (subject to approval of the TSXV) the
execution of the DA to sell ("Sale") all of its Canadian Environmental
("Consulting") and GreenFill soils treatment ("GreenFill") business
divisions to Ridgeline Canada, Inc. (RCI) of Calgary. The DA includes
both operating divisions based in Canada. The divisions known as
Ridgeline Environment and Ridgeline GreenFill will be operated as a
In addition to the term and conditions detailed yesterday, the Company
wishes to further detail two facts; 1) The note executed for $
2,500,000.00 in favor of the Company is a promissory note with straight
amortization over 60 months beginning September 1st, and will carry an interest rate of six percent per annum (6%); 2) That
the transaction is arms- length and that no director, officer, or
insider of the Company is financially involved in the acquisition of
the Canadian divisions by Ridgeline Canada, Inc.
The majority of employees within Ridgeline Environment and Ridgeline
GreenFill have opted to stay with the new private company, Ridgeline
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is a technology driven water treatment company. The Company trades on
the TSX Venture Exchange under the symbol "RLE" and the OTCQX as
"RGDEF". Also traded on the FSE (Frankfurt) as "RL7". Additional
information is available on the Company's website at: www.ridgelinecanada.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Dennis M Danzik
Dennis M Danzik
Director and Chief Executive Officer
"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:
Dennis M Danzik at Ridgeline Energy Services Inc.
Chief Executive Officer
email@example.com (Calgary and Scottsdale)
David Waldman at Crescendo Communications
(212) 671-1021 (New York)