MONTREAL, April 26 /CNW Telbec/ - Looking to focus on its oil and gas
operations, Rolland Energy Inc. (TSX-V: ROE) is to sell its Technology
Division Assets for $1.4 million cash to a private Canadian corporation (the
"Purchaser"). In addition, the Purchaser is to assume and takeover all the
existing client, supplier and employment contracts of the Technology Division,
including any obligations associated with these contracts.
The agreement was formalized today when Rolland Energy's board of
directors authorized the Corporation to sign a letter of interest with the
Purchaser. The sale is subject to satisfactory due diligence being performed
by the Purchaser, and will close upon the execution of a purchase agreement.
The sale is also subject to the approval of any applicable regulatory
Rolland Energy will use the proceeds of the sale to pay down $300,000 of
debt, to acquire the Scallion property for $500,000 as announced on April 10,
2007, with the balance of the proceeds to go to working capital and to help
finance its drilling program. There are no finders fees associated with the
Rolland Energy's Technology Division represents approximately 20% of its
revenues, but has not been profitable to date.
"This sale of the technology division assets will improve the
Corporation's balance sheet and will provide us with additional financial
resources with which to grow," said Martial Rolland, president and Chief
Execuitive Officer of Rolland Energy. "Also, it will permit management to
concentrate on building value in its core business, which is oil production,"
added Martial Rolland.
ABOUT ROLLAND ENERGY INC. - www.rollandenergy.com
Rolland Energy is a light crude oil producer based in south-western
Manitoba, building shareholder value through growth by combining low-risk
drilling and strategic acquisitions.
"The TSX Venture Exchange has not reviewed this release and therefore
does not accept responsibility for its adequacy or accuracy."
For further information:
For further information: Martial Rolland, (514) 333-9292