MONTREAL, Oct. 22 /CNW/ - World Point Terminals Inc., ("World Point" or the "Company") announced today that its wholly owned subsidiary, Old SRPH, Ltd., has completed the previously announced transaction with Statoil South Riding Point, LLC, a subsidiary of StatoilHydro ASA ("Statoil"), pursuant to which Statoil acquired the shares of Old SRPH, Ltd.'s three Bahamian subsidiaries, South Riding Point (Bahamas) Ltd., South Riding Point Terminal Ltd. and South Riding Point Tugs Ltd., and its 50% interest in Freepoint Tug & Towing Services Ltd. which operates a fleet of tugboats in The Bahamas.
The sale process began in July 2009 when World Point signed a stock purchase and sale agreement with Statoil for the sale of the Company's Bahamian operations. The final purchase price for the shares was US$258,249,163. In addition, the Company was paid for working capital and related items.
The South Riding Point terminal facility is located on Grand Bahama Island and includes 6.75 million barrels of liquid bulk storage capacity in 10 tanks. The facility is used primarily for the storage and blending of crude oil.
Additional information relating to the Company, including a copy of the Company's Annual Information Form, is available on SEDAR at www.sedar.com. The company maintains an informational website at www.wpo.ca.
Cautionary Statement Regarding Forward-Looking Statements
Some of the statements contained in this release may be forward-looking statements, such as estimates and statements that describe the Company's future plans, objectives or goals, including words to the effect that the Company or management expects a stated condition to exist or occur. Since forward-looking statements, by their very nature, involve inherent risks and uncertainties, actual results in the future could differ materially from those currently anticipated in such statements by reason of factors including, but not limited to, changes in economic and market conditions and changes in world political stability. World Point Terminals Inc. will not update or revise forward-looking statements for new information, future events, or otherwise.
SOURCE WORLD POINT TERMINALS INC.
For further information: For further information: Bernard Roy, President & CEO, October 22, 2009, (514) 847-4519