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, provides the
following update regarding the Santa Fe Springs facility.
In accordance with the terms of transaction between Ridgeline and
Lakeland Development Company and Lakeland Processing Company Ridgeline
has placed $3,000,000 in cash and Ridgeline stock into escrow with the
land title company First American Title Insurance Company.
One of the conditions of closing is that Ridgeline is to receive
confirmation that operating and discharge permits would be granted or
transferred at closing. These permits are from the Los Angeles
Sanitation Department (Discharge Permit) the Conditional Use Permit
(CUP) from the City of Santa Fe Springs. Ridgeline has been issued a
Discharge Permit and also received a letter from the City of Santa Fe
Springs indicating the CUP will transfer on closing of the transaction.
Final distribution of funds to the Vendor and other beneficiaries is
expected to occur once the Bankruptcy Court Judge has approved the
distribution of funds. Ridgeline expects that this final step can occur
within 14 to 16 days.
Tony Ker, Ridgeline CEO stated "Our Santa Fe Springs facility continues
to grow in both revenue and profit performance. We have successfully
installed three additional water treatment units and now stand ready to
increase volume and opportunity".
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
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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)