NEX - GAR.H
NISKU, AB, Nov. 2 /CNW/ - Garneau Inc. ("Garneau" or the "Corporation") announces the closing of the sale of its Camrose assets as previously announced on September 30, 2009. The Corporation has sold to Bayou Perma-Pipe Canada, Inc. (the "Purchaser") all of its right, title and interest in the assets used by Garneau in the conduct of its business (the "Camrose Business") of applying protective coatings and linings for oil and gas pipeline protection as conducted at Garneau's Camrose plant located at 5233 39th Street, Camrose, Alberta.
A Special Meeting of Garneau shareholders was held on October 28, 2009. At the Special Meeting, Garneau shareholders approved the sale of the Camrose Business to the Purchaser.
Certain of the Corporation's employees involved in the Camrose Business have been retained by the Purchaser, including Ms. Megan Picard, the Interim Chief Financial Officer of the Corporation, who, effective October 30, 2009, has resigned her position with Garneau.
About Garneau Inc.
Garneau Inc. designs and fabricates oilfield equipment for both domestic and international markets. With over 30 years of operating experience, Garneau Inc. has developed a significant level of expertise and is well know for innovative technology. The Corporation's website can be accessed at www.garneau-inc.com.
Certain information in this press release contains forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "project", "predict", "potential", "targeting", "intend", "could", "might", "should", "believe", "would" and similar expressions. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Garneau's control, including: the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign exchange and interest rates; stock market volatility and market valuations; volatility in market prices for oil and natural gas; liabilities inherent in oil and natural gas service operations; product demand and market acceptance; the impact of competitive products and pricing; technological advancements; competition for, among other things, capital, work orders and skilled personnel; incorrect assessments of the value of acquisitions; changes in income tax laws or changes in tax laws and incentive programs relating to the oil and gas industry; technical and processing problems and other difficulties in producing products for the petroleum exploration and production industry; and obtaining required approvals of regulatory authorities. Garneau's actual results, performance or achievement could differ materially from those expressed in, or implied by, such forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur or, if any of them do, what benefits that Garneau will derive from them. Except as required by law, Garneau undertakes no obligation to publicly update or revise any forward-looking statements. For Risk Factors in respect of Garneau, please refer to our Annual Information Form at www.sedar.com.
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 release.
SOURCE GARNEAU INC.
For further information: For further information: Glen Garneau, President and CEO, firstname.lastname@example.org, Phone: (780) 955-2396, Fax: (780) 955-7715