/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
CALGARY, March 9, 2017 /CNW/ - Hyduke Energy Services Inc. ("Hyduke" or the "Company") is pleased to announce the closing of the previously announced (March 1, 2017) acquisition (the "Acquisition") by Hyduke of all of the issued and outstanding common shares of Western Manufacturing Ltd. ("Western"), a private corporation engaged in the business of production tank manufacturing and other oilfield equipment manufacturing. In addition, Hyduke acquired the assets of Ledarco Industries Ltd., an affiliated company to Western involved in the regional transportation of manufactured components, raw materials and finished products.
Total consideration for the shares of Western and the assets of Ledarco was satisfied by a combination of cash, debt assumption and common shares, as described in the press release dated March 1, 2017. An additional amount of common shares, not to exceed 1,050,000 common shares will be settled within 180 days after closing based on post-closing financial adjustments.
Lonny Thiessen, founder and CEO of Western, will remain with Western as President of the subsidiary. It is the intention of management to commence the integration process immediately to improve operations and efficiency focusing on key functions such as sales, procurement, inventory, fabrication and delivery to provide clients with quality products on time and on budget.
Forward looking information
This news release contains forward-looking information relating to the expectations of management that the integration process will lead to improvements in operations and efficiency for both Western and Hyduke. Such forward-looking information is subject to important risks, uncertainties and assumptions. The results or events predicated in this forward-looking information may differ materially from actual results or events. As a result, you are cautioned not to place undue reliance on this forward-looking information.
Forward-looking information is based on certain factors and assumptions regarding, among other things, general assumptions respecting the business and operations of Hyduke and economic factors. While the Company considers these assumptions to be reasonable based on information currently available to it, they may prove to be incorrect.
Forward looking-information is subject to certain factors, including risks and uncertainties that could cause actual results to differ materially from what is currently expected. These factors include but are not limited to risks associated with the failure of the Company to obtain the benefits of integration; volatility in market prices for oil and natural gas; and the general economic conditions in Canada.
You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, the Company is under no obligation and does not undertake to update this information at any particular time, except as required by law.
The TSX has neither reviewed nor approved this release.
SOURCE Hyduke Energy Services Inc.
For further information: Pat Ross, President and CEO, Tel 403 528 1095 Email [email protected]