PATC announces closing of first tranche of equity financing


    Vancouver, April 2 /CNW/ - Precision Assessment Technology Corporation
("Precision") (TSX:PDT) and Bison Capital Equity Partners II-A LP and Bison
Capital Equity Partners II-B LP (collectively, "Bison") announced today that
they have closed the first tranche ("Initial Investment") of the previously
announced US$12 million equity investment in Precision by Bison, a private
equity fund based in Los Angeles, California, concurrently with the
acquisition by Precision of BC(2) Environmental Corp. ("BC(2)"), a southern
California drilling company. The Initial Investment by Bison of US$8 million
has been used to fund the acquisition of BC(2), and to provide working
capital. The second investment by Bison of US$4 million is anticipated to
close concurrently with the acquisition of an eastern United States drilling
services company in early April.
    For details of the investment by Bison, please refer to Precision's press
releases dated March 22, 2007 and March 27, 2007. Bison will file a copy of
the "early warning" report relating to the abovementioned equity investment
with the applicable Canadian securities regulatory authorities. The "early
warning" report will be available under Precision's profile on SEDAR at or upon request from Bison at the number set forth below.

    About Precision - Precision provides drilling services for site
assessment and remediation and groundwater assessment, monitoring and
mitigation in the United States. These services are provided using specialized
and innovative drilling and sampling equipment and technologies from offices
in California and Florida. Precision Assessment Technology Corporation
operates through its wholly owned U.S. subsidiaries, Precision Sampling, Inc.
and Trenchless Specialties Inc. Further information can be found at Precision's common shares are listed on the Toronto
Stock Exchange under the symbol "PDT".
    If you wish to receive company press releases via email, please advise
Robert E. Nowack at

    FORWARD-LOOKING STATEMENTS: This news release contains statements which,
to the extent that they are not recitations of historical fact may constitute
forward-looking information under applicable Canadian securities legislation
or forward-looking statements within the meaning of the United States Private
Securities Litigation Reform Act of 1995. Such forward-looking statements or
information may include financial and other projections as well as statements
regarding the Company's future plans, objectives, performance, revenues,
growth, profits, operating expenses or the Company's underlying assumptions.
The words "may", "would", "could", "will", "likely", "expect", "anticipate",
"intend", "estimate", "plan", "forecast", "project" and "believe" or other
similar words and phrases are intended to identify forward-looking statements
or information. Persons reading this news release are cautioned that such
statements or information are only predications, and that the Company's actual
future results or performance may be materially different. Such
forward-looking statements or information involve known and unknown risks,
assumptions, uncertainties and other factors that may cause our actual
results, events or developments, to be materially different from any future
results, events or developments expressed or implied by such forward-looking
statements or information. In the event that any of our assumptions prove to
be incorrect, or in the event that we are impacted by any of the risks
identified above, we may not be able to continue in our business as planned,
or at all. For a complete discussion of the assumptions, risks and
uncertainties related to our business, you are encouraged to review our
filings with Canadian securities regulatory authorities on SEDAR at

For further information:

For further information: Robert (Bob) E. Nowack, Chairman and Chief
Executive Officer, Precision Assessment Technology Corporation, Tel: (604)
669-3373 (Ext. 201), Douglas B. Trussler, Partner, Bison Capital Asset
Management, LLC, Tel: (310) 260-6582

Organization Profile


More on this organization

Custom Packages

Browse our custom packages or build your own to meet your unique communications needs.

Start today.

CNW Membership

Fill out a CNW membership form or contact us at 1 (877) 269-7890

Learn about CNW services

Request more information about CNW products and services or call us at 1 (877) 269-7890