CALGARY, June 28, 2012 /CNW/ - Ridgeline Energy Services Inc. (TSX-V: RLE; OTCQX: RGDEF) ("Ridgeline" or the "Company"), an energy services and water treatment company, announces that it is consolidating three of its wholly owned subsidiaries by amalgamating Ridgeline Environment Inc., Ridgeline GreenFill Inc. and Landmark Environment Ltd. with Ridgeline Energy Services Inc.
The resulting consolidated company creates a simpler corporate structure, reduces administration and provides the Company with increased tax efficiencies. The services and products of Ridgeline Environment Inc. and Ridgeline GreenFill Inc. will continue to be provided in the normal course without any changes. The businesses of these two subsidiaries will now be operated as separate divisions or business units of Ridgeline Energy Services Inc. Landmark Environment Ltd. had no active operations or business and will cease to exist.
The amalgamation of these subsidiary companies is being completed in accordance with the Business Corporations Act (Alberta) and will become effective on July 1, 2012. All the assets, liabilities, undertakings and obligations of these wholly owned subsidiaries will be assumed by Ridgeline Energy Services Inc. The consolidation does not alter a shareholder's proportionate interest in the Company nor does it affect the Company's proportionate interest in its assets. The Company will be sending notices to its customers and vendors announcing the consolidation.
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is an energy services and water treatment 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 water treatment services to the oil and gas industry. The Company trades on the TSX Venture Exchange under the symbol "RLE" and the OTCQX as "RGDEF". Additional information is available on the Company's website at: www.ridgelinecanada.com.
ON BEHALF OF THE BOARD OF DIRECTORS
"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 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 or achievements."
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)