VEGREVILLE, AB and TORONTO, ON, March 25, 2015 /CNW/ - TerraVest Capital Inc. (TSX: TVK) (the "Company" or "TerraVest") is pleased to announce that NWP Industries LP ("NWP"), a wholly owned subsidiary of TerraVest, has been awarded its first purchase order for oil & gas processing equipment to be delivered to the U.S. Market.
The equipment will be shipped to a major oil & gas producer with operations based in the state of Utah.
TerraVest acquired NWP in August of 2014 and has been working with management to enhance its reach into new geographic markets.
"We set out to fabricate oil & gas equipment for the U.S. market approximately six months ago knowing we have an excellent product offering, speed to delivery and competitive pricing. This award is the first step in demonstrating TerraVest and NWP's long-term strategic goal of diversifying the Fabrication division's geographic reach while still providing our existing customers with excellent customer service" said Mitch DeBelser, President of NWP Industries LP.
Management is optimistic that the weak Canadian dollar will provide the opportunity for further U.S. sales and continues to implement a number of strategic initiatives to enhance the value of TerraVest's Western Canadian Fabrication division.
About TerraVest Capital Inc.
TerraVest Capital Inc. has a mandate to look for stable cash flow (and/or growing) businesses that will increase cash flow. At the present time, the company is focused on evaluating opportunities in oil & gas processing equipment and liquid containment sectors (such as propane tanks, commercial tanks and home heating products) which require expertise in metal fabrication and welding.
About NWP Industries LP
NWP Industries LP is a 50 year old business based in Innisfail, Alberta. The company manufactures oil & gas processing equipment such as oil & gas separation equipment, line heaters and tanks. The company's customers include major oil & gas producers in Western Canada.
Certain statements contained or incorporated by reference herein, including those that express management's expectations or estimates of future developments or TerraVest future performance, constitute "forward-looking statements" within the meaning of applicable securities laws, and can generally be identified by words such as "will", "may", "could" "expects", "believes", "anticipates", "forecasts", "plans", "intends" or similar expressions. These statements are not historical facts but instead represent management's expectations, estimates and projections regarding future events and performance.
Forward-looking statements are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. TerraVest cautions that such forward-looking statements involve known and unknown contingencies, uncertainties and other risks that may cause TerraVest's actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by those forward-looking statements. Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including without limitation: impact of general economic conditions; its dependence on key customers; cyclical trends in TerraVest's customers' industries; sufficient availability of raw materials at economical costs; weather conditions, production and sales; TerraVest's ability to develop new customers; changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws and potential litigation; ability to obtain financing on acceptable terms; environmental damage caused by it and non-compliance with environmental laws and regulations; potential product liability and warranty claims and equipment malfunction. This list is not exhaustive of the factors that may affect any of TerraVest's forward-looking statements.
Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to TerraVest or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this press release and, whether as a result of new information, future events or otherwise, TerraVest disclaims any intent or obligation to update publicly these forward-looking statements except as required by applicable laws.
SOURCE TerraVest Capital Inc.
For further information: Paul A. Casey, CA, TerraVest Capital Inc., Chief Financial Officer, (780) 632-2040, [email protected]