MONTREAL, Oct. 10 /CNW/ - TORR Canada Inc. (TSX: TOR) ("TCI"), dedicated
to providing water treatment to the Oil & Gas industry, today announced that
its shareholders overwhelmingly approved the acquisition of all the shares of
Norwegian-based Pure Group AS, a provider of leading technologies for oil, gas
and water purification. This acquisition announced on July 30, 2007 will
enable TCI to offer a broader product offering and to access a larger
The purchase price, subject to closing adjustments, will be paid with
$10.9 million in cash, the issuance of 15,419,545 common shares of TORR, and
the refinancing of an existing loan for approximately $7.5 million. The
transaction is subject to the usual conditions (including approval by the TSX)
and is expected to close before October 31, 2007.
"The completion of this acquisition brings us one step closer to our goal
of becoming a global provider of process solutions for the upstream oil & gas
industry," said Alain Ferland, President and Chief Executive Officer of TORR
Canada. "We believe this acquisition will quickly bring added value to our
customers and our shareholders."
The acquisition was approved this morning at a Special Meeting of
Shareholders by more than 99% of the votes cast by holders of common shares
present at the meeting in person or by proxy.
About TORR Canada Inc.
TCI is dedicated to providing water treatment solutions to the oil and
gas industry. TCI designs, develops, manufactures and commercializes the
TORR(TM) and Reusable Petroleum Absorbent ("RPA(R)") cartridge technologies to
separate oil and water in produced water generated by oil and gas production.
For more information, please visit www.torrcanada.com.
Caution concerning forward-looking statements
This press release contains forward-looking statements. Such statements
inherently involve numerous risks and uncertainties. Actual future results may
differ from the anticipated results expressed in the forward-looking
statements contained in this press release and TCI does not undertake to
update this information. Investors are cautioned against placing undue
importance on forward-looking information contained herein and should consult
the final short form prospectus and the documents incorporated by reference
therein, which contain a more exhaustive analysis of risks and uncertainties
connected to TCI's business.
For further information:
For further information: TORR Canada Inc., Jacques L. Drouin, Senior
Vice-President & CFO, (514) 522-5550, ext. 226, email@example.com; The
Equicom Group Inc., Danielle Ste-Marie, (514) 844-6064,