Ridgeline Executes Intent to Sell Canadian Environment and GreenFill Businesses Operations
27 Juin 2013 - 3:00PM
OTC Markets
Ridgeline Executes Intent to Sell Canadian Environment and
GreenFill Businesses Operations
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Ridgeline Executes Intent to Sell Canadian Environment and
GreenFill Businesses Operations
PR Newswire
CALGARY, AB and SCOTTSDALE, AZ, June 27,
2013
Expected Sale is for CDN $ 7.2
Million in Cash
Postponed Earnings Report until July 25,
2013
CALGARY, AB and SCOTTSDALE, AZ, June
27, 2013 /PRNewswire/ - Ridgeline Energy Services Inc.
("Ridgeline" or the "Company") (TSXV: RLE, OTCQX: RGDEF, FSE:
RL7) a technology driven company operating in the waste water
industry announces the execution of a Letter of Intent ("LOI") to
sell both of
its Canadian Environmental Services and Greenfill business
divisions to
Ridgeline Canada, Inc. of Calgary.
Ridgeline is pleased to announce the execution of an LOI to
sell
("Sale") all of its Canadian Environmental ("Consulting") and
GreenFill
soils treatment ("GreenFill") business divisions to Ridgeline
Canada,
Inc. of Calgary. The LOI includes
both operating divisions based in
Canada. The divisions known as
Ridgeline Environment. and Ridgeline
GreenFill will be operated as private companies.
The Ridgeline trade names are also a part of the sale.
Ridgeline Canada, Inc. will also
become the exclusive representative for
waste water treatment and fuel refining in Canada.
Dennis M. Danzik CEO stated "We are delighted that we were able to
sell
both our environmental consulting operation and soil
remediation
business, which are obviously no longer the focus of our core
business.
This transaction will also give our rapidly growing U.S. and
Canadian
operations some long term representation in Canada through management
that we have worked with for many years. This also provides our
waste
water and energy operations with substantial growth capital without
a
financing."
"Due to the substantial growth of Ridgeline Energy Services, Inc.
and
the divesting of our environmental consulting divisions,
management
deems it necessary to postpone our earnings release that was
scheduled
for today. The earnings report will be rescheduled for July 25th, 2013."
The Company expects a definitive agreement on the Sale to be
executed by
June 28, 2013 along with a
substantial down payment to be made to the
Company at that time.
Danzik also stated "This is a great continuation of what is a
small
company in Calgary that has grown
modestly for more than a dozen years,
and given great service to over 40 oil and gas customers. It is
also a
substantial sign of continued growth for our waste water business
that
is in demand in almost every corner of North America."
The Ridgeline name will transfer with the Sale of the divisions.
The
Company had a name change approved at its last Annual General
Meeting
and will become RDX Technologies Corporation in about two
weeks.
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is a technology driven
water treatment company. The Company trades on
the TSX Venture Exchange under the symbol "RLE" and the OTCQX
as
"RGDEF". Also traded on the FSE (Frankfurt) as "RL7". Additional
information is available on the Company's website
at: www.ridgelinecanada.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Dennis M Danzik
Dennis M Danzik
Director and Chief Executive Officer
"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."
SOURCE Ridgeline Energy Services Inc.
RDX Technologies (CE) (USOTC:RGDEF)
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