CE Franklin Ltd. Acquires East-Central Alberta Oil Field Equipment Distributor
03 Décembre 2007 - 10:32PM
PR Newswire (US)
CALGARY, Dec. 3 /PRNewswire-FirstCall/ -- CE Franklin Ltd.
(TSX.CFT, AMEX.CFK) announced today that it has acquired JEN Supply
Inc. ("JEN Supply"). The transaction will be financed from
available bank credit facilities and is expected to be accretive to
CE Franklin shareholders. JEN Supply is based in Stettler, Alberta,
Canada and operates four oil field equipment supply stores in
east-central Alberta. JEN Supply was founded in 1997 and has grown
profitably, with revenues of approximately $22 million for the last
12 months. JEN Supply has been acquired on a debt free basis. "JEN
Supply is a leading supplier to the oil and gas industry in
east-central Alberta with a reputation for quality service," said
Michael West, Chairman, President and CEO. "The combination of JEN
Supply and CE Franklin's operations and talent in the east-central
Alberta market will strengthen CE Franklin's market presence and
reach, resulting in improved customer service capability and
operating efficiencies." About CE Franklin For more than half a
century, CE Franklin has been a leading supplier of products and
services to the energy industry. CE Franklin distributes pipe,
valves, flanges, fittings, production equipment, tubular products
and other general oilfield supplies to oil and gas producers in
Canada as well as to the oilsands, refining, heavy oil,
petrochemical, forestry and mining industries. These products are
distributed through its 42 branches, which are situated in towns
and cities serving particular oil and gas fields of the western
Canadian sedimentary basin. Forward-looking Statements: The
information in this news release may contain "forward-looking
statements" within the meaning of Section 27A of the Securities Act
of 1933 and Section 21E of the Securities Exchange Act of 1934 and
other applicable securities legislation. All statements, other than
statements of historical facts, that address activities, events,
outcomes and other matters that CE Franklin plans, expects,
intends, assumes, believes, budgets, predicts, forecasts, projects,
estimates or anticipates (and other similar expressions) will,
should or may occur in the future are forward-looking statements.
These forward-looking statements are based on management's current
belief, based on currently available information, as to the outcome
and timing of future events. When considering forward-looking
statements, you should keep in mind the risk factors and other
cautionary statements and refer to the Form 20-F or our annual
information form for further detail. DATASOURCE: CE Franklin Ltd.
CONTACT: Mark Schweitzer, Vice President and Chief Financial
Officer, (403) 531-5603, (800) 345-2858,
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