IROC Energy Services Corp. completes the sale of the Envirocore division assets and the sale of the Oricomm division assets
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IROC Energy Services Corp. ("IROC" or the "Corporation") (TSX: "ISC") announced that it has completed the previously announced transactions for the sale of its Envirocore division assets to Winalta Construction Inc., and the sale of its Oricomm division assets to Firemaster Oilfield Services Inc.
IROC has applied the closing cash proceeds from the transactions, in the amount of $6.3 million dollars, to existing credit facilities.
Tom Alford, President and CEO, commented that "we are pleased with the closing of these transactions. They have allowed us to continue to strengthen our balance sheet, which will provide us with more flexibility to build our core businesses resulting in a significant advantage to us, even in these challenging times." Mr. Alford added, "we would like to thank all of the employees of each of Envirocore and Oricomm for their work over the years and we wish them the best of luck."
About IROC Energy Services Corp.
IROC Energy Services Corp. is an Alberta oilfield services company that, through the IROC Energy Services Partnership, provides a comprehensive and diverse range of products, services and equipment to the oil and gas industry. IROC combines cutting-edge technology with depth of experience to deliver a product and services offering in the following areas: Well Servicing & Equipment, Downhole Temperature & Pressure Monitoring Tools, and Rental Services. For more information on IROC Energy Services Corp. visit our website at www.iroccorp.com.
Cautionary Statements
Certain statements contained in this press release may constitute forward looking statements concerning, among other things, expected revenues, expected expenses, profits, developments and strategies for IROC's operations all of which are subject to certain risks, uncertainties and assumptions. These forward looking statements are identified by their use of terms and phrases such as "anticipate", "continue", "estimate", "expect", "may", "will", "projected", "should", "believe" and other similar terms and phrases. By its nature, such forward looking information involves known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward looking statements. These risks include, but are not limited, to the risks associated with the oil and gas industry generally, fluctuating prices in crude oil and natural gas, changes in drilling activity, general global economic, political and business conditions, weather conditions, regulatory changes and availability of products, qualified personnel and manufacturing capacity and raw materials. If any of these uncertainties materialize, or if assumptions are incorrect actual results may vary materially from those expected. IROC relies on litigation protection for any forward looking statements.
This press release is not for dissemination in United States or to any United States news services. The Common Shares of IROC have not and will not be registered on the United States Securities Act of 1933, as amended (the "United States Securities Act") or any state securities laws and are not offered or sold in the United States or to any US person except in certain transactions exempt from the registration requirements of the United States Securities Act and applicable state securities laws.
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SOURCE: IROC Energy Services Corp.
IROC Energy Services Corp., Mr. Thomas M. Alford, President and CEO, Telephone: (403)
263-1110, email: investorrelations@iroccorp.com
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