TORONTO, Dec. 3, 2024
/CNW/ - TerraVest Industries Inc., (TSX: TVK) ("TerraVest" or the
"Company") announces today that, through its partially owned
subsidiary Green Energy Services Inc. ("GES"), it has entered into
an asset purchase agreement with Aureus Energy Services Inc.
("Aureus") to acquire their Canadian assets, located in
Grande Prairie, Alberta and
Fort St. John, British Columbia
(the "Transaction"). Aureus provides water management and hot
oiling services to the Western Canadian energy industry.
Aureus Energy Services Inc. has retained its U.S. business
and will continue to provide water management and water recycling
services in the Permian and Delaware regions in Texas and New
Mexico.
Ken Wagner, President of GES
welcomes the employees of Aureus and looks forward to their
continuing commitment to the business and its customers. "Green
Energy Services is very excited to welcome the employees of Aureus.
Aureus is a premier water management business with an excellent
reputation and highly complementary assets to GES." said Mr.
Wagner.
"On behalf of the Board, I wanted to thank the Aureus team of
high performing individuals I have had the pleasure of working with
for the last 13 plus years in Canada, and I'm excited for their opportunity
to continue to flourish in their careers with the highly successful
GES management team.", said Jason
Tocheniuk, President and CEO
Aureus will be acquired using existing cash and credit
facilities. The Transaction is expected to close on or about
January 1, 2025.
Caution Regarding Forward-Looking Statements
This news release contains forward-looking statements.
All statements other than statements of historical fact contained
in this news release are forward-looking statements, including,
without limitation, statements regarding the anticipated closing
date of the Transaction, our strategic direction and evaluation of
the business segments and TerraVest as a whole, and other plans and
objectives of or involving TerraVest. Readers can identify many of
these statements by looking for words such as "expects" and "will"
or similar terms or variations of these words. Although management
believes that the expectations represented in such forward-looking
statements are reasonable, there can be no assurance that such
expectations will prove to be correct.
By their nature, forward-looking statements require us to
make assumptions and, accordingly, forward- looking statements are
subject to inherent risks and uncertainties. There is significant
risk that the forward-looking statements will not prove to be
accurate. We caution readers of this news release not to place
undue reliance on our forward-looking statements because a number
of factors may cause actual future circumstances, results,
conditions, actions or events to differ materially from the plans,
expectations, estimates or intentions expressed in the
forward-looking statements and the assumptions underlying the
forward-looking statements.
Assumptions and analysis about the performance of TerraVest
as a whole and its business segments, the markets in which the
business segments compete and the prospects and values of the
business segments are considered in setting the business plan for
TerraVest, plans and/or ability to pay dividends, outlook for
operations, financial position, results and cash flows, other plans
and objectives and in making related forward-looking statements.
Such assumptions include, without limitation, demand for
products and services of the business segments in respect of the
Canadian and other markets in which the businesses are active will
be stable, and that input costs to business segments do not vary
significantly from levels experienced
historically. Should any of these factors or
assumptions vary, actual results may differ materially from the
forward-looking statements.
SOURCE TerraVest Industries Inc.