AGREEMENT FOR THE PURCHASE OF MISSOURI FACILITY
PURCHASE SECURES $ 35 MILLION
IN ANNUAL REVENUE
CALGARY,
March 11, 2013 /CNW/ - Ridgeline
Energy Services Inc. ("Ridgeline" or the "Company") (TSXV: RLE,
OTCQX: RGDEF, FSE: RL7, FSE: RL7) a water treatment and energy
technology company, today announced that it has executed a
definitive agreement for the purchase of CWT, LP for stock and
debt. CWT, LP is the beneficial owner of the (DBA), Consolidated
Water Treatment of Missouri (CMT)
which is the entity Ridgeline signed a management agreement with on
February 5th, 2013. The
acquisition is subject to approval of the Toronto Venture
Exchange.
The Company has purchased all of the partner
interest in CWT, LP and its operating subsidiaries; Renewable
Energy Solutions, LLC and TDP, LLC which includes the facility
located in Carthage, Missouri for
CDN $15,000,000 million dollars in
Ridgeline common stock at $0.58 per
share, and a five year secured debt in the amount of CDN
$20,000,000 million dollars. The
Sellers, which are represented by CWT Enterprises Canada, Inc. will
also receive 4,100,000 warrants at a price of CDN $1.00 with expiration in five years.
Dennis M Danzik, Ridgeline CEO commented "This
is the second significant acquisition for Ridgeline this year, with
the closing of our Santa Fe Springs facility imminent. The
acquisition of CWT, LP which includes the facility in Missouri provides for an accelerated growth
track for the Company. This acquisition will allow Ridgeline to
transition from a small business to a business with two premier,
fully integrated waste water properties with substantial capital
equipment and infrastructure. Ridgeline has now completed the fully
integrated waste water business model."
Mr. Danzik also commented, "We look forward to
detailing our growth and offering guidance in our upcoming
conference call, and giving a clear picture as to our growth, and
shareholder value. Ridgeline continues to deliver; aggressive
revenue gains, as well as substantial balance sheet, and
profitability growth."
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is a water
treatment and energy technology company. The Company is applying
proprietary technology to treat water generated from industrial and
commercial waste water markets. These markets include a wide
variety of clients across a broad spectrum of industries including
oil and gas. Through its environmental consulting and remediation
divisions, Ridgeline Environment has built a reputation as an
established provider of environmental services to the Western
Canadian oil and gas industry. Ridgeline GreenFill provides soil
remediation and wet waste disposal services to the oil and gas
industry. The Company trades on the TSX Venture Exchange
under the symbol "RLE", the OTCQX as "RGDEF" and the Frankfurt
Stock Exchange as "RL7".
ON BEHALF OF THE BOARD OF DIRECTORS
"Dennis Danzik"
Dennis M. Danzik, CEO
"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.