Ridgeline Announces Santa Fe Springs Acquisition Close
CALGARY, April 8, 2013 /PRNewswire/ - Ridgeline Energy Services Inc. (TSX-V: RLE; OTCQX: RGDEF; FSE: RL7) ("Ridgeline" or the "Company"), a technology driven company operating in the waste water industry has closed the Santa Fe Springs (SFS) facility acquisition.
The agreement to purchase the Santa Fe Springs facility was initially signed in April 2012. Since then Ridgeline has been operating under a Management Agreement with the Vendor until all the terms and conditions of the agreement could be completed. Ridgeline is pleased to announce that the transaction has been closed and the Company now has legal title to the 18 acres of real estate, and the onsite assets, as well as the water treatment and discharge business.
The transaction also includes an additional $5 million dollar environmental remediation contract set to start sometime this year. The contract will be managed by the Company's Environmental Division, which denotes additional growth opportunities in the U.S.
Tony Ker Executive Chairman stated "We are very pleased to have this acquisition closed. This purchase represents over eighteen months of hard work on the part of many of our officers and managers. Santa Fe Springs is a key part of the Company's business model which is to mine valuable materials from nearly any waste water stream during the efficient treatment of that water."
Dennis M. Danzik CEO stated "The Company now owns its first substantial real estate asset, on prime real-estate in the heart of Los Angeles market. The Company can now accelerate the business ramp up. We are also excited to show how the real estate portion of our business will add financial value to the company. The property, operational and esthetic improvements our Company plans to make will also benefit the City of Santa Fe Springs, local industry and residents. Developing stranded real estate assets like our Santa Fe Springs, and Carthage Missouri facilities with our disruptive technology is a key focus in the years to come. Our strategy is all about water, and the tremendous value that it brings."
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is a technology driven company operating in the waste water industry. 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 M Danzik"
Dennis M Danzik
Chief Executive Officer
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SOURCE Ridgeline Energy Services Inc.