Ridgeline Completes Acquisition of Missouri Facility
CALGARY and SCOTTSDALE, AZ, April 15, 2013 /PRNewswire/ - Ridgeline Energy Services Inc. ("Ridgeline" or the "Company") (TSXV: RLE, OTCQX: RGDEF, FSE: RL7) a technology driven company operating in the waste water industry, today announces that, further to its news releases of February 5, 2013 and March 11, 2013, it has, subject to receipt of final TSX Venture Exchange approval, completed the acquisition of all the partnership interests in Changing World Technologies, L.P., a Delaware limited partnership ("CWT LP") pursuant to a unit purchase agreement dated effective March 11, 2013.
CWT LP has two operating subsidiaries, Renewable Energy Solutions, LLC and TDP, LLC, which includes the Carthage facility where over $60 million dollars was invested in the construction and operation of a refinery for the production of renewable diesels, a waste water treatment plant, real estate and buildings. The Company has, through its wholly owned USA subsidiary, become the sole limited partner of CWT LP. The operating plant is set on just over six rail served acres outside Carthage, Missouri. The property location and infrastructure has capacity to process over 150 million gallons of waste water annually.
Mr. Dennis M. Danzik, CEO of Ridgeline, stated, "The Company has now closed two significant acquisitions -- our Santa Fe Springs facility and now our new Missouri facility. Our Missouri plant is a world class facility that completes the Company's transition into a fully integrated waste water business. Our existing Ridgeline technologies for waste water treatment and the production of the resulting effluent into diesel equivalent fuel is now proven. These two assets are expected to continue to grow revenues and profitability."
Danzik also stated, "Our latest management agreement and subsequent acquisition of the property also demonstrate the Company's ability to identify attractive assets where Ridgeline technology can be installed and add substantial value. Once installed, Ridgeline technology is disruptive, resulting in swift customer and revenue gains. The application of the Company's technology, proven management and second-to-none market development experience are keys to improved business performance and our rapidly growing balance sheet, which now includes substantial real estate holdings."
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
"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.