Ridgeline Energy Services Inc. - Update on Closing of the Santa Fe Springs Acquisition
CALGARY, Feb. 5, 2013 /PRNewswire/ - Ridgeline Energy Services Inc. ("Ridgeline" or the "Company") (TSXV: RLE, OTCQX: RGDEF, FSE: RL7) an energy services and water treatment technology company, provides the following update regarding the Santa Fe Springs facility.
In accordance with the terms of transaction between Ridgeline and Lakeland Development Company and Lakeland Processing Company Ridgeline has placed $3,000,000 in cash and Ridgeline stock into escrow with the land title company First American Title Insurance Company.
One of the conditions of closing is that Ridgeline is to receive confirmation that operating and discharge permits would be granted or transferred at closing. These permits are from the Los Angeles Sanitation Department (Discharge Permit) the Conditional Use Permit (CUP) from the City of Santa Fe Springs. Ridgeline has been issued a Discharge Permit and also received a letter from the City of Santa Fe Springs indicating the CUP will transfer on closing of the transaction.
Final distribution of funds to the Vendor and other beneficiaries is expected to occur once the Bankruptcy Court Judge has approved the distribution of funds. Ridgeline expects that this final step can occur within 14 to 16 days.
Tony Ker, Ridgeline CEO stated "Our Santa Fe Springs facility continues to grow in both revenue and profit performance. We have successfully installed three additional water treatment units and now stand ready to increase volume and opportunity".
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is an energy services and water treatment 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
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SOURCE Ridgeline Energy Services Inc.