PROJECTS $11-$11.5 MILLION REVENUE, A 17 TO 25%+ INCREASE OVER 3RD QTR.
CALGARY, March 12, 2013 /PRNewswire/ - Ridgeline Energy Services Inc. ("Ridgeline" or the "Company") (TSXV: RLE, OTCQX: RGDEF, FSE: RL7) a water treatment and energy technology company, today announced projected revenue and gross margin numbers for the 4th Quarter 2013.
Mr. Danzik (CEO) of Ridgeline indicated that revenues in the 4th Qtr. should increase from the $9.4 million in the 3rd Qtr. to between $11.5 million and $11.75 million. Gross Margin should increase from $2.9 million to between $3.5 million and $4.0 million
In addition, Mr. Danzik provided additional details on the terms of the recently announced Missouri acquisition. He stated "All of the acquisition is paid for either with stock from the company or by a debenture. The debenture is a good deal for Ridgeline as it is a 60 month term with 6% interest for 30 months and 8% for next 30 months. No principal is payable for the first 9 months with the principle being amortized over the remaining 51 months. The debenture is secured against only the asset we are buying. Based on current market rates available these are attractive. The Warrants at $1/share are a good indication that the Vendors believe the asset will be put to good use"
The Company would like to correct a miss-print in the March 8th news release regarding the size of the Private Placement. The March 8th release indicated gross proceeds of $3,480,000. The correct amount should be gross proceeds of $ 2,820,000.
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 M. Danzik, CEO
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SOURCE Ridgeline Energy Services Inc.