CALGARY, April 8 /PRNewswire-FirstCall/ - Flint Energy Services Ltd. (Flint, the Company) announced that it has entered into an agreement to sell all of the issued and outstanding shares of Entrec Transportation Services Ltd. (Entrec), as well as certain assets used to conduct the business of Entrec, to EIS Capital Corp.
The agreement contains a number of conditions precedent to the obligations of Flint and EIS Capital Corp, typical of transactions of this nature.
W. J. (Bill) Lingard, President and CEO of Flint said, "It had been determined that the Entrec business was not a core business of Flint and did not feature in Flint's plans for growth. Flint continues to explore opportunities for growth complementary to its current core competencies."
Flint Energy Services Ltd. is a market leader providing an expanding range of integrated products and services for the oil and gas industry including: production services; infrastructure construction; oilfield transportation; and maintenance services. Flint provides this unique breadth of products and services through over 60 strategic locations in the oil and gas producing areas of western North America, from Inuvik in the Northwest Territories to Mission, Texas on the Mexican border. Flint is a preferred provider of infrastructure construction management, module fabrication, maintenance services for upgrading, and production facilities in Alberta's oil sands sector.
FORWARD LOOKING STATEMENTS
Certain statements in this news release are "forward-looking statements", which reflect current expectations of the management of Flint regarding future events or Flint's future performance. All statements other than statements of historical fact contained in this news release may be forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in the forward-looking statements. Flint believes that the expectations reflected in such forward-looking statements are reasonable, but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon. The forward-looking statements are expressly qualified in their entirety by this cautionary statement. The forward-looking statements are made as of the date of this news release and Flint assumes no obligation to update or revise them to reflect new events or circumstances, except as expressly required by applicable securities law. Further information regarding risks and uncertainties relating to Flint and its securities can be found in the disclosure documents filed by Flint with the securities regulatory authorities, available at www.sedar.com.
SOURCE Flint Energy Services Ltd.