TERRAVEST ANNOUNCES THE ACQUISITION OF LV ENERGY SERVICES

TORONTO, Nov. 3, 2023 /CNW/ - TerraVest Industries Inc., (TSX: TVK) ("TerraVest" or the "Company") announces today that, through its partially-owned subsidiary Green Energy Services Inc. ("GES"), it has acquired all the issued and outstanding shares of LV Energy Services Ltd. ("LV") for $25 million.  LV Energy Services Ltd., with locations in Grande Prairie and Rimbey Alberta provides water management and other related services in the Western Canadian energy industry.

Ken Wagner, President of GES welcomes the employees of LV and looks forward to their continuing commitment to the business and its customers. "Green Energy Services, operating as Fraction Energy Services, is extremely excited to have Jason and his LV team join the Fraction family. LV Energy Services is a premier heating company in Canada with an excellent culture that will align with TerraVest and the GES Group." said Mr. Wagner.

"I am very excited to announce this new chapter for LV Energy Services. What started as a small family company has evolved into one of the premier frac water heating companies in Western Canada. With this transaction, we will grow yet again, to form one of the largest heating companies in Canada. The team at Fraction has been great to work with throughout this entire process and I'm excited for this new challenge and opportunity." – said Jason Henderson, President of LV

LV Energy Services Ltd. will be acquired using existing cash and credit facilities.

Caution Regarding Forward-Looking Statements

This news release contains forward-looking statements.  All statements other than statements of historical fact contained in this news release are forward-looking statements, including, without limitation, statements regarding our strategic direction and evaluation of the business segments and TerraVest as a whole, and other plans and objectives of or involving TerraVest. Readers can identify many of these statements by looking for words such as "expects" and "will" or similar terms or variations of these words. Although management believes that the expectations represented in such forward-looking statements are reasonable, there can be no assurance that such expectations will prove to be correct.

By their nature, forward-looking statements require us to make assumptions and, accordingly, forward looking statements are subject to inherent risks and uncertainties. There is significant risk that the forward-looking statements will not prove to be accurate. We caution readers of this news release not to place undue reliance on our forward-looking statements because a number of factors may cause actual future circumstances, results, conditions, actions or events to differ materially from the plans, expectations, estimates or intentions expressed in the forward-looking statements and the assumptions underlying the forward-looking statements. 

Assumptions and analysis about the performance of TerraVest as a whole and its business segments, the markets in which the business segments compete and the prospects and values of the business segments are considered in setting the business plan for TerraVest, plans and/or ability to pay dividends, outlook for operations, financial position, results and cash flows, other plans and objectives and in making related forward-looking statements. Such assumptions include, without limitation, demand for products and services of the business segments in respect of the Canadian and other markets in which the businesses are active will be stable, and that input costs to business segments do not vary significantly from levels experienced historically. Should any of these factors or assumptions vary, actual results may differ materially from the forward-looking statements.

SOURCE TerraVest Industries Inc.

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