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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Entrec Corporation | TSXV:ENT | TSX Venture | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
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0.00 | 0.00% | 0 | - |
Entrec Transportation Services Ltd. (TSX VENTURE:ENT) ("ENTREC") is pleased to announce it has completed the acquisition of 100% of the issued and outstanding shares of the Singer Specialized Group of Companies ("SINGER"). SINGER is based in Calgary, Alberta and specializes in the transportation of over-sized equipment within the oil and gas, petro-chemical, power generation and mining industries. Operating out of a modern 21,000 square foot shop and office facility, SINGER operates an extensive fleet of conventional heavy haul trailers, tractors, winch tractors, prime movers, picker trucks, as well as 58 lines of hydraulic platform trailers. ENTREC's existing Calgary location will be integrated into the SINGER location. The aggregate purchase price paid on closing was $15.265 million less the value of long-term debt and was paid through a combination of: (i) the issuance of 3,900,000 common shares of ENTREC issued at a deemed price of $1.35 per share; and (ii) the remainder in cash. The final purchase price for SINGER remains subject to certain adjustments related to SINGER's working capital balances as at March 31, 2012 and normalized earnings before interest, taxes, depreciation and amortization ("EBITDA") for the trailing 12 month period ended March 31, 2012. About ENTREC ENTREC specializes in the transportation and rigging of overweight and oversized cargo for the oil and gas, construction, petrochemical, mining and power generation industries. The common shares of ENTREC trade on the TSX Venture Exchange under the trading symbol "ENT".
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