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ENT Entrec Corporation

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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
  0.00 0.00% 0 -

Entrec Completes Acquisition of TRAK Equipment Haulers and Closes Purchase of Real Estate Assets

03/11/2011 12:00pm

Marketwired Canada


Entrec Transportation Services Ltd. (TSX VENTURE:ENT) ("ENTREC") is pleased to
announce it has completed the previously announced acquisition of the business
and assets of TRAK Equipment Haulers ("TRAK"). TRAK is based in Edmonton,
Alberta and specializes in the transportation of over-sized and overweight
equipment within the oil and gas and construction industries. TRAK's fleet,
which consists of over 40 trucks and specialized trailers as well as additional
support and ancillary equipment, will be integrated into ENTREC's existing
Spruce Grove division.


The aggregate purchase price paid on closing was $3.35 million and was paid
through a combination of: (i) the issuance of 777,778 common shares of ENTREC
issued at a deemed price of $1.35 per share; and (ii) the remainder in cash. 


Acquisition of Real Estate Assets

ENTREC also announces it has completed the previously announced acquisition of
certain real estate assets used in the ENTREC business from Flint Energy
Services Ltd. 


The aggregate purchase price paid of $5.40 million was financed through a
combination of: (i) a $3.75 million term loan from Canadian Western Bank, (ii)
the release of a $1.0 million deposit; and (iii) the remainder in cash. ENTREC's
intention is to pursue a sale lease-back of the real estate assets acquired. 


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". 


Forward-looking statements

This press release contains forward-looking statements which reflect ENTREC's
current beliefs and are based on information currently available to ENTREC.
These statements require ENTREC to make assumptions it believes are reasonable
and are subject to inherent risks and uncertainties. Actual results and
developments may differ materially from the results and developments discussed
in the forward-looking statements as certain of these risks and uncertainties
are beyond ENTREC's control. 


Examples of such forward-looking statements in this press release relate to, but
are not limited to, ENTREC's intention to complete a sale lease-back of the real
estate assets acquired. There is no certainty that a sale lease-back transaction
will be completed in the future or if completed, on terms that are favorable to
ENTREC. The statements in this press release are made as of the date of this
release.


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