Expected Sale is for CDN $ 7.2
Million in Cash
Postponed Earnings Report until July
25, 2013
CALGARY, AB and
SCOTTSDALE, AZ, June 27, 2013 /CNW/ - Ridgeline Energy Services
Inc. ("Ridgeline" or the "Company") (TSXV: RLE, OTCQX: RGDEF,
FSE: RL7) a technology driven company operating in the waste
water industry announces the execution of a Letter of Intent
("LOI") to sell both of its Canadian Environmental Services and
Greenfill business divisions to Ridgeline Canada, Inc. of
Calgary.
Ridgeline is pleased to announce the execution
of an LOI to sell ("Sale") all of its Canadian Environmental
("Consulting") and GreenFill soils treatment ("GreenFill") business
divisions to Ridgeline Canada, Inc. of Calgary. The LOI includes both operating
divisions based in Canada. The
divisions known as Ridgeline Environment. and Ridgeline GreenFill
will be operated as private companies.
The Ridgeline trade names are also a part of the
sale.
Ridgeline Canada, Inc. will also become the exclusive
representative for waste water treatment and fuel refining in
Canada.
Dennis M. Danzik CEO stated "We are delighted
that we were able to sell both our environmental consulting
operation and soil remediation business, which are obviously no
longer the focus of our core business. This transaction will also
give our rapidly growing U.S. and Canadian operations some long
term representation in Canada
through management that we have worked with for many years. This
also provides our waste water and energy operations with
substantial growth capital without a financing."
"Due to the substantial growth of Ridgeline
Energy Services, Inc. and the divesting of our environmental
consulting divisions, management deems it necessary to postpone our
earnings release that was scheduled for today. The earnings report
will be rescheduled for July
25th, 2013."
The Company expects a definitive agreement on
the Sale to be executed by June 28,
2013 along with a substantial down payment to be made to the
Company at that time.
Danzik also stated "This is a great continuation
of what is a small company in Calgary that has grown modestly for more than
a dozen years, and given great service to over 40 oil and gas
customers. It is also a substantial sign of continued growth for
our waste water business that is in demand in almost every corner
of North America."
The Ridgeline name will transfer with the Sale
of the divisions. The Company had a name change approved at its
last Annual General Meeting and will become RDX Technologies
Corporation in about two weeks.
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is a
technology driven water treatment company. The Company trades on
the TSX Venture Exchange under the symbol "RLE" and the OTCQX as
"RGDEF". Also traded on the FSE (Frankfurt) as "RL7". Additional information is
available on the Company's website
at: www.ridgelinecanada.com.
ON BEHALF OF THE BOARD OF DIRECTORS
Dennis M Danzik
Dennis M Danzik
Director and Chief Executive Officer
"Neither TSX Venture Exchange nor its
Regulation Services Provider (as that term is defined in the
policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this news release. This news release
may contain forward-looking statements. Forward-looking statements
address future events and conditions and therefore, involve
inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements.
Such information is subject to known and unknown risks,
uncertainties and other factors that could influence actual results
or events and cause actual results or events to differ materially
from those stated, anticipated or implied in the forward-looking
information. Readers are cautioned not to place undue
reliance on forward-looking information, as no assurances can be
given as to future results, levels of activity or
achievements."
SOURCE Ridgeline Energy Services Inc.