TORONTO, Dec. 3, 2024 /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 entered into an asset purchase agreement with Aureus Energy Services Inc. (“Aureus”) to acquire their Canadian assets, located in Grande Prairie, Alberta and Fort St. John, British Columbia (the “Transaction”). Aureus provides water management and hot oiling services to the Western Canadian energy industry. Aureus Energy Services Inc. has retained its U.S. business and will continue to provide water management and water recycling services in the Permian and Delaware regions in Texas and New Mexico.
Ken Wagner, President of GES welcomes the employees of Aureus and looks forward to their continuing commitment to the business and its customers. “Green Energy Services is very excited to welcome the employees of Aureus. Aureus is a premier water management business with an excellent reputation and highly complementary assets to GES.” said Mr. Wagner.
“On behalf of the Board, I wanted to thank the Aureus team of high performing individuals I have had the pleasure of working with for the last 13 plus years in Canada, and I’m excited for their opportunity to continue to flourish in their careers with the highly successful GES management team.”, said Jason Tocheniuk, President and CEO
Aureus will be acquired using existing cash and credit facilities. The Transaction is expected to close on or about January 1, 2025.
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 the anticipated closing date of the Transaction, 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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