Investors: 2006 Press Release Archive
HSE Announces $8 Million Capital Spending Program For 2006, Q1 2007
NEWS RELEASE – March 15, 2006
HSE Integrated Ltd. ("HSE" or the "Company") is pleased to announce today that the Board of Directors has approved an $8 million capital spending program for the next 12 months. HSE will fund its capital spending through internally generated cashflow.
The capital program is evenly divided between upgrading the existing fleet of fire trucks, shower units and air breathing equipment - primarily in the oilfield services division - and incremental capacity for all three divisions; oilfield services, industrial services and air quality monitoring.
Total capacity will be added in the areas of fire trucks, on-site medical services, high angle rescue equipment, worker protection equipment, and air quality monitoring services.
Based on current pricing, utilization rates and levels of business activity, HSE estimates this capital when completely invested will generate annual revenues in excess of $20 million.
David Yager, Chairman and CEO of HSE, had the following comments.
"After the acquisitions of Key Safety and Key Monitoring Solutions in January and our geographical expansion last year, we had to assess the capital needs of the entire company in light of our increased capacity and market reach. The decision was made to make a significant investment in maintaining our leadership position by upgrading our current asset base with the investment of $4 million, and also to exploit all the opportunities before us through the investment of an additional $4 million. This capital will both sustain existing earnings power and increase it as the new equipment becomes available. That HSE can fund this program from internally generated cashflow reflects the tremendous growth of our company in the past two years".
HSE is an integrated supplier of industrial Health, Safety and Environmental services. From its head office in Calgary, Alberta HSE serves its clients from field service locations in Alberta, British Columbia, Ontario, Nova Scotia and Michigan. HSE trades on the TSX Venture Exchange under the symbol "HSL".
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information please contact:
David Yager, Chairman & CEO
Telephone: (403) 266-1833
E-Mail:
Tony Hidalgo, Chief Financial Officer
Telephone: (403) 266-1833
E-Mail: