Investors: 2006 Press Release Archive
HSE Expands Services, Opportunities
NEWS RELEASE – June 26, 2006
HSE Integrated Ltd. ("HSE" or the "Company") announces today that the two-year mutual non-competition agreement between HSE and Safety Boss Inc. has expired and both parties have agreed not to renew. This non-complete was a component of the safety asset purchase agreement between Safety Boss and HSE dated June 22, 2004.
Under this agreement, both parties were subject to certain restrictions on their business activities in Canada, the United States and international markets. For HSE, the specific restrictions were well control, large scale hydrocarbon firefighting, special flow control services (freezing, hot taps) and forestry firefighting. Further, HSE was restricted from providing any oilfield safety services outside of Canada and the United States.
In the past two years HSE has acquired significant additional equipment, capacity and expertise to provide services in these areas that it did not have in June, 2004.
David Yager, Chairman and CEO of HSE, had the following comments.
"The agreement that we entered into two years ago was right for our Company at that time. In the past two years we have grown tremendously, and the removal of these restrictions is right for our Company now.
Our relationship with Safety Boss has been profitable and I believe mutually rewarding. Last week, Safety Boss Chairman and CEO Michael Miller resigned from our Board of Directors. He did this because with the non-competition agreement expired, he believed there was a potential for a conflict of interest situation going forward.
On behalf of HSE and my fellow directors, I thank Mike for his time on the HSE Board. He made a tremendous contribution to HSE and in the past has made a similar contribution to our industry and in fact our country through his brave and professional work in dealing with major oil and gas well fires and blowouts around the world".
HSE is an integrated supplier of industrial Health, Safety and Environmental services. From its head office in Calgary, Alberta, its 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:
Jim Hill, President
Telephone: (519) 429-0080
E-Mail: