Investors: 2007 Press Releases
Completes Prairie Wide Safety Acquisition
NEWS RELEASE - July 9, 2007
HSE Integrated Ltd. (“HSE” or the “Company”) is pleased to announce that it has completed the previously announced (May 17, 2007) acquisition of the shares of Prairie Wide Safety Ltd. (“PWS”) of Weyburn, Saskatchewan. The total purchase consideration is approximately $2 million subject to adjustments based on the financial performance of PWS for the first 12 months of operations following its acquisition by HSE. The purchase consideration is a combination of cash, assumption of debt, and the issuance 100,000 HSE shares.
HSE intends to use PWS as a geographic platform from which to expand its services in the active southeast Saskatchewan marketplace. Several HSE clients have asked HSE to open a service base in this area. HSE will add to the PWS services package as demand dictates.
This is the Company’s first major expansion into Saskatchewan, and another step towards developing a truly national industrial safety services delivery footprint.
Drilling and overall oilfield activity in this area is considered more stable in 2007 than in Alberta or British Columbia because the production is primarily crude oil, not natural gas. All PWS employees will be staying with HSE including the founder, Ed Daer.
It is expected that PWS will have a positive contribution to HSE’s revenues and cashflow for the remainder of the 2007 fiscal year and thereafter.
HSE is Canada’s only national supplier of integrated industrial Health, Safety and Environmental services. From its head office in Calgary, Alberta HSE serves its clients from field service locations in British Columbia, Alberta, Saskatchewan, Ontario, New Brunswick, Nova Scotia and Michigan. HSE trades on the TSX Exchange under the symbol “HSL”.
Forward-Looking Statements
This news release may contain forward-looking statements concerning, among other things, the Company’s prospects, expected revenues, expenses, profits, financial position, strategic direction, and growth initiatives, all of which are subject to risks, uncertainties and assumptions. These forward-looking statements are identified by their use of terms and phrases such as expect, anticipate, estimate, believe, may, will, intend, plan, continue, project, objective and other similar terms and phrases. These statements are based on certain assumptions and analyses made by the Company based on its experience and assessment of current conditions, known trends, expected future developments and other factors it believes are appropriate under the circumstances. Such statements are subject to numerous external variables, both known and unknown, such as changes in commodity prices for natural gas and oil, changes in drilling activity, weather conditions, industry-specific and general economic conditions and exchange rate fluctuations. If any of these risks and uncertainties materializes or if assumptions are incorrect, actual results may differ materially from those expressed or implied in the forward-looking statements. The forward looking statements included in this news release are not guarantees of future performance and should not be unduly relied upon.
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:
HSE Integrated Ltd.
David Yager, Chairman & CEO
Telephone: (403) 266-1833
E-Mail:
Tony Hidalgo, Chief Financial Officer
Telephone: (403) 650-6481
E-Mail: