CALGARY, ALBERTA--(Marketwire - Nov. 19, 2012) -
(NOT FOR DISSEMINATION IN THE UNITED STATES OF AMERICA)
Canadian Oilfield Solutions Corp. (the "Corporation") (TSX VENTURE:OTS) is pleased to announce that it has entered into an agreement to purchase a private company based in the USA that services the oil and gas, mining and general industrial sectors with an established manufacturing and distribution network in the US and international markets.
Under the terms of the purchase agreement, the Corporation will acquire all tangible and intangible assets of the vendor, including capital assets and product inventory, for aggregate purchase consideration of $144,000 USD, subject to adjustment at closing. The Corporation has also agreed to pay the vendor a royalty representing 10% and up to a maximum of $250,000 USD of the gross sales of the purchased business after closing. The Corporation will also enter into a technical support and services consulting agreement with the principal of the vendor at closing.
The proposed transaction is expected to be completed on or about November 23, 2002 and is subject to satisfactory due diligence reviews on the business and affairs of the vendor and execution of customary commercial agreements among the parties.
Neither the 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 release.