SPRUCE GROVE, ALBERTA--(Marketwire - Oct. 2, 2012) - ENTREC Corporation (TSX VENTURE:ENT) ("ENTREC") is pleased to announce it has completed its previously announced acquisition of Rain Coast Cranes & Equipment Inc. ("RAIN COAST"). With operating locations in Kitimat and Prince George, RAIN COAST has been providing crane services for over 25 years to customers throughout British Columbia.
The aggregate consideration paid on closing for 100% of the issued and outstanding shares of RAIN COAST consisted of (i) the issuance of 4,400,000 common shares of ENTREC; and (ii) $8.4 million in cash. The reduction in cash consideration paid from the previously announced $10.0 million reflects assumed long-term debt of $2.5 million offset by recently purchased crane equipment of $0.9 million. The final purchase price for RAIN COAST remains subject to certain adjustments related to RAIN COAST's working capital balances as at September 30, 2012.
ENTREC specializes in the lifting, transportation (over the road and on-site), loading, off-loading and setting of overweight and oversized cargo for the oil and gas, construction, petrochemical, mining and power generation industries. The common shares of ENTREC trade on the TSX Venture Exchange under the trading symbol "ENT".
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.