TORR Canada Shareholders Approve Acquisition of Pure Group AS
Montreal, Canada (ots/PRNewswire)
TORR Canada Inc. (TSX: TOR)
("TCI"), dedicated to providing water treatment to the Oil & Gas
industry, today announced that its shareholders overwhelmingly
approved the acquisition of all the shares of Norwegian-based Pure
Group AS, a provider of leading technologies for oil, gas and water
purification. This acquisition announced on July 30, 2007 will enable
TCI to offer a broader product offering and to access a larger
distribution network.The purchase price, subject to closing adjustments, will be paid with CDN$10.9 million in cash, the issuance of 15,419,545 common shares of TORR, and the refinancing of an existing loan for approximately CDN$7.5 million. The transaction is subject to the usual conditions (including approval by the TSX) and is expected to close before October 31, 2007.
"The completion of this acquisition brings us one step closer to our goal of becoming a global provider of process solutions for the upstream oil & gas industry," said Alain Ferland, President and Chief Executive Officer of TORR Canada. "We believe this acquisition will quickly bring added value to our customers and our shareholders."
The acquisition was approved this morning at a Special Meeting of Shareholders by more than 99% of the votes cast by holders of common shares present at the meeting in person or by proxy.
About TORR Canada Inc.
TCI is dedicated to providing water treatment solutions to the oil
and gas industry. TCI designs, develops, manufactures and
commercializes the TORR(TM) and Reusable Petroleum Absorbent
("RPA(R)") cartridge technologies to separate oil and water in
produced water generated by oil and gas production. For more
information, please visit http://www.torrcanada.com.Caution concerning forward-looking statements
This press release contains forward-looking statements. Such statements inherently involve numerous risks and uncertainties. Actual future results may differ from the anticipated results expressed in the forward-looking statements contained in this press release and TCI does not undertake to update this information. Investors are cautioned against placing undue importance on forward-looking information contained herein and should consult the final short form prospectus and the documents incorporated by reference therein, which contain a more exhaustive analysis of risks and uncertainties connected to TCI's business.
Contact:
For further information: TORR Canada Inc., Jacques L. Drouin, Senior
Vice-President & CFO, +1-514-522-5550, ext. 226,
jdrouin@torrcanada.com; The Equicom Group Inc., Danielle Ste-Marie,
+1-514-844-6064, dste-marie@equicomgroup.com/