Intercept Energy Services Inc. Termination of Royalty Agreement
27 June 2014 - 5:54AM
Access Wire
VANCOUVER, BC / ACCESSWIRE / June 26, 2014 /
INTERCEPT ENERGY SERVICES INC. ("Intercept" or the "Company") - TSX
Venture: IES -OTC:BB -
IESCF announces that is has signed
a Termination Agreement effective the 24th day of June 2014
with 1645577 Alberta Ltd. ("Numberco") whereby Intercept has agreed
that, in consideration of the Royalty Agreement
(as originally
announced on March 21, 2012) on
the terms and as set out in the said Agreement it will issue to
Numberco - 2,000,000 Common shares in the capital stock of
Intercept Energy Services Inc.(the "Shares") for a deemed value of
$80,000. The Shares will be subject to a four (4) month hold period
plus one day from the date of issuance under applicable securities
laws and rules and policies of the TSX Venture Exchange.
The
parties have agreed that the Royalty Agreement is a bona fide debt
of Intercept and that effective as of the date that Intercept
issues the shares to Numberco, the Royalty Agreement will be
terminated. The Royalty Agreement shall be of no further force and
effect from, and after the date of issuance of the Intercept
Shares. Also, Numberco agrees to release Intercept from all of its
covenants and obligations under the Royalty Agreement and from all
liabilities, claims and demands whatsoever as between Intercept and
Numberco in respect of or arising out of the Royalty
Agreement.
Randy
Hayward, President and CEO states: "This agreement ending the 10 %
royalty from our gross revenue gives us a significantly greater
ability to achieve profitability. It also provides a positive
impact with respect to our balance sheet."
The
Termination Agreement and the issuance of the 2,000,000 common
shares is subject to the approval of the TSX Venture
Exchange.
INTERCEPT ENERGY SERVICES
INC. (http://interceptenergy.ca)
Intercept
Energy Services Inc. is an oilfield service company primarily
focused on servicing oil and gas companies, including their
fracking operations. The Company operates a growing number of
proprietary, highly efficient and economical water heating units in
Western Canada and North Dakota making our technology the safest
and most environmentally friendly heating units
available.
For More
information please contact
RANDY HAYWARD, PRESIDENT
or BUCHALTER
CONSULTING
Phone: 250-247-8689 or 604-687-8855
Toll free 1 866 631 6537
rhayward@interceptenergy.ca or stan.buchalter@buchalterconsulting.ca
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 News
Release.
SOURCE: Intercept Energy Services
Inc.
Intercept Energy Services Inc. (TSXV:IES)
Historical Stock Chart
From Jun 2024 to Jul 2024
Intercept Energy Services Inc. (TSXV:IES)
Historical Stock Chart
From Jul 2023 to Jul 2024