CALGARY,
April 8, 2013 /CNW/ - Ridgeline
Energy Services Inc. (TSX-V: RLE; OTCQX: RGDEF; FSE: RL7)
("Ridgeline" or the "Company"), a technology driven company
operating in the waste water industry has closed the Santa Fe Springs (SFS) facility
acquisition.
The agreement to purchase the Santa Fe
Springs facility was initially signed in April 2012. Since then Ridgeline has been
operating under a Management Agreement with the Vendor until all
the terms and conditions of the agreement could be completed.
Ridgeline is pleased to announce that the transaction has been
closed and the Company now has legal title to the 18 acres of real
estate, and the onsite assets, as well as the water treatment and
discharge business.
The transaction also includes an additional
$5 million dollar environmental
remediation contract set to start sometime this year. The contract
will be managed by the Company's Environmental Division, which
denotes additional growth opportunities in the U.S.
Tony Ker Executive Chairman
stated "We are very pleased to have this acquisition closed. This
purchase represents over eighteen months of hard work on the part
of many of our officers and managers. Santa Fe Springs is a key part of the
Company's business model which is to mine valuable materials from
nearly any waste water stream during the efficient treatment of
that water."
Dennis M. Danzik CEO stated "The Company now
owns its first substantial real estate asset, on prime real-estate
in the heart of Los Angeles
market. The Company can now accelerate the business ramp up. We are
also excited to show how the real estate portion of our business
will add financial value to the company. The property, operational
and esthetic improvements our Company plans to make will also
benefit the City of Santa Fe
Springs, local industry and residents. Developing stranded
real estate assets like our Santa Fe
Springs, and Carthage
Missouri facilities with our disruptive technology is a key
focus in the years to come. Our strategy is all about water, and
the tremendous value that it brings."
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is a technology
driven company operating in the waste water industry. The Company
is applying proprietary technology to treat water generated from
industrial and commercial waste water markets. These markets
include a wide variety of clients across a broad spectrum of
industries including oil and gas. Through its environmental
consulting and remediation divisions, Ridgeline Environment has
built a reputation as an established provider of environmental
services to the Western Canadian oil and gas industry. Ridgeline
GreenFill provides soil remediation and wet waste disposal services
to the oil and gas industry. The Company trades on the TSX
Venture Exchange under the symbol "RLE", the OTCQX as "RGDEF" and
the Frankfurt Stock Exchange as "RL7".
ON BEHALF OF THE BOARD OF DIRECTORS
"Dennis M Danzik"
Dennis M Danzik
Director and
Chief Executive Officer
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reliance on forward-looking information, as no assurances can be
given as to future results, levels of activity or
achievements."
SOURCE Ridgeline Energy Services Inc.