NTR Acquisition (stock symbol: [t]NTQ[/t]) has terminated its agreement to acquire Kern Oil & Refining Co.:
NTR Acquisition Co. Announces Termination of Agreement to Acquire Kern Oil & Refining Co.
Friday April 4, 7:00 am ET
DANBURY, Conn.--(BUSINESS WIRE)--NTR Acquisition Co. (AMEX, Units: NTQ.U, Common Stock: NTQ, Warrants: NTQ.WS), a special purpose acquisition company focused on the petroleum refining and marketing industry, today announced that it has mutually agreed with Casey Co., the sole shareholder of Kern Oil & Refining Co., to terminate the Stock Purchase Agreement dated November 2, 2007, pursuant to which NTR would have acquired all outstanding shares of Kern for a base purchase price of $286.5 million.
NTR’s Chief Executive Officer Mario E. Rodriguez commented, “We remain committed to executing our business plan. Based on the experience and relationships of NTR’s senior team, we continue to see a strong pipeline of potential deals and will pursue acquisition opportunities that maximize value to our shareholders.”
Under the terms of its initial public offering, NTR has a two-year charter to acquire businesses or assets in the energy industry. The charter expires on January 30, 2009.
Investor Conference Call
NTR will be hosting a conference call for investors at 10:00 AM Eastern on Friday, April 4, 2008, to discuss the termination agreement. The dial-in details are as follows:
Domestic: (866) 383-8008
International: (617) 597-5341
Participant Passcode: 21174968
Additionally, a replay will be available for one week after the call. The dial-in details for the replay are as follows:
Domestic: (888) 286-8010
International: (617) 801-6888
Participant Passcode: 53531694
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