PIPELINES /Austpro Energy Announces Western & Pacific Pipelines
Agreement to Acquire Shares of J.A. Ion Consulting Ltd.
VSE SYMBOL: AUS
FEBRUARY 3, 1998
VANCOUVER, BRITISH COLUMBIA--Mr. Edward Odishaw, Chairman of the
Board of Austpro Energy Corp. ("Austpro" or the "Company"), is
pleased to announce that the Company's wholly owned subsidiary,
Western & Pacific Pipelines Inc. ("W & P") has entered into an
agreement to acquire all of the issued and outstanding shares of
J.A. Ion Consulting Ltd. of Calgary, Alberta for an aggregate
consideration of $60,000 comprised of $20,000 in cash and the
balance by way of shares of the Company. Mr. James A. Ion has
been appointed President of W & P and upon completion of the
transaction will be appointed to Austpro's Board of Directors.
Mr. Ion brings considerable liquid pipeline experience to Austpro
including mechanical engineering, design and construction, project
and corporate management and the operation of pipeline systems.
From 1968 to 1991, Mr. Ion was employed by Peace Pipe Line Ltd.
where he progressed from junior engineer to President and General
Manager and from which he was given early retirement upon the sale
of the company to Pembina Pipelines in the fall of 1991. From
1991 to the present, Mr. Ion has operated under J.A. Ion
Consulting Ltd. and has provided his consulting services to
Express Pipe Line and Producers Pipeline among others. The
addition of Mr. Ion permits the Company to increase its exposure
in that energy infrastructure sector and to more readily
participate in ongoing and start-up pipeline opportunities.
The transaction of purchase and sale is subject to the approval of
the Vancouver Stock Exchange.
ON BEHALF OF THE BOARD OF DIRECTORS OF
AUSTPRO ENERGY CORPORATION
MICHAEL H. ALTMAN, CORPORATE SECRETARY |
