SERVICE SECTOR / IPEC Ltd. Announces Acquisitions
IPEC LTD. (ASE; IPE) COMPLETES FOUR ACQUISITIONS
CALGARY, April 1 /CNW/ - IPEC Ltd. (''IPEC''), formerly Locksley Capital
Partners Inc., is pleased to announce that it has completed its previously
announced acquisitions of four separate businesses within the oilfield
services industry.
The businesses acquired are: Christianson Pipe Ltd., a Calgary-based pipe
distributor; IPEC (Cyprus) Limited, an international tubular products trading
corporation; Grey-Mak Pipe, lnc., a Casper, Wyoming-based oilfield tool and
service corporation; and J.W. Williams, Inc., a Casper, Wyoming-based oilfield
equipment manufacturer. All four transactions are effective January 1, 1998.
The aggregate base acquisition price is approximately $16.0 million Cdn.,
comprising approximately $3.3 million in cash and $12.7 million through the
issuance of approximately 10.2 million common shares at an ascribed value of
$1.25 Cdn. per share. In addition, with respect to IPEC (Cyprus) Limited,
there is an earnout amount not to exceed $5.4 million, is based on IPEC
(Cyprus) Limited's financial performance in 1998, and is payable entirely
through the issuance of additional common shares of IPEC at an ascribed value
of $1.25 per share.
These acquisitions represent a continuation of IPEC's business strategy
to acquire and consolidate synergistic energy services businesses with proven
track records and stable earnings.
IPEC Ltd., is an oilfield services company headquartered in Calgary,
Alberta, with regional offices in Casper, Wyoming and Lamaca, Cyprus. IPEC
Ltd. began trading on the ASE in June, 1997 as Locksley Capital Partners Inc.
The Company's current operations involve the domestic and international
distribution of tubular products, the engineering and manufacture of oilfield
surface equipment and the design and manufacture of production optimization
downhole tools. |
