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Gold/Mining/Energy : KERM'S KORNER -- Ignore unavailable to you. Want to Upgrade?

To: Herb Duncan who wrote (11109)	6/8/1998 12:01:00 PM
From: SofaSpud	Respond to of 15196

PIPELINES / BFC divests to Hartland BFC PIPELINES SOLD TO HARTLAND PIPELINE SERVICES LTD. FOR $67.5 MILLION SCARBOROUGH, Ont., June 8 /CNW/ - BFC Construction Corporation (''BFC'') announced today that it has signed an agreement for the sale of its Pipeline division to Hartland Pipeline Services Ltd. (''Hartland'') of Calgary, Alberta for $67.5 million. The sale is conditional on among other things, Hartland obtaining regulatory approval for the purchase and securing financing to complete the transaction. The closing is scheduled to occur on or before July 31, 1998. This divestiture is part of the Corporation's Strategic Plan to reduce the number of construction businesses that it participates in. This sale will reduce the consolidated backlog by approximately $420 million. BFC is currently reviewing various options on the use of the proceeds. BFC Construction Corporation is one of Canada's largest construction companies. For nearly a century the Corporation has been delivering the highest standards in construction innovation and integrated project solutions enabling our customers to achieve their goals. BFC's areas of specialty include civil, building, nuclear, industrial, utilities construction, engineering, procurement and construction management expertise to the petroleum and petrochemical industries. . -30- For further information: Norm Harrison, President & Chief Executive Officer, BFC Construction Corporation; Meier Miller, Vice President Finance, Chief Financial Officer and Secretary, BFC Construction Corporation, (416) 754-8735; Internet: www.bfc.ca or e-mail: corp@bfc.ca