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Gold/Mining/Energy : PRECISION DRILLING CORPORATION -- Ignore unavailable to you. Want to Upgrade?

To: Ming who wrote (137)	12/3/1998 3:55:00 AM
From: EL KABONG!!!	Read Replies (1) \| Respond to of 163

Precision Drilling Corporation to Sell Certified Rentals Inc. CALGARY, Dec. 2 /CNW/ - Precision Drilling Corporation (''Precision'') and Hertz Equipment Rental Corporation, a wholly owned subsidiary of The Hertz Corporation (''Hertz'') have entered into a non-binding letter of intent whereby Hertz's Canadian subsidiary, Hertz Canada Limited will acquire for cash all of the outstanding common shares of Precision's 100% owned subsidiary, Certified Rentals Inc. (''Certified''). Certified is one of Canada's largest industrial tool and equipment rental businesses. It has served its customers since 1968 and operates through a network of 15 branches. Geographically, its operations extend throughout the five Canadian provinces of British Columbia, Alberta, Saskatchewan, Manitoba and Ontario. Hank Swartout, Chairman, President and Chief Executive Officer of Precision said ''Certified is a great company with outstanding management and employees, however in this current environment, the Corporation has chosen to focus its future growth more directly in the area of oilfield services.'' The letter of intent contemplates a closing date for the sale to be on or before January 29, 1999. The letter of intent is subject to, among other requirements, meeting all regulatory compliance and approvals from each of the Corporations' Board of Directors. Precision Drilling Corporation is listed on The Toronto Stock Exchange under the ticker symbol PD and on the New York Stock Exchange under the ticker symbol PDS. The Hertz Corporation is listed on the New York Stock Exchange under the ticker symbol HRZ. %SEDAR: 00002052E -30- For further information: Dale E. Tremblay, Senior Vice President Finance and Chief Financial Officer, Precision Drilling Corporation, (403) 716-4500, Fax: (403) 264-0251, website: www.precisiondrilling.com