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

To: Bearcatbob who wrote (14833)	1/14/1999 8:08:00 PM
From: Herb Duncan	Respond to of 15196

SERVICE SECTOR / Hartland Pipeline Services Ltd. Announces Letters of Intent to Acquire Two Pipeline Construction Companies TSE SYMBOL: HAR JANUARY 14, 1999 CALGARY, ALBERTA-- THIS NEWS RELEASE IS NOT INTENDED FOR DISTRIBUTION IN THE UNITED STATES OR THROUGH ANY SERVICES HAVING U.S. PARTICIPATION. Strategic Acquisitions Enhance Company's Ability to Service Growing Gas Markets Mr. Brian J. Murray, President and CEO of Hartland Pipeline Services Ltd., is pleased to announce the Company has entered into letters of intent (LOI) to acquire two pipeline construction companies. The first, Transline Enterprises Ltd. (Transline), located in Fort St. John, British Columbia is a well-respected pipeline construction company founded by Ed and Michelle Gardner, which has historically recorded annual revenues of $20 million. Under the terms of the LOI, Hartland will acquire all of the assets and outstanding share capital of Transline for a total consideration of $11.5 million including the assumption of $3.2 million in existing debt. Ed Gardner, Transline's principal will become president of the new Hartland operating subsidiary. The Company has also entered into a LOI to acquire SRM Projects (1997) Ltd. (SRM), located in Fairview, Alberta, for a total consideration of $3 million. The purchase price for the pipeline construction company is comprised of cash, common shares, the assumption of $700,000 in existing debt and future payments to SRM's existing owners. Mr. Randy Galbreath, SRM's principal will become president of the new Hartland operating subsidiary. "The Transline and SRM acquisitions dramatically enhance Hartland's geographic presence in the growing gas markets of Northeastern British Columbia and Northwestern Alberta," commented Mr. Murray in announcing the acquisition. "These strategic acquisitions are consistent with our corporate goal of acquiring businesses with complementary services and allow us to strengthen our position as a vertically integrated oil and gas services company," he added. These acquisitions are subject to the completion of formal agreements and regulatory approval. Hartland serves a broad client base of senior Canadian oil and natural gas producers and large pipeline companies. Hartland's vertically integrated operations provide construction services to the small and large diameter markets, including pipeline installation, facility construction, trenchless technologies (river crossings & plowing), pipeline repair and maintenance, trucking and reclamation services. Hartland's strategic objective is to provide pipeline construction solutions from wellhead to consumer throughout the North American and International gathering and pipeline construction markets.