ENTREC Changes Name to ENTREC Corporation
June 1, 2012
Spruce Grove, Alberta, Canada – ENTREC Corporation (formerly Entrec Transportation Services Ltd.) announces it has changed its name to ENTREC Corporation (“ENTREC”) as part of a broader rebranding plan. ENTREC stands for “Energy, Transportation, Rigging, Engineering and Cranes.” The change was approved by ENTREC’s shareholders at its Annual General Meeting on May 15, 2012 and is effective June 1, 2012, following the filing of the Articles of Amendment.
ENTREC will commence trading on the TSX Venture Exchange under its new name on June 4, 2012. The ticker symbol under which ENTREC’s common shares trade on the TSX Venture Exchange will remain unchanged.
“With our anticipated expansion into crane services with the acquisition of the Mains Group of Companies, we have broadened our name to better reflect the full range of lifting and heavy haul transportation services we provide,” comments Rod Marlin, ENTREC’s Chairman and CEO. “All other core elements of ENTREC will remain the same as we continue to strive to become the leading provider of integrated crane and heavy haul solutions to our customers.”
ENTREC’s acquisition of the Mains Group of Companies is expected to close in early June.
ENTREC specializes in the lifting, transportation (over the road and on-site), loading, off-loading and setting of overweight and oversized cargo for the oil and gas, construction, petrochemical, mining and power generation industries. The common shares of ENTREC trade on the TSX Venture Exchange under the trading symbol "ENT".
This press release contains forward-looking statements that reflect ENTREC’s current beliefs and that are based on information currently available to ENTREC. These statements require ENTREC to make assumptions it believes are reasonable but, as a result of such assumption, such forward-looking statements are subject to inherent risks and uncertainties. Actual results and developments may differ materially from the results and developments discussed in the forward-looking statements as certain of these risks and uncertainties are beyond ENTREC's control. Examples of such forward-looking statements in this press release relate to, but are not limited to, (i) ENTREC's expectation that the Mains Group acquisition will be completed in early June.
These forward-looking statements rely on certain expectations and assumptions, including, among others, (i) the results of ENTREC’s due diligence review of the businesses proposed to be acquired being satisfactory,(ii) the ability of the parties to agree to the terms of a definitive agreement,(iii) the ability of ENTREC to obtain the necessary financing to complete the proposed transaction, (iv) the ability of ENTREC to receive the various approvals required, and (v) the Mains Group of Companies meeting or exceeding ENTREC's internal revenue, net income, and cash flow forecasts for that business in the future.
Although ENTREC believes that the expectations and assumptions on which such forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because ENTREC can give no assurance that they will prove to be correct. The results of the due diligence review on the businesses proposed to be acquired by ENTREC may be less than satisfactory, the parties may be unable to agree to the terms of the definitive documentation required for the transaction, ENTREC may not be able to arrange for satisfactory financing, and ENTREC may not be able to obtain all required approvals.
Readers are cautioned not to place undue reliance on these forward-looking statements, which are given as of the date hereof, and to not use such forward-looking statements for anything other than their intended purpose. ENTREC undertakes no obligation to update publicly or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by law.
For further information, please contact:
Rod Marlin – Chairman & CEO
Telephone: (780) 960-5647
John M. Stevens – President & COO
Telephone: (780) 960-5625
Jason Vandenberg – CFO
Telephone: (780) 960-5630
Neither the TSX Venture Exchange nor its regulation services provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.