CE Franklin Ltd. Acquires Western Canadian Oil Field Equipment Distributor

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[{"type":"text","content":"\n\n\n\nCALGARY, June 1 /CNW/ - CE FRANKLIN LTD. (TSX.CFT, NASDAQ.CFK) announced\ntoday that it has acquired a Western Canadian oil field equipment distributor\n(the "Acquired Business"). The transaction will be financed from existing bank\ncredit facilities.\n\n\nThe Acquired Business operates 22 oil field equipment supply stores\nacross the Western Canadian Sedimentary Basin of which 17 locations are\nproximate to existing CE Franklin supply stores and will be integrated. The\nremaining 5 locations will extend the market reach of CE Franklin's\ndistribution network to 49 locations. The Acquired Business is expected to\nincrease CE Franklin's annual revenue by more than 10% from current levels.\n\n\n"This acquisition will strengthen CE Franklin's existing store operations\nand expand its market reach while improving our service capability, operating\nefficiencies and customer base," stated Michael West, President and Chief\nExecutive Officer.\n\n\nAbout CE Franklin\n\n\nFor more than half a century, CE Franklin has been a leading supplier of\nproducts and services to the energy industry. CE Franklin distributes pipe,\nvalves, flanges, fittings, production equipment, tubular products and other\ngeneral oilfield supplies to oil and gas producers in Canada as well as to the\noilsands, refining, heavy oil, petrochemical, forestry and mining industries.\nThese products are distributed through its 49 branches, which are situated in\ntowns and cities serving particular oil and gas fields of the western Canadian\nsedimentary basin.\n\n\nForward-looking Statements: The information in this news release may\ncontain "forward-looking statements" within the meaning of Section 27A of the\nSecurities Act of 1933 and Section 21E of the Securities Exchange Act of 1934\nand other applicable securities legislation. All statements, other than\nstatements of historical facts, that address activities, events, outcomes and\nother matters that CE Franklin plans, expects, intends, assumes, believes,\nbudgets, predicts, forecasts, projects, estimates or anticipates (and other\nsimilar expressions) will, should or may occur in the future are\nforward-looking statements. These forward-looking statements are based on\nmanagement's current belief, based on currently available information, as to\nthe outcome and timing of future...

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