Business
Garneau Inc. announces the completion of the sale of its Camrose business
Garneau Inc. announces the completion of the sale of its Camrose business
About this update from Green Arrow Resources, Inc.
[{"type":"text","content":"\n\n\n\nNov. 2, 2009 (Canada NewsWire Group) -- NISKU, AB, Nov. 2 /CNW/ -- Garneau Inc. (\"Garneau\" or the \"Corporation\") announces the closing of the sale of its Camrose assets as previously announced on September 30, 2009. The Corporation has sold to Bayou Perma-Pipe Canada, Inc. (the \"Purchaser\") all of its right, title and interest in the assets used by Garneau in the conduct of its business (the \"Camrose Business\") of applying protective coatings and linings for oil and gas pipeline protection as conducted at Garneau's Camrose plant located at 5233 39th Street, Camrose, Alberta.A Special Meeting of Garneau shareholders was held on October 28, 2009. At the Special Meeting, Garneau shareholders approved the sale of the Camrose Business to the Purchaser.Certain of the Corporation's employees involved in the Camrose Business have been retained by the Purchaser, including Ms. Megan Picard, the Interim Chief Financial Officer of the Corporation, who, effective October 30, 2009, has resigned her position with Garneau.About Garneau Inc.Garneau Inc. designs and fabricates oilfield equipment for both domestic and international markets. With over 30 years of operating experience, Garneau Inc. has developed a significant level of expertise and is well know for innovative technology. The Corporation's website can be accessed at www.garneau-inc.com.Forward-Looking InformationCertain information in this press release contains forward-looking statements. These statements relate to future events or our future performance. All statements other than statements of historical fact may be forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as \"seek\", \"anticipate\", \"plan\", \"continue\", \"estimate\", \"expect\", \"may\", \"will\", \"project\", \"predict\", \"potential\", \"targeting\", \"intend\", \"could\", \"might\", \"should\", \"believe\", \"would\" and similar expressions. These statements involve substantial known and unknown risks and uncertainties, certain of which are beyond Garneau's control, including: the impact of general economic conditions; industry conditions; changes in laws and regulations including the adoption of new environmental laws and regulations and changes in how they are interpreted and enforced; fluctuations in commodity prices and foreign ...