IROC Energy Services Corp. announces sale of Envirocore division assets

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[{"type":"text","content":"\n\n\n\n/THIS PRESS RELEASE IS NOT FOR DISSEMINATION IN UNITED STATES OR TO ANY\nUNITED STATES NEWS SERVICES/\n\n\nCALGARY, Feb. 26 /CNW/ - IROC Energy Services Corp. ("IROC" or the\n"Corporation") (TSX: "ISC") announces that it has entered into a definitive\nagreement with Winalta Construction Inc., a subsidiary of Winalta Inc., to\ndispose of IROC's Envirocore division assets for $4.8 million. The assets\ninclude all lease construction associated equipment and inventories currently\noperated by IROC's Envirocore division in NE British Columbia. On closing IROC\nwill receive $3.3 million with the $1.5 million balance to be paid over the\nnext two years. The transaction will close on February 27, 2009.\n\n\nAll Envirocore employees have been offered employment by Winalta\nConstruction Inc. as they look to build upon the Envirocore assets and\nbusiness to expand their operations in NE British Columbia.\n\n\nThis transaction allows IROC to further reduce its outstanding\nindebtedness and will provide IROC increased financial flexibility in its\nongoing operations.\n\n\nTom Alford, President and CEO, commented that "this transaction\nrepresents a further effort on our part to focus our efforts on our core\nbusiness operations to provide the greatest potential return for the benefit\nof all stakeholders in IROC." Mr. Alford further commented that "while\nEnvirocore has become a consistent contributor to IROC's bottom line through\nits efficient operations, the capital requirements to further grow this\nrelatively small division within IROC did not align with IROC's overall goals.\nWe firmly believe that Winalta will take Envirocore's business to the next\nlevel for the benefit of its employees and customers."\n\n\nAbout IROC Energy Services Corp.\n\n\nIROC Energy Services Corp. is an Alberta oilfield services company that,\nthrough the IROC Energy Services Partnership, provides a comprehensive and\ndiverse range of products, services and equipment to the oil and gas industry.\nIROC combines cutting-edge technology with depth of experience to deliver a\nproduct and services offering in the following areas: Well Servicing &\nEquipment, Downhole Temperature & Pressure Monitoring Tools, Rental Services,\nand Lease Building. For more information on IROC Energy Services Corp. visit...

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