IROC Energy Services Corp. announces sale of Oricomm 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. 10 /CNW/ - IROC Energy Services Corp. ("IROC" or the\n"Corporation") (TSX: "ISC") announces that it has entered into a definitive\nagreement with Firemaster Oilfield Services Inc. ("Firemaster") to dispose of\nIROC's Oricomm division assets for $3.64 million. The assets include all air\nquality monitoring, safety and communications associated equipment and\ninventories currently operated by IROC's Oricomm division at its facility\nbased out of Red Deer, Alberta. On closing IROC will receive $3 million, with\nthe balance of $640,000 to be paid on or before the third anniversary of the\nclosing of the transaction. The transaction is expected to close on February\n26, 2009.\n\n\nIt is anticipated that substantially all of the Oricomm employees will be\noffered employment by Firemaster as they look to build upon the Oricomm assets\nand business to expand their existing operations.\n\n\nThis transaction allows IROC to further reduce its outstanding\nindebtedness, strengthen its balance sheet and will provide IROC increased\nfinancial flexibility in its ongoing operations.\n\n\nTom Alford, President and CEO, commented that "we are pleased to announce\nthis transaction as it will allow us to continue to focus our efforts on our\ncore business operations to provide the greatest potential return for the\nbenefit of all stakeholders in IROC." Mr. Alford further commented that "while\nOricomm has been a consistent contributor to IROC's bottom line through its\nefficient operations, the capital requirements to further grow this relatively\nsmall division within IROC did not align with IROC's overall goals. However,\nwe firmly believe that Firemaster will take Oricomm'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 five core areas: Well Servicing &am...

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