IROC Energy Services Corp. completes the sale of the Envirocore division assets and the sale of the 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, March 2 /CNW/ - IROC Energy Services Corp. ("IROC" or the\n"Corporation") (TSX: "ISC") announced that it has completed the previously\nannounced transactions for the sale of its Envirocore division assets to\nWinalta Construction Inc., and the sale of its Oricomm division assets to\nFiremaster Oilfield Services Inc.\n\n\nIROC has applied the closing cash proceeds from the transactions, in the\namount of $6.3 million dollars, to existing credit facilities.\n\n\nTom Alford, President and CEO, commented that "we are pleased with the\nclosing of these transactions. They have allowed us to continue to strengthen\nour balance sheet, which will provide us with more flexibility to build our\ncore businesses resulting in a significant advantage to us, even in these\nchallenging times." Mr. Alford added, "we would like to thank all of the\nemployees of each of Envirocore and Oricomm for their work over the years and\nwe wish them the best of luck."\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, and Rental\nServices. For more information on IROC Energy Services Corp. visit our website\nat www.iroccorp.com.\n\n\nCautionary Statements\n\n\nCertain statements contained in this press release may constitute forward\nlooking statements concerning, among other things, expected revenues, expected\nexpenses, profits, developments and strategies for IROC's operations all of\nwhich are subject to certain risks, uncertainties and assumptions. These\nforward looking statements are identified by their use of terms and phrases\nsuch as "anticipate", "continue", "estimate", "expect", "may", "will",\n"projected", "should", "believe" and other similar terms and p...

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