Business

ORBIT GARANT DRILLING INC. SELLS ITS MINORITY INTEREST IN USINAGE X-SPEC INC.

Feb. 4, 2011 (Canada NewsWire Group) -- VAL-D'OR, QC, Feb. 4 /CNW/ - Orbit Garant Drilling In...

articleOrbit Garant Drilling Inc.February 4, 20114/company/orbit-garant-drilling-inc/news/orbit-garant-drilling-inc-sells-its-minority-interest-in-usinage-x-spec-inc
ORBIT GARANT DRILLING INC. SELLS ITS MINORITY INTEREST IN USINAGE X-SPEC INC.

About this update from Orbit Garant Drilling Inc.

[{"type":"text","content":"\n\n\n\n Feb. 4, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nVAL-D'OR, QC, Feb. 4 /CNW/ - Orbit Garant Drilling Inc. ("Orbit Garant") (TSX: OGD) today announced, effective as of February 1, 2011, the\n sale to Usinage X-Spec Inc. of all the shares it held in the share\n capital of Usinage X-Spec Inc., representing forty percent (40%) of all\n the issued and outstanding shares in the share capital of Usinage\n X-Spec Inc. \n\n\nThe purchase price consists of $898,000 plus forty percent (40%) of the\n increase of the retained earnings of Usinage X-Spec Inc. within the\n period comprised between February 1, 2010 and January 31, 2011.\n\n\nUnder terms of the transaction, the Orbit Garant has agreed to purchase\n goods and services from Usinage X-Spec Inc. in the amount of $2.5\n million within a period of 24 months following the closing.\n\n\nAbout Orbit Garant\nOrbit Garant is one of the largest Canadian-based drilling companies,\n providing both underground and surface drilling services in Canada and\n internationally through its 164 drills and more than 600 employees.\n Orbit Garant provides services to major, intermediate and junior mining\n companies, through each stage of mining exploration, development and\n production.\n\n\n\n\nEric Alexandre President and Chief Executive Officer          (819) 824-2707 Ext. 233 Derek Henderson Investor Relations (416) 447-4740 Ext. 232\n\n","length":2597,"tagName":"div"}]

More updates from Orbit Garant Drilling Inc.