TORONTO, Nov. 3, 2023
/CNW/ - TerraVest Industries Inc., (TSX: TVK) ("TerraVest" or the
"Company") announces today that, through its partially-owned
subsidiary Green Energy Services Inc. ("GES"), it has acquired all
the issued and outstanding shares of LV Energy Services Ltd. ("LV")
for $25 million. LV Energy
Services Ltd., with locations in Grande
Prairie and Rimbey Alberta
provides water management and other related services in the Western
Canadian energy industry.
Ken Wagner, President of GES
welcomes the employees of LV and looks forward to their continuing
commitment to the business and its customers. "Green Energy
Services, operating as Fraction Energy Services, is extremely
excited to have Jason and his LV team join the Fraction family. LV
Energy Services is a premier heating company in Canada with an excellent culture that will
align with TerraVest and the GES Group." said Mr. Wagner.
"I am very excited to announce this new chapter for LV
Energy Services. What started as a small family company has evolved
into one of the premier frac water heating companies in
Western Canada. With this
transaction, we will grow yet again, to form one of the largest
heating companies in Canada. The team at Fraction has been
great to work with throughout this entire process and I'm excited
for this new challenge and opportunity." – said Jason Henderson, President of LV
LV Energy Services Ltd. will be acquired using existing cash and
credit facilities.
Caution Regarding
Forward-Looking Statements
This news release contains forward-looking statements.
All statements other than statements of historical fact contained
in this news release are forward-looking statements, including,
without limitation, statements regarding our strategic direction
and evaluation of the business segments and TerraVest as a whole,
and other plans and objectives of or involving TerraVest. Readers
can identify many of these statements by looking for words such as
"expects" and "will" or similar terms or variations of these words.
Although management believes that the expectations represented in
such forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct.
By their nature, forward-looking statements require us to
make assumptions and, accordingly, forward looking statements are
subject to inherent risks and uncertainties. There is significant
risk that the forward-looking statements will not prove to be
accurate. We caution readers of this news release not to place
undue reliance on our forward-looking statements because a number
of factors may cause actual future circumstances, results,
conditions, actions or events to differ materially from the plans,
expectations, estimates or intentions expressed in the
forward-looking statements and the assumptions underlying the
forward-looking statements.
Assumptions and analysis about the performance of TerraVest
as a whole and its business segments, the markets in which the
business segments compete and the prospects and values of the
business segments are considered in setting the business plan for
TerraVest, plans and/or ability to pay dividends, outlook for
operations, financial position, results and cash flows, other plans
and objectives and in making related forward-looking statements.
Such assumptions include, without limitation, demand for
products and services of the business segments in respect of the
Canadian and other markets in which the businesses are active will
be stable, and that input costs to business segments do not vary
significantly from levels experienced
historically. Should any of these factors or
assumptions vary, actual results may differ materially from the
forward-looking statements.
SOURCE TerraVest Industries Inc.