CALGARY, Oct. 30, 2017 /CNW/ - MATRRIX Energy
Technologies Inc. ("MATRRIX" or the "Corporation") (TSXV: MXX) is
pleased to announce that it has successfully completed its
previously announced acquisition (the "Acquisition") of assets from
Vortex Drilling Ltd. ("Vortex") through Vortex's court appointed
receiver, Deloitte Restructuring Inc. (the "Receiver").
Under the terms of an asset purchase agreement with the Receiver
(the "Purchase Agreement"), MATRRIX agreed to purchase three
complete tele-double drilling rigs and related assets (the
"Assets") from Vortex for a purchase price of CDN$6,100,000. On October
25, 2017, the Court of Queen's Bench of Saskatchewan granted an order approving the
Purchase Agreement and the transactions contemplated thereby, and
vesting all of Vortex's right, title and interest in and to the
Assets in the name of the Purchaser. The Acquisition closed on
October 30, 2017.
As initially outlined on March 27,
2017 the Corporation is executing its strategic plan to
enter the land-based contract drilling business to complement its
existing business of providing horizontal and directional drilling
technology to oil and gas clients in North America. The purchase of the Vortex
assets provides an opportunistic entry point for MATRRIX in the
drilling rig business, allowing the Company to expand the use of
its D2ROXTM platform to include surface
equipment (rigs) along with its existing use of
D2ROXTM for its sub surface business (the
provision of MATRRIX directional drilling technology and
services).
About MATRRIX
The Corporation commenced operations in 2011. MATRRIX has grown
its concurrent capacity of horizontal and directional drilling
systems ("Systems") organically with the acquisition and assembly
of 25 Systems as at the date of this press release. MATRRIX has
developed and implemented a proprietary system called
D2ROXTM (pronounced DEE-ROCKS) to aid the
Corporation and its oil and gas clients to drive predictable,
repeatable, cost effective, safe field operations at the rig
site.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE MATRRIX Energy Technologies Inc.