ST. ALBERT, ALBERTA--(Marketwired - June 20, 2013) - Enterprise Group, Inc. ("Enterprise" or the "Company") (TSX:E) is pleased to announce that it has completed its acquisition of Pro Tech Construction Inc., ("Pro Tech") for a purchase price of $2,050,000.00. The acquisition is effective June 19, 2013 and was funded through a cash only transaction.
This acquisition is seen as a highly strategic advance for the company, as Pro Tech's main asset is 12.29 acres of land and buildings combined with a development permit that allows for future expansion. The property acquired is ideally located in West Edmonton's busy Acheson Industrial park. This area has shown unprecedented growth and in combination with lack of developed industrial land in the area, has resulted in an increased appraised value of $3,500,000 since the offer to purchase was accepted.
The location will also serve as a West Edmonton field office for TC Backhoe and Directional Drilling LP, ("TC") and Artic Therm International ("ATI"). This location will assist TC and ATI to expand their operations and at the same time is ideally located to support TC's new regional contract with a major utility company who is located in the same vicinity which TC has a long term relationship with.
This West Edmonton location will increase the TC Backhoe's productivity and overall profitability since it will reduce travel time from their existing location. The savings in wages, fuel costs and lower maintenance costs will be approximately $230,000.00 annually.
Mr. Jaroszuk says, "We are excited about the opportunity this acquisition gives us since it not only allows us to better serve our Western regional customers, but it also allows us to expand our footprint and provides us the opportunity to expand all operations in Western Alberta."
The location will also be used as a staging area for larger jobs which require additional equipment or jobs that require logistics involving two or more Enterprise Companies.
About Enterprise Group, Inc.
Enterprise Group, Inc. is a consolidator of construction services companies operating in the energy, utility and transportation infrastructure industries. The Company's focus is primarily utility & infrastructure construction and specialized equipment rental. The Company's strategy is to acquire complementary service companies in Western Canada, consolidating capital, management and human resources to support continued growth. Enterprise became a Western Canadian leader in flameless heat technology in September 2012 with its acquisition of Artic Therm International Ltd. and has now become a technological leader in underground infrastructure construction by the closing of Calgary Tunnelling & Horizontal Augering Ltd.
Forward Looking Information
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or the Company's future performance. The use of any of the words "could", "expect", "believe", "will", "projected", "estimated" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company's current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. In particular, statements with respect to the use of proceeds. The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The Company disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.