ST. ALBERT, ALBERTA--(Marketwire - Sept. 13, 2012) - Enterprise Group, Inc. (the "Company") (TSX:E) is pleased to announce that the Company's previously announced senior secured finance facility in the amount of up to $12,500,000 with PNC Bank Canada Branch has now been established and that the Company has completed its previously announced acquisition of a private flameless heating rental company for a purchase price of $6.5 million. The acquisition was funded through a combination of cash from the finance facility, the issuance of 2,000,000 common shares of the Company at a price of $0.25 per share and vendor take-back financing in the amount of $1 million to be paid over two years.
Further to the news release dated August 9, 2012 announcing the signing of a Letter of Intent to purchase a private utility services company, Enterprise Group anticipates the closing of this transaction on or before October 1, 2012.
Enterprise Group, Inc. is a construction services company operating in the energy, utility and transportation infrastructure industry. The Company's focus is primarily underground construction and maintenance and above ground plants and facilities 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.
Forward Looking Statements
Certain statements contained in this 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", "anticipates" and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on current beliefs or assumptions as to the outcome and timing of future events. Actual future results may differ materially. In particular, statements with respect to anticipated activity levels and profitability of the Company's utility and infrastructure division and anticipated increases in revenue and margins attributed to services provided by the Company to the energy sector contain forward looking information. The Company's Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website at www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The forward-looking statements and information contained in this document are made as of the date hereof for the purpose of providing the readers with the Company's expectations for the next year. The forward-looking statements and information may not be appropriate for other purposes. 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.