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RETRANSMISSION: Enterprise Group, Inc. Announces Closing of $6,000,000 Private Placement of Convertible Debentures

ST. ALBERT, ALBERTA--(Marketwired - May 22, 2013) -


Enterprise Group, Inc. ("Enterprise" or the "Company") (TSX:E) announces that it has closed its previously announced private placement of 6% convertible unsecured subordinated debentures (the "Debentures") in the aggregate principal amount of approximately $6,000,000 (the "Offering"). Proceeds of the Offering will be used to complete a strategic acquisition. 

The Debentures have a two-year term, bear interest at the rate of 6% per annum payable June 30, 2013 and quarterly thereafter and are convertible into common shares of Enterprise at a price of $0.50 per share.

All securities issued in connection with the Offering will be subject to a hold period of four months and one date from closing. 

In conjunction with the closing of the Offering, Enterprise entered into an advisory agreement with the manager of Difference Capital Funding Inc. ("Difference Capital"). Enterprise is very excited about working with Difference Capital Funding Inc. and look forward to their support and building a long term relationship as we grow this company to a be leader in the infrastructure build out industry in Canada.

Further to the press release of February 28, 2013 announcing the company has entered into a Letter of Intent to purchase the shares of a specialized underground infrastructure construction company, the vendor has requested that Enterprise extend the close to June 14, 2013 with a provision to close at an earlier date if agreed upon by the vendor and the Company.

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 is poised to become a technological leader in underground infrastructure construction upon closing of its pending infrastructure construction acquisition.

About Difference Capital Funding Inc.

Difference Capital Funding Inc. is a publicly listed merchant bank focused on creating shareholder value through strategic investments in, and advisory services for, growth companies, particularly in the technology and media sectors, as well as opportunistic investments in undervalued financial assets and real property.

The securities described herein have not been, and will not be, registered under the United States Securities Act of 1933, as amended (the "US Securities Act"), or any state securities laws, and accordingly, may not be offered or sold within the United States except in compliance with the registration requirements of the U.S. Securities Act and applicable state securities requirements or pursuant to exemptions therefrom. This press release does not constitute an offer to sell or solicitation of an offer to buy any of the Company's securities in the United States.

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 and completion of strategic acquisitions. 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.