Ridgeline Energy Services Inc. - Update on Closing of the Santa Fe
Springs Acquisition
CALGARY,
Feb. 5, 2013 /CNW/ - Ridgeline Energy
Services Inc. ("Ridgeline" or the "Company") (TSXV: RLE, OTCQX:
RGDEF, FSE: RL7) an energy services and water treatment technology
company, provides the following update regarding the Santa Fe Springs facility.
In accordance with the terms of transaction
between Ridgeline and Lakeland Development Company and Lakeland
Processing Company Ridgeline has placed $3,000,000 in cash and Ridgeline stock into
escrow with the land title company First American Title Insurance
Company.
One of the conditions of closing is that
Ridgeline is to receive confirmation that operating and discharge
permits would be granted or transferred at closing. These permits
are from the Los Angeles
Sanitation Department (Discharge Permit) the Conditional Use Permit
(CUP) from the City of Santa Fe
Springs. Ridgeline has been issued a Discharge Permit
and also received a letter from the City
of Santa Fe Springs indicating the CUP will transfer on
closing of the transaction.
Final distribution of funds to the Vendor and
other beneficiaries is expected to occur once the Bankruptcy Court
Judge has approved the distribution of funds. Ridgeline expects
that this final step can occur within 14 to 16 days.
Tony Ker,
Ridgeline CEO stated "Our Santa Fe Springs facility continues to
grow in both revenue and profit performance. We have successfully
installed three additional water treatment units and now stand
ready to increase volume and opportunity".
About Ridgeline Energy Services Inc.
Ridgeline Energy Services Inc. is an energy
services and water treatment technology company. The Company is
applying proprietary technology to treat water generated from
industrial and commercial waste water markets. These markets
include a wide variety of clients across a broad spectrum of
industries including oil and gas. Through its environmental
consulting and remediation divisions, Ridgeline Environment
has built a reputation as an established provider of environmental
services to the Western Canadian oil and gas industry. Ridgeline
GreenFill provides soil remediation and wet waste disposal
services to the oil and gas industry. The Company trades on
the TSX Venture Exchange under the symbol "RLE", the OTCQX as
"RGDEF" and the Frankfurt Stock Exchange as "RL7".
ON BEHALF OF THE BOARD OF DIRECTORS
"Tony Ker"
Tony Ker
CEO
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policies of the TSX Venture Exchange) accepts responsibility for
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may contain forward-looking statements. Forward-looking statements
address future events and conditions and therefore, involve
inherent risks and uncertainties. Actual results may differ
materially from those currently anticipated in such statements.
Such information is subject to known and unknown risks,
uncertainties and other factors that could influence actual results
or events and cause actual results or events to differ materially
from those stated, anticipated or implied in the forward-looking
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reliance on forward-looking information, as no assurances can be
given as to future results, levels of activity or
achievements."
SOURCE Ridgeline Energy Services Inc.