ENTREC Corporation (TSX VENTURE:ENT) ("ENTREC" or the "Company"), a leading
provider of cranes and heavy haul transportation services, is pleased to
announce its 2012 fourth quarter and year-end financial results. 




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                         3 Months      2 Months     12 Months     14 Months 
                            Ended         Ended         Ended         Ended 
$ thousands, except   December 31   December 31   December 31   December 31 
 per share amounts           2012       2011(1)          2012       2011(1) 
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Revenue                    44,026        12,704       132,491        32,365 
                                                                            
Gross profit               14,164         3,216        45,100         8,914 
Gross margin                 32.2%         25.3%         34.0%         27.5%
                                                                            
Adjusted EBITDA(2)         10,417         2,108        32,203         4,899 
Adjusted EBITDA                                                             
 margin(2)                   23.7%         16.6%         24.3%         15.1%
  Per share(2)               0.12          0.06          0.47          0.26 
                                                                            
Adjusted net                                                                
 income(2)                  3,566           661        13,025           990 
  Per share(2)               0.04          0.02          0.19          0.05 
                                                                            
Net income                  3,428           569        12,112           761 
  Per share - basic          0.04          0.02          0.18          0.04 
  Per share -                                                               
   diluted                   0.04          0.02          0.17          0.04 
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Notes: (1) Due to the change in the Company's year-end from October 31 to   
           December 31, the comparative period to the three months ended    
           December 31, 2012 is the two months ended December 31, 2011 and  
           the comparative period to the year ended December 31, 2012 is the
           14-month period ended December 31, 2011.                         
       (2) See "Non-IFRS Financial Measures" section of the Company's       
           Management Discussion & Analysis for the year ended December 31, 
           2012.                                                            



"We are very pleased with the progress our Company has made over the past year
towards achieving our growth objectives," comments John M. Stevens, ENTREC
President and COO. "In 2012, we completed four strategic business acquisitions
to propel our business into crane services, consolidate industry competitors,
and expand our geographic reach into northern British Columbia and the Bakken
region of North Dakota. We also completed a $49.3 million capital expenditure
program to grow our fleet and enhance our position as a leading provider of
crane and heavy haul transportation services." 


In 2012, revenue increased by 309% to $132.5 million from $32.4 million in the
comparative 14-month transitional year ended December 31, 2011. This growth
reflects the positive impact of business acquisitions completed over the past
year, together with strong organic growth. On a combined pro forma basis,
revenue was $41.1 million or 45% higher than the $91.4 million ENTREC and each
of its acquired businesses achieved independently in the 12-month period ended
December 31, 2011. Organic revenue growth was achieved through higher rates of
equipment utilization, cross-utilization of people and equipment resources among
ENTREC's geographic areas, pricing improvements, and expansion of the Company's
equipment fleet through capital spending.


For the three months ended December 31, 2012, revenue increased to $44.0
million. On a pro forma basis, the Company achieved organic revenue growth of
$7.2 million or 20% over the $36.8 million combined revenue of ENTREC and each
of its 2012 business acquisitions in the same three-month period in 2011. Growth
was primarily achieved through the capital-driven expansion of the Company's
equipment fleet and cross-utilization of ENTREC's people and equipment among its
geographic areas.


Adjusted EBITDA increased to $32.2 million during the year ended December 31,
2012 from $4.9 million in the comparative 14-month transitional year ended
December 31, 2011. Likewise, for the three months ended December 31, 2012,
adjusted EBITDA increased to $10.4 million from $2.1 million during the
comparative two months ended December 31, 2011. Higher revenue, combined with an
increased gross profit margin, were the key factors in these increases. As a
percentage of revenue, adjusted EBITDA margin increased to 24.3% in the year
ended December 31, 2012 from 15.1% in 2011.


Due to higher revenue and a higher gross margin during the year ended December
31, 2012, adjusted net income increased to $13.0 million or $0.19 per share,
from $1.0 million or $0.05 per share in the comparative period ended December
31, 2011. Likewise, adjusted net income grew to $3.6 million or $0.04 per share
in the quarter ended December 31, 2012 from $0.7 million or $0.02 per share in
the comparative two months ended December 31, 2011.


In the fourth quarter of 2012, ENTREC introduced adjusted net income as a new
non-IFRS financial measure to exclude the after-tax amortization of
acquisition-related intangible assets, non-cash interest accretion expense
arising from its convertible debentures, and the related change in fair value of
the embedded derivative. These exclusions represent non-cash charges the Company
does not consider indicative of business performance. 


Net income during the year ended December 31, 2012 also grew to $12.1 million
from $0.8 million in the comparative 14-month transitional year ended December
31, 2011. Net income during the three months ended December 31, 2012 was $3.4
million (two months ended December 31, 2011 - $0.6 million). 


"We are proud of our performance and grateful to our industry leading employees,
loyal customers and supportive shareholders for enabling us to make it happen,"
adds Mr. Stevens. "The year's financial results reflect our founding principle
of doing what you say you are going to do. Today ENTREC is solidly positioned
for further profitable growth in 2013."


Strong Outlook for 2013 and 2014

Capital spending on projects in the Alberta oil sands region and across western
Canada remains robust, resulting in high demand for crane and heavy haul
transportation services. Utilization rates for ENTREC's fleet are strong and the
Company continues to field many requests for additional equipment from its
customers. Based on expected schedules for future projects, the Company also
believes demand for its crane and heavy haul transportation services will
continue to grow sequentially in 2014 over anticipated 2013 activity. 


ENTREC is also benefiting from the burgeoning industrial development occurring
in northern B.C. This includes the anticipated development of liquefied natural
gas (LNG) facilities in northwest B.C. in the coming years, as well as ongoing
mining, hydro-electric, pipeline, and oil and natural gas projects throughout
these areas. In addition, ENTREC is providing crane services to support a
multi-billion-dollar revitalization of an aluminum smelter in Kitimat, B.C.
ENTREC first entered this region through its acquisition of Rain Coast Cranes &
Equipment Inc. in October 2012. Consistent with the outlook for the Alberta oil
sands region, ENTREC expects demand for crane and heavy haul transportation
services in northern B.C. to grow further as it looks out to 2014 and 2015,
based on estimated project schedules and overall industrial activity.


Demand for crane and heavy haul transportation services in the conventional oil
and natural gas markets ENTREC serves had a slower start in 2013 than in
previous years. ENTREC's exposure to conventional oil and natural gas relates
largely to its operations in northwest Alberta, northeast B.C. and North Dakota.
The demand for these services will fluctuate with oil and natural gas
exploration and production levels. Approximately 20% of ENTREC's consolidated
revenue is derived from the conventional oil and natural gas sector. During
periods of slower activity in this area, the Company also moves its equipment to
support activity and customer demand in other regions.


Moving into 2013, ENTREC expects its revenue and net earnings to continue
demonstrating strong growth as the Company executes its capital expenditure
program and achieves a full year of results from its 2012 business acquisitions.
During the year ended December 31, 2012, ENTREC acquired $49.3 million in
property, plant and equipment, consisting of $44.2 million in growth capital
expenditures and $5.1 million in maintenance capital expenditures. The Company's
2013 capital expenditure program of $50 million is also robust as the Company
continues to capitalize on growth opportunities. The program includes $41
million of growth spending to augment its fleet of cranes and heavy haul
transportation equipment and to buy out rental equipment. The balance is
directed to maintenance capital spending. 


Based on current expectations for future business activity and assuming no
further business acquisitions are completed, the Company currently estimates
revenue for the year ending December 31, 2013 could exceed $215 million. Future
business acquisitions completed in fiscal 2013 could further increase this
revenue estimate. 


A complete set of ENTREC's most recent financial statements and Management's
Discussion and Analysis will be filed on SEDAR (www.sedar.com) and posted on the
Company's website (www.entrec.com).


Year-End Conference Call

ENTREC will host a conference call and webcast to discuss its 2012 fourth
quarter and year-end financial results on March 13, 2013 at 9:00 am (MDT) (11:00
am Eastern). The call can be accessed by dialing toll-free: 1-866-226-1793 or
416-340-2218 (GTA and International). 


A replay will be available approximately two hours after the completion of the
call through Wednesday, March 20, 2013 by dialing 905-694-9451 / 1-800-408-3053,
passcode: 1863954.


The conference call will also be available via webcast within the Investors
section of ENTREC's website at: www.entrec.com.


About ENTREC

ENTREC specializes in the lifting, transportation (over the road and on-site),
loading, off-loading and setting of overweight and oversized cargo for the oil
and natural gas, construction, petrochemical, mining and power generation
industries. The common shares of ENTREC trade on the TSX Venture Exchange under
the trading symbol "ENT". 


Non-IFRS Financial Measures

Adjusted EBITDA is defined as earnings before interest, income taxes,
depreciation, amortization, loss (gain) on disposal of property, plant and
equipment, change in fair value of embedded derivative, and share-based
compensation. In addition to net income, Adjusted EBITDA is a useful measure as
it provides an indication of the financial results generated by ENTREC's
principal business activities prior to consideration of how these activities are
financed or how the results are taxed in various jurisdictions and before
certain non-cash expenses. 


Adjusted EBITDA margin is calculated as adjusted EBITDA divided by revenue.
Adjusted EBITDA per share is calculated as adjusted EBITDA divided by the basic
weighted average number of shares outstanding during the period.


Adjusted net income is calculated excluding the after-tax amortization of
acquisition-related intangible assets, notional interest accretion expense
arising from convertible debentures, and the gain (loss) on change in fair value
of the embedded derivative related to such convertible debentures. These
exclusions represent non-cash charges the Company does not consider indicative
of ongoing business performance. ENTREC also believes the elimination of
amortization of acquisition-related intangible assets provides management and
investors an improved view of its business results by providing a degree of
comparability to internally developed intangible assets for which the related
costs are expensed as incurred. 


Adjusted earnings per share is calculated as adjusted net income divided by the
basic weighted average number of shares outstanding during the applicable
period. 


Please see ENTREC's Management Discussion & Analysis for the year ended December
31, 2012 for reconciliations of adjusted EBITDA and adjusted net income to net
income, the most directly comparable financial measure calculated and presented
in accordance with IFRS.




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Consolidated Statements of Financial Position                               
As at December 31                                                           
                                                           2012         2011
(thousands of Canadian dollars)                               $            $
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ASSETS                                                                      
Current assets                                                              
  Cash                                                    2,511          115
  Trade and other receivables                            41,789       13,679
  Inventory                                               1,968          576
  Prepaid expenses and deposits                           1,936          406
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                                                         48,204       14,776
Non-current assets                                                          
  Long-term deposits                                        523          400
  Deposits on business acquisitions                       4,273            -
  Property, plant and equipment                         134,761       45,680
  Intangible assets                                      23,868        6,440
  Goodwill                                               53,575       10,356
  Deferred income taxes                                     165            -
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Total assets                                            265,369       77,652
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LIABILITIES AND SHAREHOLDERS' EQUITY                                        
Current liabilities                                                         
  Bank indebtedness                                           -          267
  Trade and other payables                               16,781        5,949
  Income taxes payable                                    2,703            -
  Acquisition consideration payable                       2,320        4,125
  Current portion of credit facilities                        -        5,251
  Current portion of long-term debt                      14,226            -
  Current portion of obligations under finance                              
   lease                                                  1,298          313
  Credit facilities                                           -       22,238
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                                                         37,328       38,143
Non-current liabilities                                                     
  Long-term debt                                         64,281            -
  Obligations under finance lease                         4,914        1,141
  Convertible debentures                                 23,426            -
  Deferred income taxes                                  19,428        1,877
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Total liabilities                                       149,377       41,161
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Shareholders' equity                                                        
  Share capital                                          94,880       34,759
  Contributed surplus                                     8,429        1,125
  Retained earnings                                      12,719          607
  Accumulated other comprehensive income                    (36)           -
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Total shareholders' equity                              115,992       36,491
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Total liabilities and shareholders' equity              265,369       77,652
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Consolidated Statements                                                     
 of Income                                                                  
                             3 Months     2 Months   12 Months    14 Months 
(thousands of Canadian          Ended        Ended       Ended        Ended 
 dollars, except per      Dec 31 2012  Dec 31 2011 Dec 31 2012  Dec 31 2011 
 share amounts)                     $            $           $            $ 
----------------------------------------------------------------------------
                                                                            
Revenue                        44,026       12,704     132,491       32,365 
Direct costs                   29,862        9,488      87,391       23,451 
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Gross profit                   14,164        3,216      45,100        8,914 
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Operating expenses                                                          
General and                                                                 
 administrative expenses        3,747        1,108      12,897        4,015 
Depreciation of property,                                                   
 plant and equipment            3,424          725       9,061        2,271 
Amortization of                                                             
 intangible assets                725          136       1,825          348 
Share-based compensation          584          142       1,395          420 
Loss (gain) on disposal                                                     
 of property, plant and                                                     
 equipment                         58            -         229          (21)
Gain on change in fair                                                      
 value of embedded                                                          
 derivative                      (691)           -        (691)           - 
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                                7,847        2,111      24,716        7,033 
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Income before finance                                                       
 items and income taxes         6,317        1,105      20,384        1,881 
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Finance items                                                               
  Finance costs                 1,570          297       3,579          796 
  Finance income                    -            -         (19)         (38)
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                                1,570          297       3,560          758 
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Income before income                                                        
 taxes                          4,747          808      16,824        1,123 
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Income taxes                                                                
  Current                        (120)           -       1,056            - 
  Deferred                      1,439          239       3,656          362 
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                                1,319          239       4,712          362 
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Net income                      3,428          569      12,112          761 
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Earnings per share -                                                        
 basic                           0.04         0.02        0.18         0.04 
Earnings per share -                                                        
 diluted                         0.04         0.02        0.17         0.04 
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Forward-looking Statements

This press release contains forward-looking statements which reflect ENTREC's
current beliefs and are based on information currently available to ENTREC.
These statements require ENTREC to make assumptions it believes are reasonable
and are subject to inherent risks and uncertainties. Actual results and
developments may differ materially from the results and developments discussed
in the forward-looking statements as certain of these risks and uncertainties
are beyond ENTREC's control. 


Examples of such forward-looking statements in this press release relate to, but
are not limited to: ENTREC's belief that based on expected schedules for future
projects, demand for crane and heavy haul transportation services will continue
to grow sequentially in 2014 over 2013 activity; expectation demand for crane
and heavy haul transportation services in northern B.C. may grow further as it
looks out to 2014 and 2015, based on estimated project schedules and overall
industry activity, and that ENTREC's acquisition of Rain Coast Cranes &
Equipment Inc. positions the Company to benefit from these developments;
expectation and ability to complete ENTREC's 2013 $50 million capital
expenditure program; and estimate revenue could exceed $215 million for the year
ending December 31, 2013.


These forward-looking statements involve a number of significant assumptions.
Key assumptions utilized in developing forward-looking statements related to
ENTREC's future growth expectations include achieving its internal revenue, net
income and cash flow forecasts for 2013 and beyond. Achieving these forecasts is
largely dependent on a number of factors beyond ENTREC's control including all
of the risks discussed further under the "Business Risks" section in ENTREC's
Management Discussion and Analysis for the year ended December 31, 2012. These
risk factors are interdependent and the impact of any one risk or uncertainty on
a particular forward-looking statement is not determinable. 


ENTREC's ability to finance its capital expenditure programs is dependent on its
ability to achieve debt financing terms acceptable to the lenders and ENTREC as
well as meeting ENTREC's internal cash flow forecasts. 


Consequently, all of the forward-looking statements made in this press release
are qualified by these cautionary statements and other cautionary statements or
factors contained herein, and there can be no assurance that the actual results
or developments will be realized or, even if substantially realized, that they
will have the expected consequences to, or effects on, ENTREC. These
forward-looking statements are made as of the date of this press release. Except
as required by applicable securities legislation, ENTREC assumes no obligation
to update publicly or revise any forward-looking statements to reflect
subsequent information, events, or circumstances.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Entrec Corporation
Rod Marlin
Chairman & CEO
(780) 960-5647


Entrec Corporation
John M. Stevens
President & COO
(780) 960-5625


Entrec Corporation
Jason Vandenberg
CFO
(780) 960-5630
www.entrec.com

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