Investors: 2006 Press Release Archive
HSE Closes Acquisition Of Atlantic Safety Services Company
NEWS RELEASE – April 21, 2006
HSE Integrated Ltd. ("HSE" or the "Company") is pleased to announce that it has closed the previously announced (March 21, 2006) acquisition of the shares of Front-Line Safety Ltd. ("Front-Line") of Dartmouth, Nova Scotia.
Front-Line provides industrial safety services to refineries, petrochemical plants, offshore drilling and production operations and other industries in Atlantic Canada in the areas of safety services, breathing air equipment, safety supervision, air quality monitoring and related industrial safety training.
The total purchase consideration was 666,667 treasury shares of HSE, the assumption of $318,000 in long term debt and $1,082,000 cash. The debt and cash figures were adjusted slightly from the previous announcement reflecting reduced long term debt. In addition, there could be a further cash consideration based on the financial performance of Frontline for the current fiscal year ended August 31, 2006.
As a employee retention component of the transaction, today HSE issued 60,000 options to purchase common shares to managers of Front-Line (including 25,000 to an Officer) at the April 20, 2006 closing price of HSE on the TSX Venture Exchange of $3.25.
HSE is an integrated supplier of industrial Health, Safety and Environmental services. From its head office in Calgary, Alberta HSE serves its clients from field service locations in Alberta, British Columbia, Ontario, Nova Scotia and Michigan. HSE trades on the TSX Venture Exchange under the symbol "HSL".
HSE is an integrated supplier of industrial Health, Safety and Environmental services. From its head office in Calgary, Alberta HSE serves its clients from field service locations in Alberta, British Columbia, Ontario, Nova Scotia and Michigan. HSE trades on the TSX Venture Exchange under the symbol "HSL".
The TSX Venture Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of this release.
For more information please contact:
David Yager, Chairman & CEO
Telephone: (403) 266-1833
E-Mail:
Jim Hill, President
Telephone: (519) 429-0080
E-Mail: