|By Marketwired .||
|June 20, 2014 05:37 PM EDT||
SYLVAN LAKE, ALBERTA -- (Marketwired) -- 06/20/14 -- Lonestar West Inc. (TSX VENTURE:LSI) ("Lonestar" or the "Company"), a premier provider of Hydrovac and Vacuum truck services, is pleased to announce a strategic acquisition of certain assets of Vamp Oilfield Services Inc ("Vamp"), an arm's length oil and gas service provider for total consideration of $9.77 million.
Vamp started operations in 2007 and is currently operating a fleet of 2 Hydrovac, 9 vacuum trucks, and 12 ancillary units out of their base in Moose Jaw, Saskatchewan. In calendar 2013 Vamp generated Gross Sales of $6.6 million and over $2.6 million in EBITDA. The acquisition increases Lonestar's fleet from 93 units to 116 units.
"The Vamp acquisition is in line with our corporate growth strategy. The addition of a base in Moose Jaw, Saskatchewan will complement our existing base in Carlyle, Saskatchewan and expand our presence in Western Canada," said James Horvath, CEO of Lonestar. "Lonestar would also like to welcome Ryan Buckton to the Company. Mr. Buckton's experience in the Moose Jaw area will be a valuable addition to our management team."
In consideration of the acquisition of certain assets of Vamp, the Corporation paid $5.52 million cash on closing, and issued five separate unsecured promissory notes (the "Notes") totaling $2.25 million as deferred consideration. The Notes are subject to certain performance thresholds being and do not bear interest. In addition, Lonestar issued 543,478 common shares of the Company at a price of $3.68 per share or $2.00 million in the aggregate.
Lonestar is also pleased to announce a settlement for an aggregate of $251,853 in Lonestar's favour for a legal claim against a former lease operator for breach of a non-competition clause. Lonestar received $47,317, net of legal fees in damages and released $204,536 in accounts payable owed to the former lease operator into revenue.
About Lonestar West
Based in Sylvan Lake, Alberta, Lonestar West Inc. (www.lonestarwest.com) operates a fleet of 116 HVAC and vacuum trucks and ancillary vehicles throughout Western Canada and the United States. It is focused on profitably growing its HVAC services to become a major competitor in the North American market.
Disclaimer for Forward-Looking Information
Certain statements contained in this press release constitute forward-looking information within the meaning of applicable securities laws. Forward-looking information may relate to the Company's future outlook and anticipated events or results and may include statements regarding the financial position, business strategy, budgets, litigation, projected costs, capital expenditures, financial results, taxes, plans and objectives of or involving the Company. Particularly, statements regarding future results, performance, achievements and prospects or opportunities for the Company are forward-looking statements. In some cases, forward-looking information can be identified by such terms such as "may", "might", "will", "could", "should", "would", "occur", "expect", "plan", "anticipate", "believe", "intend", "estimate", "predict", "potential", "continue", "likely", "schedule", or the negative thereof or other similar expressions concerning matters that are not historical facts. Although the forward-looking statements contained in this press release are based upon assumptions that management of the Company believes are reasonable based on information currently available to management, there can be no assurance that actual results will be consistent with these forward-looking statements. Forward-looking statements necessarily involve known and unknown risks and uncertainties, many of which are beyond the Company's control, which may cause actual results to differ materially from those expressed or implied by such forward-looking statements. The forward-looking statements made in this press release relate only to events or information as of the date hereof. Except as required by applicable law, the Company undertakes no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events.
For more information please visit the Lonestar West website at www.lonestarwest.com.
NEITHER THE TSX VENTURE EXCHANGE NOR ITS REGULATION SERVICES PROVIDER (AS THAT TERM IS DEFINED IN THE POLICIES OF THE TSX VENTURE EXCHANGE) ACCEPTS RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, New York, and 21st International Cloud Expo, which will take place in November in Silicon Valley, California.
Apr. 27, 2017 02:00 PM EDT Reads: 2,412
The 20th International Cloud Expo has announced that its Call for Papers is open. Cloud Expo, to be held June 6-8, 2017, at the Javits Center in New York City, brings together Cloud Computing, Big Data, Internet of Things, DevOps, Containers, Microservices and WebRTC to one location. With cloud computing driving a higher percentage of enterprise IT budgets every year, it becomes increasingly important to plant your flag in this fast-expanding business opportunity. Submit your speaking proposal ...
Apr. 27, 2017 01:45 PM EDT Reads: 1,282
DevOps is often described as a combination of technology and culture. Without both, DevOps isn't complete. However, applying the culture to outdated technology is a recipe for disaster; as response times grow and connections between teams are delayed by technology, the culture will die. A Nutanix Enterprise Cloud has many benefits that provide the needed base for a true DevOps paradigm. In his Day 3 Keynote at 20th Cloud Expo, Chris Brown, a Solutions Marketing Manager at Nutanix, will explore t...
Apr. 27, 2017 01:30 PM EDT Reads: 775
New competitors, disruptive technologies, and growing expectations are pushing every business to both adopt and deliver new digital services. This ‘Digital Transformation’ demands rapid delivery and continuous iteration of new competitive services via multiple channels, which in turn demands new service delivery techniques – including DevOps. In this power panel at @DevOpsSummit 20th Cloud Expo, moderated by DevOps Conference Co-Chair Andi Mann, panelists will examine how DevOps helps to meet th...
Apr. 27, 2017 01:15 PM EDT Reads: 1,574
SYS-CON Events announced today that Juniper Networks (NYSE: JNPR), an industry leader in automated, scalable and secure networks, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Juniper Networks challenges the status quo with products, solutions and services that transform the economics of networking. The company co-innovates with customers and partners to deliver automated, scalable and secure network...
Apr. 27, 2017 01:15 PM EDT Reads: 4,942
Apr. 27, 2017 01:15 PM EDT Reads: 1,438
SYS-CON Events announced today that Hitachi, the leading provider the Internet of Things and Digital Transformation, will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. Hitachi Data Systems, a wholly owned subsidiary of Hitachi, Ltd., offers an integrated portfolio of services and solutions that enable digital transformation through enhanced data management, governance, mobility and analytics. We help globa...
Apr. 27, 2017 12:45 PM EDT Reads: 1,283
DevOps is being widely accepted (if not fully adopted) as essential in enterprise IT. But as Enterprise DevOps gains maturity, expands scope, and increases velocity, the need for data-driven decisions across teams becomes more acute. DevOps teams in any modern business must wrangle the ‘digital exhaust’ from the delivery toolchain, "pervasive" and "cognitive" computing, APIs and services, mobile devices and applications, the Internet of Things, and now even blockchain.
Apr. 27, 2017 12:45 PM EDT Reads: 2,696
SYS-CON Events announced today that T-Mobile will exhibit at SYS-CON's 20th International Cloud Expo®, which will take place on June 6-8, 2017, at the Javits Center in New York City, NY. As America's Un-carrier, T-Mobile US, Inc., is redefining the way consumers and businesses buy wireless services through leading product and service innovation. The Company's advanced nationwide 4G LTE network delivers outstanding wireless experiences to 67.4 million customers who are unwilling to compromise on ...
Apr. 27, 2017 12:30 PM EDT Reads: 1,205
Five years ago development was seen as a dead-end career, now it’s anything but – with an explosion in mobile and IoT initiatives increasing the demand for skilled engineers. But apart from having a ready supply of great coders, what constitutes true ‘DevOps Royalty’? It’ll be the ability to craft resilient architectures, supportability, security everywhere across the software lifecycle. In his keynote at @DevOpsSummit at 20th Cloud Expo, Jeffrey Scheaffer, GM and SVP, Continuous Delivery Busine...
Apr. 27, 2017 12:30 PM EDT Reads: 1,037
@DevOpsSummit has been named the ‘Top DevOps Influencer' by iTrend. iTred processes millions of conversations, tweets, interactions, news articles, press releases, blog posts - and extract meaning form them and analyzes mobile and desktop software platforms used to communicate, various metadata (such as geo location), and automation tools. In overall placement, @DevOpsSummit ranked as the number one ‘DevOps Influencer' followed by @CloudExpo at third, and @MicroservicesE at 24th.
Apr. 27, 2017 12:30 PM EDT Reads: 2,849
With major technology companies and startups seriously embracing IoT strategies, now is the perfect time to attend @ThingsExpo 2016 in New York. Learn what is going on, contribute to the discussions, and ensure that your enterprise is as "IoT-Ready" as it can be! Internet of @ThingsExpo, taking place June 6-8, 2017, at the Javits Center in New York City, New York, is co-located with 20th Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry p...
Apr. 27, 2017 12:15 PM EDT Reads: 1,208
20th Cloud Expo, taking place June 6-8, 2017, at the Javits Center in New York City, NY, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy.
Apr. 27, 2017 12:15 PM EDT Reads: 3,134
Did you know that you can develop for mainframes in Java? Or that the testing and deployment can be automated across mobile to mainframe? In his session at @DevOpsSummit at 20th Cloud Expo, Vaughn Marshall, Sr. Principal Product Owner at CA Technologies, will discuss and demo how increasingly teams are developing with agile methodologies using modern development environments and automating testing and deployments, mobile to mainframe.
Apr. 27, 2017 12:00 PM EDT Reads: 1,346
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend @CloudExpo | @ThingsExpo, June 6-8, 2017, at the Javits Center in New York City, NY and October 31 - November 2, 2017, Santa Clara Convention Center, CA. Learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
Apr. 27, 2017 12:00 PM EDT Reads: 1,309