|By Marketwired .||
|July 15, 2014 08:48 PM EDT||
EDMONTON, ALBERTA -- (Marketwired) -- 07/16/14 -- Bri-Chem Corp. ("Bri-Chem" or "Company") (TSX:BRY), a leading North American wholesale distributor and manufacturer of oil and gas drilling fluids is pleased to announce that it has completed the sale of its Steel Pipe Manufacturing division and Steel Pipe Distribution division including their respective assets and ongoing business operations to a USA based steel company. Bri-Chem will not retain any steel pipe assets or conduct any further steel pipe business operations going forward. The sale transaction provides Bri-Chem the opportunity to further its North American drilling fluids growth strategy by expanding its leadership position in existing markets and penetrating future growth into new drilling fluid market segments.
"Bri-Chem's USA drilling fluids expansion success has led to an overabundance of opportunities and this divestiture will position our company to deliver focused organic and acquisitive growth on a sustainable basis," said Don Caron, Chief Executive Officer of Bri-Chem. "We do not believe that the value of our North American leading wholesale drilling fluids market position is being adequately reflected in our stock price. By monetizing the steel pipe assets, we will be able to unleash the growth potential that resides within our market leading drilling fluids markets."
Bri-Chem is one North America's largest independent wholesale supplier of drilling fluids for the oil and gas industry. We distribute, blend and package a full range of drilling fluid products, cementing, acidizing and stimulation additives from 33 strategically located warehouses throughout Canada and the United States. Drilling fluids are used in the process of drilling deep vertical or horizontal boreholes. The drilling fluids are an integral part of the drilling process, serving a number of functions, including controlling subsurface pressures, lubricating the drill bit, stabilizing the wellbore, and carrying the cuttings to the surface, among other functions. Additional information about Bri-Chem is available at www.sedar.com or at Bri-Chem's website at www.brichem.com.
Certain information set forth in this news release contains forward-looking statements or information ("forward-looking statements"), including statements which may contain words such as "could", "should", "expect", "anticipate", "believe", "will", and similar expressions and statements relating to matters that are not historical facts are forward looking statements. By their nature, forward-looking statements are subject to numerous risks and uncertainties, some of which are beyond the Company's control, including the impact of general economic conditions, industry conditions, volatility of commodity prices, currency fluctuations, environmental risks, demand for oilfield services for drilling and completion of oil and natural gas wells; volatility in market prices for steel, oil, natural gas, and natural gas liquids and the effect of this volatility on the demand for oilfield services generally, competition from other industry participants, the lack of availability of qualified personnel or management, stock market volatility and the ability to access sufficient capital from internal and external sources. Although the Company believes that the expectations in our forward-looking statements are reasonable, our forward-looking statements have been based on factors and assumptions concerning future events which may prove to be inaccurate. Those factors and assumptions are based upon currently available information. Such statements are 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 information. As such, readers are cautioned not to place undue reliance on the forward looking information, as no assurance can be provided as to future results, levels of activity or achievements. The risks, uncertainties, material assumptions and other factors that could affect actual results are discussed in our Annual Information Form and other documents available at www.sedar.com. Furthermore, the forward-looking statements contained in this document are made as of the date of this document and, except as required by applicable law, the Company does not undertake any obligation to publicly update or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this document are expressly qualified by this cautionary statement.
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Neither the TSX nor its Regulation Services Provider (as that term is defined in the policies of the TSX) accepts responsibility for the adequacy or accuracy of this release.
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