4.7.2003: Meldung: Newalta Income Fund: Acquisition of Satellite Oilfield Facility and Disposition of Non-Core Assets
Thursday July 3, 6:00 am ET
CALGARY, ALBERTA--Newalta Income Fund ("Newalta") today announced that it has closed the acquisition of a satellite oilfield facility in southwest Saskatchewan from Sand Hill Contracting Ltd. The purchase price of $3.0 million consisted of $0.5 million cash and the issuance of 250,000 trust units at a deemed price of $10.00 per unit.
"This acquisition is consistent with our strategy to acquire and develop satellite operations to increase our geographic coverage," said Al Cadotte, President and Chief Executive Officer of Newalta Income Fund. "We will add process equipment to this location and the facility will collect and consolidate waste for shipment to one of our existing processing facilities. These initiatives are part of our strategy to capitalize on opportunities to increase the cash generated by our existing operations and to maximize distributions to Newalta unitholders."
On June 1, 2003, Newalta sold certain non-core drill site container assets for approximately $1.4 million in cash. The proceeds were used to reduce debt.
Newalta Income Fund is an open-ended trust that maximizes the inherent value in certain industrial wastes through recovery of saleable products and recycling, rather than disposal. Through an integrated network of 35 state-of-the-art facilities, Newalta delivers world-class solutions to a broad customer base of national and international corporations, in a range of industries, including the automotive, forestry, pulp and paper, manufacturing, mining, oil and gas, petrochemical, and transportation services industries. With a strong track record of profitable growth and environmental stewardship, Newalta is focused on leveraging its proven competencies in new service sectors and geographic markets from coast to coast.
Newalta Income Fund
Ronald L. Sifton
Senior Vice President, Finance & CFO
Phone: (403) 206-2684
Source: Newalta Income Fund