CALGARY, Nov. 14, 2012 /CNW/ - Winalta Inc. ("Winalta" or
the "Company") is pleased to announce it has entered into an
unconditional agreement to sell 100% of its Sylvan Lake lands asset for $2.0 million. The sale is secured by a
$200,000 non-refundable deposit and
is scheduled to close December 19,
2012.
On September 7,
2012, Winalta acquired the remaining 50% of the Sylvan Lake lands from its Joint Venture
partner at a cost of $750,000. The
sale of the Sylvan Lake lands is
the final non energy service asset that Winalta was looking to
divest. The proceeds of the sale will go towards general working
capital and contribute to further expansion of the Company's 2013
capital expenditure program.
Winalta Inc., operating under the trade name,
Winalta Oilfield Rentals, is an oilfield service provider that
specializes in portable industrial rental accommodations, remote
offices and Dedicated Geo Labs; servicing the Western Canadian oil
and gas Industry.
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.
Forward-looking information
Certain information set forth in this press
release, including the timing of the closing of the sale
transaction may constitute forward-looking statements. By their
nature, forward-looking statements involve material assumptions and
are subject to numerous risks and uncertainties, including with
respect to market and economic conditions and their impact on the
Company's business, some of which, are beyond the Company's
control. Readers are cautioned not to place undue reliance on the
forward-looking statements as the assumptions used in the
preparation of such information, although considered reasonable at
the time of preparation, may prove to be imprecise and actual
results, performance or outcomes could materially differ from those
expressed or implied in such forward-looking statements and
accordingly, no assurance can be given that any of the events
anticipated by forward looking statements will transpire or occur,
or if any of them do so, what benefit Winalta will derive there
from. The Company does not assume the obligation to revise or
update this forward-looking information after the date of this
release or to revise such information to reflect the occurrence of
future unanticipated events, except as may be required under
applicable securities laws.
SOURCE Winalta Inc.