CALGARY, ALBERTA -- (Marketwired) -- 02/09/17 -- Canadian Equipment Rentals Corp. ("CER" or the "Company") (TSX VENTURE: CFL) is pleased to announce that further to its press release dated January 31, 2017, it has completed the sale of the assets of its wholly-owned subsidiary, 4-Way Equipment Rentals Corp. to Cooper Rentals Canada Inc.
Gross cash proceeds from the transaction will be approximately $8.5 million. Net proceeds after transaction costs and post-closing adjustments will be applied against CER's senior indebtedness.
About Canadian Equipment Rentals Corp.
Canadian Equipment Rentals Corp. is a Canadian public corporation and parent company to Zedcor Energy Services Inc. ("Zedcor"). Zedcor is engaged in the rental of surface equipment and accommodations to the Western Canadian Oil and Gas Industry. The Company trades on the TSX Venture Exchange under the symbol "CFL".
About Cooper Rentals Canada Inc.
Cooper Rentals Canada Inc., headquartered in Mississauga, Ontario, is a full-service construction equipment rental company, servicing contractors across Ontario and Quebec. Cooper specializes in the rental of compact, aerial and heavy construction equipment while providing a wide range of related services and supplies.
Forward-Looking Statements and Information
Certain statements included or incorporated by reference in this press release constitute forward-looking statements or forward-looking information. Forward-looking statements or information may contain statements with the words "anticipate", "believe", "expect", "plan", "intend", "estimate", "propose", "budget", "should", "project", "would have realized', "may have been" or similar words suggesting future outcomes or expectations. Forward-looking statements in this press release include the payment of net proceeds after transaction costs against the CER senior indebtedness. Although the Company believes that the expectations implied in such forward-looking statements or information are reasonable, undue reliance should not be placed on these forward-looking statements because the Company can give no assurance that such statements will prove to be correct. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of assumptions about the future and uncertainties. Although management believes these assumptions are reasonable, there can be no assurance that they will be proved to be correct, and actual results will differ materially from those anticipated. For this purpose, any statements herein that are not statements of historical fact may be deemed to be forward-looking statements. The forward-looking statements or information contained in this press release are made as of the date hereof and the Company assumes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new contrary information, future events or any other reason, unless it is required by any applicable securities laws. The forward-looking statements or information contained in this press release are expressly qualified by this cautionary statement.
Neither 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.
Contacts:
Ken Olson
Chief Financial Officer
(403) 930-5434
kolson@cercorp.ca
