Enterprise Group Announces $9.1 Million Equipment Supply and Services Agreement
ST. ALBERT, Alberta, Jan. 08, 2018 (GLOBE NEWSWIRE) — Enterprise Group, Inc. (“Enterprise,” or “the Company”) (TSX:E), a consolidator of services to the energy sector today announced that it has secured a one-year rental equipment supply and services agreement valued at C$9.1 million with one of Canada’s largest energy producers focused on growing its strong portfolio of diverse resource plays.
“Starting out 2018 with this deal is a testament to the success of our business approach over the last several quarters,” stated Desmond O’Kell, SVP and Director. “We look forward to working closely with this partner as well as continuing to strategically manage our growing business and expanding our influence and footprint.”
Enterprise is a leader in the infrastructure and industrial rental markets through its four subsidiaries.
Throughout 2017, Enterprise has experienced a meaningful increase in activity from its existing customers coupled with a substantial surge in new customers which has resulted in increased market share for its business units. Management’s efforts to streamline and maximize efficiencies have translated into improved margins, positive cash-flow quarter after quarter and a return to profitability in Q3 2017.
Management feels that Enterprise is within a very select group of producers and service providers that have aggressively adapted their organizations to operate successfully in the current commodity price environment.
For questions or additional information, please contact:
Leonard Jaroszuk: President & CEO, or
Desmond O’Kell: Senior Vice-President
About Enterprise Group, Inc.
Enterprise Group, Inc. is a consolidator of construction services companies operating in the energy, utility and transportation infrastructure industries. The Company’s focus is primarily construction services and specialized equipment rental. The Company’s strategy is to acquire complementary service companies in Western Canada, consolidating capital, management, and human resources to support continued growth. Enterprise acquired Artic Therm International Ltd. in September 2012, Calgary Tunnelling & Horizontal Augering Ltd. in June 2013, Hart Oilfield Rentals in January 2014, and Westar Oilfield Rentals Inc. in October 2014. More information is available at the Company’s website, www.enterprisegrp.ca. Also, today’s filings can be found on www.sedar.com
Forward Looking Information
Certain statements contained in this news release constitute forward-looking information. These statements relate to future events or the Company’s future performance. The use of any of the words “could”, “expect”, “believe”, “will”, “projected”, “estimated” and similar expressions and statements relating to matters that are not historical facts are intended to identify forward-looking information and are based on the Company’s current belief or assumptions as to the outcome and timing of such future events. Actual future results may differ materially. The Company’s Annual Information Form and other documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. The Company disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.