Aveda Transportation and Energy (TSXV:AVE) Expands North American Oilfield Operations with Acquisition of Belair Rentals - Video News Alert Posted on Investmentpitch.com
(Thomson Reuters ONE) -
Vancouver, British Columbia, November 8, 2013 - Aveda Transportation and Energy
Services (TSXV:AVE) announced the acquisition of Edson, Alberta-based Belair
Rentals. In addition to the acquisition of 23 well-site shacks, 22 light towers,
43 pieces of safety matting, 19 rig mats, 16 environmental fuel tanks, other
various rental assets and working capital, existing Belair management will also
join the Aveda team.
InvestmentPitch.com has produced a "video news alert" based on this news. If
this link is not enabled, please visit www.InvestmentPitch.com and enter "Aveda"
in the search box.
"We are thrilled to be joining a dynamic and growing company like Aveda," stated
Brian Pillage, former-President of Belair Rentals.
Aveda provides specialized transportation services and equipment required for
the exploration, development and production of petroleum resources in the
Western Canadian Sedimentary Basin and in the United States of America
principally in and around the states of Texas and Pennsylvania. Transportation
services include both the equipment necessary to move the load as well as a
trained, professional driver capable of securing, moving and manipulating the
load at its origin and destination. Aveda's rental operations include the rental
of tanks, mats, pickers, light towers and additional equipment necessary for
oilfield operations.
Kevin Roycraft, President and CEO of Aveda stated, "Acquiring Belair Rentals
will allow us to raise our profile and access a range of conventional and
unconventional wellsites in the Cardium formation and in the Montney and
Duvernay shales. It will also allow us to improve the utilization of existing
assets that can be redeployed to regions with greater demand."
The initial purchase price of $4 million consisting of $3.5 million in cash and
one half million dollars in Aveda shares, could be increased by $500,000 to
$1,500,000 in cash if Belair Rentals achieves certain targets in the first year.
Aveda is targeting a purchase price with an EBITDA multiple of about 3.06 to
3.21 times.
For the 3rd quarter ended September 30, 2013, the company reported revenues of
$23.4 million, an increase of 17.6% over the same period last year. Adjusted
EBITDA for the quarter increased from $2.9 million to $4.5 million, up 57.9%.
This is 14 consecutive quarters of record revenue growth as compared to the same
period of the prior year. Net income per share increased to $0.27 for the
quarter, compared to a loss per share of $0.04 in the prior comparative period.
Aveda announced, in early October, that Werklund Capital Corporation had granted
the company the right to unilaterally convert $4.77 million principal amount of
convertible debentures into 1.85 million shares, at a price of $2.55 per share.
"Over the last two years, the Aveda team has demonstrated a consistent ability
to improve the operational and, consequently, financial performance of the
business," stated David Werklund, Executive Chairman of Werklund Capital. "We
are firm believers in the future growth of Aveda and, on that basis, intend to
retain our increased position in the Company post conversion."
Bharat Mahajan, Aveda's Vice President of Finance and CFO added, "The planned
conversion of the Convertible Debentures into Common Shares helps clean up the
balance sheet and provides us with improved financial flexibility to pursue and
fund these and other growth opportunities both organic and acquisitive."
The shares are currently trading at $3.70, up 53% over the last 12 months.
For more information, and a list of the analysts that cover the company, please
visit the company's website www.avedaenergy.com,, contact Bharat Mahajan CFO at
403-264-5769 or email bharat.mahajan(at)avedaenergy.com.
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Datum: 09.11.2013 - 01:43 Uhr
Sprache: Deutsch
News-ID 314621
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