TORR Canada to acquire Pure Group AS
MONTREAL, QUE-TORR Canada has entered into an agreement with Hitec Vision Private Equity III AS and Statoil Innovation AS for the acquisition of Pure Group AS, a Norwegian company established by Statoil to provide environmentally-friendly technologies for oil, gas and water purification. The company will pay $11 million of the $43.8 million purchase price in cash, $25.5 million in TORR Canada shares and $7.3 million through the refinancing of an existing loan. The transaction is expected to close by September 30, 2007, subject to standard conditions, including approval by the company shareholders and the Toronto Stock Exchange. The acquisition of Pure Group will give TORR direct access to a larger distribution network with established client relationships, said TORR CEO Alain Ferland. More information is available Jacques Drouin, from TORR Canada senior vice-president and CFO, 514/522-5550, ext 226, Web site www.torrcanada.com.