HOUSTON, March 31 /PRNewswire-FirstCall/ -- BJ Services Company (NYSE:
BJS; PCX; CBOE) announced today that it has signed a pre-acquisition
agreement to acquire all of the outstanding shares of Innicor Subsurface
Technologies Inc. (Toronto: IST). Innicor is headquartered in Calgary,
Alberta and is a designer, manufacturer and provider of tools and equipment
utilized in the completion and production phases of oil and gas well
development in Canada and select international markets.
Subject to the terms and conditions of the agreement, BJ Services will
offer to purchase the outstanding shares of Innicor for a purchase price of
CAD $2.50 in cash per share, valuing the proposed transaction at
approximately USD $55 million, including outstanding debt and capital lease
obligations. The transaction is expected to be completed during BJ
Services' third fiscal quarter and is subject to customary closing
conditions, including applicable Canadian regulatory approvals.
CEO J.W. Stewart commented, "This acquisition will increase the breadth
of our completion and downhole tool product lines and will add significant
manufacturing capacity. The combination of BJ's current completion tool
capabilities and Innicor's completion tool product line, manufacturing
capabilities and distribution networks significantly strengthens our
ability to meet our customers' needs."
This news release contains forward-looking statements within the
meaning of the Securities Litigation Reform Act that involve risks and
uncertainties, including the Company's ability to consummate the
acquisition, to integrate the business and operations of Innicor, and other
factors described from time to time in the Company's publicly available SEC
reports, which could cause actual results to differ materially from those
indicated in the forward- looking statements. In this press release, the
words "expect," "estimate," "project," and "believe," and similar words are
intended to identify forward- looking statements.
BJ Services Company is a leading provider of pressure pumping, well
completion, production enhancement and pipeline services to the petroleum
industry.
(NOT INTENDED FOR DISTRIBUTION TO BENEFICIAL OWNERS)
SOURCE BJ Services Company
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Related links:
http://www.bjservices.com
CONTACT:
Jeff Smith of BJ Services Company,
+1-713-462-4239
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