CALGARY, ALBERTA--(Marketwire - March 18, 2008) - EcoMax Energy Services Ltd. ("EcoMax" or the "Company") (TSX VENTURE:EES) is pleased to announce that it has agreed to sell the land, buildings and operating assets, excluding inventory, receivables and payables, of its Central Valve Service and Mountain Measurement divisions located near Sylvan Lake, Alberta in an arm's length transaction with a private buyer. EcoMax has also agreed to consign its inventory to the purchaser.
Sales proceeds, before normal closing adjustments, will be approximately $2.3 million. The sale, effective February 29, 2008, is subject to the approval of the TSX Venture Exchange and to customary closing deliveries. Closing is expected to occur prior to the end of March 2008.
Mark Hopkins, the Company's Chief Executive Officer, noted:
"The proceeds from this transaction will significantly strengthen our balance sheet and will allow the Company to focus on growing the blow-out prevention (BOP) part of the business. This will include the final completion of the Company's facility in Red Deer and completion of the expansion of the facility in Leduc, Alberta."
About EcoMax Energy Services Ltd.:
EcoMax Energy Services Ltd. is an oilfield services company whose product offering includes BOP and valve sales and service solutions to the oil and gas and other industries in Western Canada and the patented EcoMax Chemical Pump.The TSX Venture Exchange does not accept responsibility for the adequacy or accuracy of this release.