EcoMax Announces Sale and Closure of Calgary Operation

CALGARY, ALBERTA--(Marketwire - Sept. 17, 2008) - EcoMax Energy Services Ltd. (TSX VENTURE:EES) ("EcoMax" or the "Company") is pleased to announce that it has sold, effective July 31, 2008, the assets and inventory of its remaining valve operation in Calgary in an arm's length transaction with a private buyer. This business had been operated under the name Tega Supply and, more recently, Central Valve Calgary. The assets are being sold for $250,000, which approximates their book value at the time of the sale. The Company received $50,000 in cash and a note for the remainder of the purchase price, which will be payable no later than December 31, 2009.

The Company has also moved the inventory and equipment associated with the patented EcoMax Pump to its Red Deer facility, which will allow the Company to save approximately $150,000 per year in costs associated with the Calgary facility's operation.

Mark Hopkins, the Company's Chief Executive Officer, noted:

"This sale has allowed the Company to complete its exit from the valve business, reduce costs associated with the EcoMax Pump and corporate administration and further allow the Company to focus on growing the blow-out prevention (BOP) part of the business."

About EcoMax Energy Services Ltd.:

EcoMax Energy Services Ltd. is an oilfield services company whose product offering includes BOP 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.
Related Stocks:
Stock Market XML and JSON Data API provided by FinancialContent Services, Inc.
Nasdaq quotes delayed at least 15 minutes, all others at least 20 minutes.
Markets are closed on certain holidays. Stock Market Holiday List
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.
Press Release Service provided by PRConnect.
Stock quotes supplied by Six Financial
Postage Rates Bots go here