ACHESON, ALBERTA--(Marketwired - Oct. 29, 2015) - ENTREC Corporation ("ENTREC" or the "Company") (TSX:ENT), an employee-owned heavy haul and crane solutions provider, is pleased to announce a strategic investment by Manitoulin Transport ("Manitoulin"). As of the date hereof, Manitoulin has beneficial ownership of approximately 15.4% of the issued and outstanding common shares of ENTREC on a non-diluted basis.
"We are very pleased to welcome Manitoulin as a strategic partner with ENTREC," said John M. Stevens, ENTREC's President and CEO. "As one of Canada's largest transportation and logistics companies, Manitoulin is already an important customer for us and we look forward to further leveraging our relationship in the future."
"We are excited to have made this strategic investment in ENTREC," said Gord Smith, Manitoulin's CEO. "ENTREC already supports many of our heavy haul transportation requirements and we have been watching ENTREC closely over the past few years as they have grown to become a best-in-class service provider to both the crane and heavy haul transport industries. We are excited to continue to work with ENTREC both as a customer and now also a strategic investor."
For additional details regarding the investment please refer to Manitoulin Transport's press release dated October 28, 2015 and filed on SEDAR at www.sedar.com. Manitoulin acquired previously outstanding common shares of ENTREC. No new common shares were issued from treasury.
Manitoulin has one of the most extensive transportation networks in Canada, providing truckload, less than truckload, trans-border, rail intermodal and specialized transportation services from over 100 locations right across Canada. Sustained by its 50 years of experience, Manitoulin has developed the transportation knowledge that is relied and trusted by clients in various industries.
ENTREC is an employee-owned heavy haul and crane solutions provider to the oil and natural gas, construction, petrochemical, mining and power generation industries. ENTREC is listed on the Toronto Stock Exchange under the symbol ENT.
(October 29, 2015 - 7:01 AM EDT)
News by QuoteMedia