CERF Incorporated has signed a non-binding letter of intent to acquire a private oilfield equipment rental company located in Alberta. The existing management team of the Oilfield Rental Company is expected to manage and grow CERF's new business unit. The closing of the transaction is subject to the parties entering into a definitive share purchase agreement and to usual closing conditions including TSX Venture Exchange and other regulatory approvals.
Wayne Wadley, president of CERF Inc. comments, "We are excited to have a successful oilfield rental company join the CERF group of companies. We look forward to being able to participate more directly in the oil industry and to have our wholly owned subsidiary, 4-Way Equipment Rentals Corp. working closely with the Oilfield Rental Company in supplying some similar rental equipment and services to a whole new oilfield customer base."
