DEPI completes acquisition of cash positive, high demand oil & gas service provider
LANGLEY, BC, May 29, 2002 /PRNewswire-FirstCall via COMTEX/ -- DURO ENZYME PRODUCTS INC. (the "Company") is pleased to announce completion of its acquisition of Bruden Steaming and Vac Truck Services Ltd., an Alberta-based private corporation serving the needs of the Alberta Oil Sands oil and gas industry, first announced by the Company January 19, 2002. Bruden has been cash positive since initiating operations in the fall of 1997, and has successfully expanded profitably to serve multiple markets including oil and gas, agriculture, transportation, manufacturing, food service, residential services, and commercial businesses. The Company plans to create additional cash flow through complementary acquisitions, vertical integration, fleet expansions, specialized training, and service developments.
Bruden's expertise, resources, and commitment to high quality, safety- conscious service fuels intense demand and support continuous operations 24- hours a day, 7 days a week, 365-days a year. As needed, the company sub- contracts local businesses to meet its exceptional demand for services that include liquid hauling and removal, material clean-up, heating/thawing, heavy equipment moving, land spreading, flushing/de-scaling, high pressure water jetting, steam and foam cleaning, and excavating hydro-vac, among many, many others. The company has combined industry experience that exceeds 125 years and includes oil and gas industry specialists, master heavy duty mechanics, and a growing staff of specially trained driver/operators. Bruden has key contacts in the Alberta government, Alberta agriculture, and the Alberta Oil Sands, which help to ensure corporate growth and ongoing demand.
Bruden will be instrumental in Duro's profitable application of proprietary gasification and enzyme technologies. The oil and gas industry views oil sludge, a byproduct of oil extraction, as a waste material. Bruden provides oil sludge collection services to the Alberta Oil Sands and will provide Duro with a continuous, guaranteed stream of this material. The Company will apply its proprietary gasification and enzyme technologies to the sludge to generate energy for the Company's own use and for sale, and to manufacture the world's most stable, 100% natural enzymes that will be marketed to oil producing countries around the world. Stable enzymes manufactured from oil sludge can revolutionize a wide range of processes such as oil refining, oil recovery, bioremediation, and site reclamation, by making them far more cost efficient and environmentally friendly.
"The Bruden acquisition is another very positive achievement in our corporate growth and the fulfillment of our mandate to generate healthy cash flow through complementary, cash positive business acquisitions. This transaction signifies a giant leap toward our goal of energy generation via gasification and stable enzyme production and marketing," stated Perry Smith, President.
On behalf of the Board of Directors of: DURO ENZYME PRODUCTS INC. "Perry Smith" Perry Smith, President
SOURCE Duro Enzyme Products Inc.
.......According to the Great Pumpkin, ".....You're in .....iHub....., Charlie Brown....."!!!
