ENTREC Corp Acquires Business And Assets Of Taylor Crane Service, Inc

ENTREC Corp announced that it has acquired the business and assets of Taylor Crane Service, Inc., effective December 31, 2012. Located right in the heart of the Bakken oil formation, Taylor Crane is based in Dickinson, North Dakota and operates a fleet of seven cranes, including all-terrain, carry decks, and hydraulic truck mounted cranes. The equipment fleet also includes several trailers and other support equipment used to support crane operations. The aggregate consideration paid for the business and assets of Taylor Crane consisted of the issuance of 1,000,000 common shares of ENTREC issued at a deemed price of $1.53 per share; and USD4,300,000 in cash. The purchase agreement also contains a due diligence clause whereby ENTREC has up to 31 days following closing to complete additional due diligence on TAYLOR CRANE. Upon the expiry of the 31 day period, should ENTREC not be satisfied with the results of remaining due diligence, ENTREC has the option to sell back the business and assets of TAYLOR CRANE to the vendor on the same terms and conditions contained in the purchase agreement.