Key Developments: Ridgeline Energy Services Inc (RGDEF.PK)
0.39USD
17 May 2013
$0.01 (+3.46%)
$0.38
$0.38
$0.39
$0.38
43,000
62,507
$0.76
$0.26
Latest Key Developments (Source: Significant Developments)
Ridgeline Energy Services Inc Completes Acquisition Of Changing World Technologies, L.P.
Ridgeline Energy Services Inc announced that, further to its news releases of February 5, 2013 and March 11, 2013, it has, subject to receipt of final TSX Venture Exchange approval, completed the acquisition of all the partnership interests in Changing World Technologies, L.P., a Delaware limited partnership (CWT LP) pursuant to a unit purchase agreement dated effective March 11, 2013. CWT LP has two operating subsidiaries, Renewable Energy Solutions, LLC and TDP, LLC, which includes the Carthage facility where over $60 million dollars was invested in the construction and operation of a refinery for the production of renewable diesels, a waste water treatment plant, real estate and buildings. The Company has, through its wholly owned USA subsidiary, become the sole limited partner of CWT LP. The operating plant is set on just over six rail served acres outside Carthage, Missouri. The property location and infrastructure has capacity to process over 150 million gallons of waste water annually. Full Article
Ridgeline Energy Services Inc Announces Final Closing Of Private Placement
Ridgeline Energy Services Inc announced the final closing of a private placement previously announced on March 7, 2013. The Company's private placement consisted of an offering of 6,000,000 (the Units) for aggregate gross proceeds of $2,820,000 (the Offering). Each Unit is comprised of one common share in the capital of the Company (a Common Share) and one full Common Share purchase warrant (a Warrant). Each Warrant is exercisable to acquire one Common Share at a price of $0.59 for a period of five years from date of issuance. Effective March 14, 2013 the Company has completed its final closing of the Offering through the issuance and sale of Units for gross proceeds of $1,316,265. The Warrants issued under the final closing expire on March 14, 2018. The Company intends to use the net proceeds from the private placement for working capital. Full Article
Ridgeline Energy Services Inc Announces Definitive Agreement to purchase CWT LP
Ridgeline Energy Services Inc announced that it has executed a definitive agreement for the purchase of CWT, LP for stock and debt. CWT, LP is the beneficial owner of the (DBA), Consolidated Water Treatment of Missouri (CMT) which is the entity Ridgeline signed a management agreement with on February 5, 2013. The Company has purchased all of the partner interest in CWT, LP and its operating subsidiaries; Renewable Energy Solutions, LLC and TDP, LLC which includes the facility located in Carthage, Missouri for CAD15,000,000 million dollars in Ridgeline common stock at $0.58 per share, and a five year secured debt in the amount of CAD20,000,000 million dollars. The Sellers, which are represented by CWT Enterprises Canada, Inc. will also receive 4,100,000 warrants at a price of CAD1.00 with expiration in five years. Full Article
Ridgeline Energy Services Inc Announces First Closing Of Private Placement
Ridgeline Energy Services Inc announces the first closing of a private placement. The Company's private placement consists of an offering of up to 4,000,000 (the Units) for aggregate gross proceeds of $1,880,000 (the Offering). Each Unit is comprised of one common share in the capital of the Company (a Common Share) and one full Common Share purchase warrant (a Warrant). Each Warrant is exercisable to acquire one Common Share at a price of $0.59 for a period of five years from date of issuance. Subject to regulatory approval, the Company intends to increase the Offering from 4,000,000 Units to 6,000,000 Units for aggregate gross proceeds of $3,480,000. The additional 2,000,000 Units are expected to be issued at the same price and on the same terms as set out above. Effective March 7, 2013 the Company has completed its first closing of the Offering through the issuance and sale of 3,199,436 Units for gross proceeds of $1,503,735. The Warrants issued under the first closing expiry on March 7, 2018. The Company intends to use the net proceeds from the private placement for working capital. Full Article
Ridgeline Energy Services Inc Announces Appointment Of Chairman And Chief Executive Officer
Ridgeline Energy Services Inc announced Management promotions that are part of long-term management development plans for addressing the growth needs of the Company. Tony Ker, Chief Executive Officer (CEO) of Ridgeline since December 2008 will become Executive Chairman of the Board, as of February 19, 2013. Tony's responsibilities will be in Board related activities, strategic planning, investor relations, security regulations, acquisitions, and concentration on business operations within Canada. Mr. Ker works in the Vancouver, British Columbia office. Dennis M. Danzik, current Director and head of engineering and operations since early 2011, will assume the role of Chief Executive Officer. Full Article
Ridgeline Energy Services Inc Issues Q3 2013 Revenue Guidance; Signs Five Year Water Treatment Contract
Ridgeline Energy Services Inc announced that it expects the third quarter of 2013 revenues to be in the range of $6 million to $6.5 million. The Company also announced it has closed a five year contract to treat water in New Mexico, and Texas. This new agreement calls for a minimum of 2,500 barrels per day and has the potential to increase significantly over the life of the contract. Full Article
Ridgeline Energy Services Inc Closes Acquisition Of Assets Of Piedmont Technical Services, Inc.
Ridgeline Energy Services Inc announced that effective October 3, 2012 it has closed the previously announced transaction to acquire the assets of Piedmont Technical Services, Inc. (PTEC). The consideration to be paid to PTEC for the assets will be USD1,600,000 in cash and 1,500,000 common shares, of which, 300,000 common shares will be released to PTEC every four months commencing three months after the closing date. An additional 1,500,000 common shares are issuable on an earn-out basis if Ridgeline's EBITDA and sales exceed certain targets over a three year period. Full Article
Ridgeline Energy Services Inc Exercises Option To Purchase Santa Fe Springs Property
Ridgeline Energy Services Inc announced it has exercised its option to purchase the Santa Fe Springs property. The Lease and Option to Purchase Agreement (LOPA) with Lakeland Development Company (Lakeland) was previously announced in April 2012, along with the execution of an Asset Purchase Agreement (APA). It is expected that Ridgeline will close the LOPA concurrent with the closing of the APA. Ridgeline has been operating and conducting business under a lease and a management agreement at Santa Fe Springs since April 2012. Full Article
Ridgeline Energy Services Inc Appoints Kevin Bridges as Chief Financial Officer
Ridgeline Energy Services Inc announced that Kevin M. Bridges has been appointed as Chief Financial Officer, effective October 1, 2012. Mr. Bridges succeeds James Yeager, who will be leaving the company to pursue other opportunities. Full Article
Ridgeline Energy Services Inc Issues Q2 2013 Revenue Guidance In Line With Analysts' Estimates; Comments On Q3, Q4 2013 Revenue Guidance
Ridgeline Energy Services Inc announced that it expects the second quarter for 2013 revenues to be in the range of $4.9-$5.5 million. Continued increases in revenues are expected for the third and fourth quarters of 2013. The growth in revenues is expected to be largely driven by the Company's water treatment segment, specifically its operations at Santa Fe Springs. According to I/B/E/S Estimates, analysts are expecting the Company to report revenue of $5.3 million for the second quarter of 2013; revenue of $7.8 million for the third quarter of 2013; revenue of $11.2 million for the fourth quarter of 2013. Full Article
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