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Last updated on April 17, 2014 at 17:30 EDT

CERF Incorporated Announces Agreement to Purchase TRAC Energy Services Ltd.

October 1, 2012

TSX Venture Symbol:  CFL

CALGARY, Oct. 1, 2012 /PRNewswire/ – CERF Incorporated (“CERF Inc.“) is pleased to announce that it has entered into an agreement to
purchase 100% of the issued and outstanding shares of TRAC Energy
Services Ltd. (“TRAC“), a private oilfield equipment rental company based in Nisku, Alberta
which also has offices in Calgary.  The purchase price for the
acquisition is $17,813,300, subject to working capital and other normal
closing adjustments, payable by cash in the amount of $11,730,113 and
by the issuance of 2,027,729 common shares (“Common Shares“) in the capital of CERF Inc. at a deemed price of $3.00 per Common
Share. TRAC currently generates about $4,500,000 in EBITDA.  The
transaction, which is expected to close in early October, 2012, is
subject to approval by the TSX Venture Exchange and to other regulatory
approvals and is subject to other customary closing conditions.  The
existing management team of TRAC, namely, Mr. Cameron Miller and Mr.
Travis Porter, will continue as President and Vice President Sales and
Marketing, respectively, of TRAC and thereby manage and grow CERF’s new
business unit.  AltaCorp Capital Inc. is acting as financial advisor to
TRAC.

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 Alberta’s
strong oil and gas industry.  TRAC’S management and staff have
demonstrated impressive growth over the past several years and that is
a testament to their commitment to supplying a quality rental fleet
with a high level of service.  We expect that to continue within CERF. 
We are also delighted that Cameron and Travis will remain in leadership
roles with TRAC and continue to guide its strategic direction.  TRAC
supplies much needed drilling and service rig related equipment to both
large and smaller oil and gas production companies in Alberta.  They
have a modern diverse fleet that we believe will continue to be in
demand.  We look forward to continuing to enable TRAC to grow within
their existing customer base and to providing more equipment to new
customers requiring their fleet.”

CERF Inc. is a Canadian public corporation engaged in the rental, sale
and service of industrial and construction equipment and waste
management and environmental services.  CERF Inc. trades on the TSX
Venture Exchange under the symbol “CFL” and currently has 9,643,367
common shares issued and outstanding.

Advisory Regarding Forward-Looking Statements

Certain statements contained in this press release, including the
completion of the acquisition of TRAC and the continuation of the
current management and employees of TRAC constitute “forward-looking
statements” under applicable securities laws.  These statements
regarding future events or future performance and are based on CERF
Inc.’s current expectations, estimates, projections, assumptions and
beliefs.  Although CERF Inc. believes that the expectations reflected
in the forward-looking statements are reasonable, there can be no
assurance that such expectations will prove to be correct. 
Accordingly, undue reliance should not be placed on these
forward-looking statements.  The use of any of the words “expect”,
“anticipate”, “continue”, “estimate”, “objective”, “ongoing”, “may”,
“will”, “project”, “should”, “believe”, “plans”, “intends” and similar
expressions are intended to identify forward-looking statements. All
such forward-looking statements involve known and unknown risks and
uncertainties, certain of which are beyond the control of CERF Inc. 
The forward-looking statements contained in this press release are made
as of the date hereof and CERF Inc. does not intend, and does not
assume any obligation, to update or revise any forward-looking
statements whether as a result of new information, future events or
otherwise, except as required by applicable securities laws.

Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.

SOURCE CERF Inc.


Source: PR Newswire