Parkland to Acquire Fuel Retail and Wholesale Business.RED DEER Red Deer, city, Canada Red Deer, city (1991 pop. 58,134), S central Alta., Canada, on the Red Deer River. It developed as a trade and service center for a region of dairying and mixed farming. , Alberta--(BUSINESS WIRE)--Jan. 30, 1996--PARKLAND INDUSTRIES (Alberta Stock Exchange Alberta Stock Exchange See Canadian Venture Exchange (CDNX). : PKI (Public Key Infrastructure) A framework for creating a secure method for exchanging information based on public key cryptography. The foundation of a PKI is the certificate authority (CA), which issues digital certificates that authenticate the identity of ) Parkland Industries Ltd. today announced the signing of a Letter of Intent to acquire substantial retail and wholesale fuel operations of Niagara Holdings Ltd., a private company which operates 63 stations under the "Thrifty thrifty said of livestock that put on body weight or produce in other ways with a minimum of feed. The opposite of illthrift. Gas", "Chalet Gas" and "Ultra Fuels" brands. The agreement includes 53 of the stations and the parties will close or otherwise dispose of the remaining ten stations. The acquired stations are located primarily in eastern and central British Columbia British Columbia, province (2001 pop. 3,907,738), 366,255 sq mi (948,600 sq km), including 6,976 sq mi (18,068 sq km) of water surface, W Canada. Geography together with three locations in Alberta. They include both commission-operated outlets and wholesale supplied dealers and will greatly enhance Parkland's presence in areas where the Company has been under-represented. Prior to closing, Parkland will undertake a comprehensive review to ensure that the sites operated by Niagara meet current environmental standards. The agreement includes the purchase of above-ground equipment priced on a formula basis, initially estimated to be approximately $750,000. In addition, goodwill will be paid on a litreage basis over the next four years. There is no real estate included in the purchase, but a number of station properties will be leased to Parkland on a long term basis. Jack Donald, President and C.E.O., said the acquisition is particularly beneficial to the Company because it will increase coverage within the Company's primary market, communities outside the major urban centers. Mr. Donald also noted that the acquisition should have a positive effect on both revenues and earnings in the Company's fourth quarter. Product volume sold should increase approximately 12 percent and earnings should increase six percent on an annual basis. Supply for the new outlets can be accommodated within Parkland's existing agreements and with enhanced production at the Company's Bowden Refinery. Parkland Industries Ltd. is a diversified diversified (di·verˑ·s petroleum company with refining refining, any of various processes for separating impurities from crude or semifinished materials. It includes the finer processes of metallurgy, the fractional distillation of petroleum into its commercial products, and the purifying of cane, beet, and maple sugar , retailing and transportation operations and, in addition, has an equity investment in a publicly traded oil and gas exploration and production company (TSE See Tokyo Stock Exchange. TSE 1. See Tokyo Stock Exchange (TSE). 2. See Toronto Stock Exchange (TSE). : Petrostar Petroleums Inc.). Parkland Industries Ltd. is listed on the Toronto and Alberta Stock Exchanges (PKI). CONTACT: Parkland Industries Ltd., Red Deer Jack C. Donald, John G. Schroeder, 403/343-1515 or Parkland Industries Ltd., Toronto Jon W. Kieran, 416/868-1079 |
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