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IPS Receives Share Purchase Proposal From SCF IV, L.P.

Business Editors

CALGARY, Alberta--(BUSINESS WIRE)--March 14, 2002

Integrated Production Services Ltd. ("IPS" or the "Corporation") announced that today SCF IV, L.P. ("SCF") has advised the Board of Directors of IPS of its intention to make an offer to acquire the remaining shares of IPS that it does not already own.

SCF has advised IPS that it currently holds 11,111,000 common shares of IPS that represents approximately 44% of the issued and outstanding shares of IPS on a non-diluted basis. SCF has advised IPS that it is not prepared to sell any of its holdings in IPS. SCF has advised that the consideration to be offered to IPS shareholders will be cash and is expected to be $2.75 per IPS share subject to upward or downward adjustment by SCF based on the results of an independent valuation.

Any offer by SCF will be an insider bid under applicable securities law. IPS intends to immediately appoint a committee of independent directors to assess any offer from SCF and to supervise the preparation of an independent valuation of IPS as required by applicable securities rules.

Integrated Production Services Ltd. is listed on the Toronto Stock Exchange under the trading symbol "IPL".

For further information please contact:

Doug Robinson, Chairman and CEO

403-266-0908

E-mail - drobinson@ipsl.ca

Jim Hill, Chief Financial Officer

403-266-0908

E-mail - jhill@ipsl.ca
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Publication:Business Wire
Date:Mar 14, 2002
Words:229
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