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CALGARY, AB, March 4, 2023– SECURE ENERGY Services Inc. (“SECURE” or the “Corporation”) (TSX: SES) announced today that the Competition Tribunal (the “Tribunal”) issued its decision in connection with SECURE’s merger with Tervita Corporation (“Tervita”). While the Tribunal agreed with SECURE that not all of the 41 facilities the Commissioner was seeking to have SECURE dispose of should be sold, it issued an order requiring SECURE to divest of 17 treatment, recovery and disposal facilities, 6 landfills, 4 water disposal wells and 2 disposal caverns all formerly owned by Tervita (the “Facilities”). This represented 29 of the 103 facilities acquired in connection with SECURE’s merger with Tervita Corporation.
SECURE will file a notice of appeal together with a motion for a stay of the Tribunal’s order within 30 days.
The merger with Tervita was completed on July 2, 2021 pursuant to an arrangement agreement announced on March 9, 2021 under which SECURE acquired all of the issued and outstanding common shares of Tervita, following which Tervita amalgamated with SECURE.
The Tribunal’s order to divest of the Facilities, if not overturned or modified on appeal, could have a material impact on the business, financial condition or results of operations of the Corporation. SECURE would expect to receive sale proceeds relating to such divestitures which could mitigate, in whole or in part, any such impact.
Rene Amirault Chief Executive Officer of SECURE, stated: “We thank the Tribunal members for their work in rendering a decision, but respectfully disagree with the outcome. The combination of these two great companies has already better positioned us to serve our customers, and pursue our ESG objectives, and has achieved significant efficiencies by optimizing our existing infrastructure assets and operations.”
SECURE is a leading environmental and energy infrastructure business headquartered in Calgary, Alberta. The Corporation’s extensive infrastructure network located throughout key resource plays in western Canada and North Dakota includes midstream processing and storage facilities, crude oil and water pipelines, industrial landfills, waste transfer and metals recycling facilities. Through this infrastructure network, the Corporation carries out its principal business operations, including the gathering, optimization and storage of crude oil and natural gas liquids, and the processing, recovery and disposal of waste streams generated by our energy and industrial customers. The solutions the Corporation provides are designed not only to help reduce costs, but also lower emissions, increase safety, manage water, recycle by-products and protect the environment.
For further information: Rene Amirault, Chief Executive Officer; Allen Gransch, President; Chad Magus, Chief Financial Officer; Phone: (403) 984-6100, Fax: (403) 984-6101, Email: [email protected]
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