Bolser PLC
Bolser acquires 60% of Argentinean Company IBSA specialized in industrial cleaning and infrastructure services for the oil and gas industry
Bolser Plc. / Acquisition 07.06.2010 09:00 Dissemination of a Corporate News, transmitted by DGAP - a company of EquityStory AG. The issuer / publisher is solely responsible for the content of this announcement. --------------------------------------------------------------------------- Bolser acquires 60% of Argentinean Company IBSA specialized in industrial cleaning and infrastructure services for the oil and gas industry London, June 7th, 2010, 9:00am (GMT). BOLSER, a leading provider of civil and mechanical construction services for the oil, gas and mining industry in Bolivia, announced that the Company has signed an agreement to acquire 60% of IBSA, a company with an excellent market presence for rendering services to international oil and gas companies such as REPSOL, OXY (Vintage Petroleum Bolivia) and others. IBSA's main services are vacuum and hydro cleaning of storage facilities and vessels. With this acquisition, Bolser's objective is to complement the maintenance of pipelines and tanks by broadening its scope of services with tank and vessel cleaning, spill control and waste management. The acquisition included 3 truck-mounted turbines, related equipment and tools as well as on going long term contracts with Repsol and OXY (Vintage Petroleum Bolivia) that assure immediate revenues. IBSA, originally established in Argentina, has been working in Bolivia for the last eight years. As part of the campaign to secure new contracts, an additional contract has been recently signed with Saguapac, the company that provides water for the city of Santa Cruz and is responsible for maintaining the pluvial system. IBSA's potential yearly net income for the market of Bolivia alone is of approximately US$ 190 thousand. Amount that would be increased significantly when these services are marketed by Bolser subsidiaries in Brazil and Peru. About the Company Bolser PLC ('Bolser',) is a UK registered publicly company with its shares listed on the Frankfurt Stock Exchange (WKN: A0Q77H). Bolser PLC owns 99% of the subsidiary group made up of 3 companies. Bolser Ltd., (Bolivian Oil Services Ltda.) was founded in 1975 by the Hinojosa family. The Company and its more than 300 employees has been a long time leader in the oil, gas and mining infrastructure construction industry. Bolser is a specialist in the construction and maintenance of pipelines, roads, bridges, manufacturing and storage sites of various types. The Company is known by its clients for its excellence in the application of quality, health, safety and environment systems with international standards such as ISO 9001:2000, ISO 14001:2004 and OSHAS 18001:1999. Bolser has a thorough understanding of the logistical characteristic of the region and is currently focused on participating in the expansive demand for oil and natural gas infrastructure of the Southern Cone, specifically in Bolivia, Brazil and Peru. Further information can be found on the Bolser website under: www.BolserPlc.com Disclaimer This press release contains forward-looking statements based on beliefs of Bolser Plc management. When used in this press release, words such as 'anticipate', 'believe', 'estimate', 'expect', 'intend', 'plan' and 'project' are intended to identify forward-looking statements. Such statements reflect the views of Bolser as of the date made with respect to future events and are subject to risks and uncertainties. Many factors could cause actual results to be materially different from those projected here, including, among others, changes in general economic and business conditions, changes in currency exchange rates and interest rates, introduction of competing products, lack of acceptance of new products or services and changes in business strategy. Bolser disclaims any intention or obligation to update these forward-looking statements. Contact Information ir@BolserPlc.com www.BolserPlc.com Bolser Plc. - Registered in England & Wales Vintners Place 68 Upper Thames Street London EC4V 3BJ, United Kingdom U.K Company No. 05140206 07.06.2010 Ad hoc announcement, Financial News and Media Release distributed by DGAP. Media archive at www.dgap-medientreff.de and www.dgap.de ---------------------------------------------------------------------------
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