Global Energy Services announced that it has reached
agreement to sell its Communication Business to 1610635 Alberta, a private
Alberta company.

 

The assets intended to be sold include the Canadian
Communications Division and all equity interest in the wholly-owned U.S.
subsidiary, Global Energy Services USA Inc.

 

The transaction is a non-arm’s length party transaction
pursuant to Policy 5.3 Acquisitions and Dispositions of Non-Cash Assets of the
TSX Venture Exchange as a director of Global owns fifty percent of the
outstanding voting securities of 1610635.

 

The purchase price for the assets is $2,300,000, payable
by $1,900,000 in cash and the issuance of a vendor take back loan for $400,000
secured against the Communications Business assets, deliverable at closing.

 

As a non-arm’s length transaction, this transaction is
subject to the completion of customary closing conditions including receipt of
the approval of disinterested shareholders and the Exchange. The proposed
transaction will be presented to the shareholders at the forthcoming annual
general and special meeting of shareholders scheduled to be held on August 24,
2011.

 

Following this transaction, Global
will focus its efforts on the production service sector, building off of the
recently completed acquisition of the assets of Stellarton Technologies as
disclosed in prior news releases dated March 29, 2011, April 26, 2011 and June
17, 2011.

 

The production services segment utilizes its patented
Activator Hydraulic Submersible Pump  to enhance and increase ultimate
production in both conventional and unconventional gas, oil, and CBM wells.
Global was founded in 1994 and is listed on the Exchange.

 

 

By Telecomlead.com Team
[email protected]