Ridgeline Canada, Inc. signed a letter of intent to acquire Ridgeline GreenFill Inc. and Ridgeline Environmental Inc. from Ridgeline Energy Services Inc. (TSXV:RLE) for CAD 7.2 million on June 27, 2013. The definitive agreement on the sale is expected to be executed by June 28, 2013 along with a substantial down payment. The Ridgeline trade names are also a part of the sale. The divisions will be operated as private companies.

Ridgeline Canada, Inc. (RCI) signed a definitive agreement to acquire Ridgeline GreenFill Inc. And Ridgeline Environmental Inc. from idgeline Energy Services Inc. (TSXV:RLE) for CAD 7.3 million on July 18, 2013. As per the terms of the transaction, CAD 1 million was paid as initial payment; an additional CAD 1 million will be paid in additional earnest monies no later than August 9, CAD 2.5 million in a promissory note at 6% interest and immediate assumption of CAD 2.8 million in vendor and overhead debt by RCI. The terms of the agreement also afford RCI the option of paying a total of CAD 4 million in cash prior to closing and earn a discount of CAD 0.5 million on the purchase price. The transaction is subject to approval of the TSXV. The sale of the Consulting and GreenFill will also signal the change of the name of Ridgeline Energy Services,Inc. and Ridgeline Energy Services (USA), Inc. to RDX Technologies Corporation on August 1, 2013. During time between now and closing RCI is operating the Canadian operations effective since July 1,2013 with all revenues, liabilities and expenses being assumed by RCI.

The majority of employees within Ridgeline Environment and Ridgeline GreenFill will stay with Ridgeline Canada, Inc. The deal, subject to required regulatory approvals, is expected to close by August 31, 2013 or earlier. David Waldman of Crescendo Communications acted as public relations advisor in the transaction.