Coretrack To Aquire Globe Drill Creating A Leader In Drill Rig Technology

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18th January 2010, 01:11pm - Views: 578
CORETRACK TO AQUIRE GLOBE DRILL CREATING A LEADER IN DRILL RIG TECHNOLOGY

Coretrack Limited ("Coretrack" or "the Company"), one of Australias leading emerging technology companies in the energy sector, has executed an agreement to acquire Globe Drill Pty Ltd ("Globe Drill"), one of Australias premier rig manufacturing companies.

This acquisition will bring together two companies with unique new technologies to service the fast growing energy sector.

Following completion of its R&D program, Coretrack is currently in negotiations with several high profile energy companies regarding use of its Core Level Recorder System (CLRS) in a commercial well and this is expected to take place very soon.

The acquisition of Globe Drill presents a unique opportunity for rapid, profitable growth in the energy sector.

Globe Drills GT3000 drill rig, which is estimated to drill 1000-3000m two times faster than conventional rigs, with 1/3 of the required equipment, is expected to be completed by June 2010.

CEO/Managing Director of Coretrack Mr Nanne van't Riet said:

"We believe that this acquisition will deliver significant value by growing the range of services Coretrack can offer to the booming energy and minerals sector.

"This deal brings together two pieces of technology on the verge of commercialisation that have no direct competitors in the market place and are set to deliver major efficiencies in one of the fastest growing sectors in the country.

"As more and more significant energy projects are announced, particularly in Queensland and Western Australia, Coretrack, as a local firm, will be uniquely placed to take advantage of the opportunities presented in this sector."

Current CEO/Managing Director Mr Nanne van ,,t Riet will continue to manage the Company going forward with Warren Strange, founder of Globe Drill, joining the Coretrack Board as an Executive Director, bringing with him over 14 years of experience in manufacturing and drill rig technology. This will enable the Company to become a drilling services company in the mineral and energy markets.

Cygnet Capital, the advisor to Coretrack, has signed a mandate to underwrite a $10 million capital raising to fund the working capital requirements of the Company going forward.

Following this acquisition, the key priorities for the Company will be the negotiations for commercialisation of the two technology products.

MEDIA CONTACTS:

Nanne van `t Riet
Managing Director and CEO
Coretrack Limited
(08)9265-0000

John Preston
Senior Advisor
CPR Communications
+61(0)423-573-355

Issued through:
CPR Communications
John Preston - Senior Advisor
E [email protected]
M +61(0)423-573-355

SOURCE: Coretrack
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