TransForce Inc. To Acquire US Assets of EnQuest Energy Services
Montreal, July 15 2010 –TransForce Inc. (“TransForce” or “the Company”) (TSX: TFI - T), the
leader in the Canadian transportation and logistics industry, today announced it has entered into a
definitive arrangement agreement to acquire an equity interest in EnQuest Energy Services Corp.
(“EnQuest”) (TSX-V: ENQ) of Calgary, Alberta, and substantially all of the oilfield transportation
assets of EnQuest’s operating subsidiaries, including Speedy Heavy Hauling, Inc. (“Speedy”).
EnQuest provides energy services primarily in the US in several business segments including
transportation services, rig-moving, crane services, specialized heavy hauling, oilfield equipment
rentals, retailing of new and refurbished oil country tubular goods, and pipe storage. The assets
being acquired by TransForce generate estimated annual revenues of approximately US $50 million.
The acquisition will be completed by way of a Plan of Arrangement under the Business Corporations
Act (Alberta) and is subject to conditions including approval by two-thirds of the votes cast at a
Special Meeting of EnQuest securityholders.
The assets of EnQuest to be purchased by TransForce, which include primarily the rig-moving,
specialized heavy hauling, and crane assets of Speedy and other minor EnQuest subsidiaries, will be
purchased by TransForce`s U.S. subsidiary, Hemphill Trucking Inc., for US$32 million. The assets
will be merged with those of Hemphill and the new entity will operate under the name “Hemphill-
Speedy”,headquartered in Grand Junction, Colorado. Contingent on completion of the asset sale,
TransForce will acquire an initial 19% equity position in EnQuest with an option to acquire the
remaining 81% over the following three years. TransForce will pay C$0.17 per acquired share of
EnQuest with C$0.16 per share payable upon approval of the Plan of Arrangement and C$0.01 per
share over the next three years at TransForce’s option. The Board of Directors of EnQuest has
unanimously approved the asset sale and Plan of Arrangement and has recommended that EnQuest
shareholders and optionholders approve both transactions.
“The acquisition of the EnQuest assets substantially enhances TransForce’s competitive position in
the US energy services industry where our coverage will now include Arkansas, Colorado, Montana,
North Dakota, Pennsylvania and Wyoming and where we will be well poised to benefit from the
impending recovery in the industry” said Alain Bédard, Chairman, President and Chief Executive
Officer of TransForce Inc. “With the strong support of EnQuest investors, we look forward to working
with the 220 employees of Speedy as we further build on our US infrastructure and management team.”
Subject to Enquest securityholder and the customary regulatory approvals, the transaction is
expected to close on or about August 13, 2010 when the EnQuest assets will be added to the
Specialized Services segment of TransForce.