February 28, 2022 – St. Albert, Alberta – Enterprise Group, Inc. (TSX: E) (the “Company” or “Enterprise”). Enterprise Group, Inc., consolidates energy services (including specialized equipment rental to the energy/resource sector), emphasizing technologies that mitigate, reduce, or eliminate CO2 and Greenhouse Gas emissions for small to Tier One resource clients.
The Company announces that it has acquired a third new Tier One Client, adding to its growing group of over 20 Tier One clients and several other resource clients of varying capacities.
Operations for this new client include both onshore and offshore oil and gas operations within North America. The company espouses a longstanding commitment to protecting and conserving the environment, including reducing greenhouse gas and other air emissions, increasing energy efficiencies, protecting water resources, and managing waste and land impact. As part of this, it invests in equipment upgrades and new technology to measure, monitor and improve its environmental performance.
Enterprises’ approach to providing environmentally responsible power systems and generators to all manner of industrial clients is increasing, as evidenced by the addition of these three Tier One announcements.
Recent revenue releases prove the potential growth with sharp advances in 2021 numbers.
“Our unaudited numbers show that Enterprise delivered a 48% revenue increase in Q4 and a 21% increase for FY21,” stated Leonard Jaroszuk, President & CEO. “Our aggressive growth plans will build on initiatives commenced in 2021 with significant development in cost-effective solutions to markedly reduce greenhouse gases for our client’s projects, including our 20 plus Tier One customers.” (February 7, 2022 PR)
The initial results are a testament to the management’s careful planning and development initiatives during what can only be described as a challenging few years. That said, the Company delivered positive cash flow throughout the period allowing it to continue with the Company’s robust multi-year share buyback program.
- During the three months ended December 31, 2021, the Company purchased and cancelled 627,500 shares at a cost of $191,000, reducing the share capital account by $893,000.
- For the year ended December 31, 2021, the Company purchased and cancelled 2,034,500 shares at a cost of $508,000, reducing the share capital account by $2,904,000.
- Since the share buyback program initiation, the Company has purchased and cancelled 8,094,000 shares at a cost of $2,388,000. As a result, the Company’s share capital account has been reduced by $11,464,000 over the share buyback program.
- Enterprise believes its stock remains undervalued and will continue to re-invest positive cash flow to buyback shares to enhance shareholder value. (unaudited FY2021)
About Enterprise Group, Inc.
Enterprise Group, Inc is a consolidator of services-including specialized equipment rental to the energy/resource sector. The Company works with particular emphasis on systems and technologies that mitigate, reduce or eliminate CO2 and Greenhouse Gas emissions for itself and its clients. The Company is well known to local Tier One and international resource companies with operations in Western Canada. More information is available at the Company’s website www.enterprisegrp.ca. Corporate filings can be found on www. sedar.com. For questions or additional information, please contact:
Leonard Jaroszuk: President & CEO, or
Desmond O’Kell: Senior Vice-President
This news release may contain certain forward-looking information, as defined under applicable Canadian securities legislation, that is not based on historical fact, including without limitation statements containing the words “believes,” “anticipates,” “plans,” “intends,” “will,” “should,” “expects,” “continue,” “estimate,” “forecasts” and other similar expressions. In particular, this news release includes forward-looking information relating to the Facility and the Company’s intention to pursue acquisition opportunities and to purchase shares pursuant to the normal course issuer bid. Actual results, events, or developments could be materially different from those expressed or implied by these forward-looking statements. There is no assurance that any of the events or expectations will occur or be realized. By their nature, forward-looking statements are subject to numerous assumptions and risk factors including those discussed in the Company’s Annual Information Form and most recent MD&A which are incorporated herein by reference and are available through SEDAR at www.sedar.com. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement and are made as of the date hereof. The Company disclaims any intention and has no obligation or responsibility, except as required by law, to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise.