Tuesday, August 02, 2011
Logan International Inc.
Logan announced that it closed the sale of substantially all of the assets and operations of its front-end seismic services division, Destiny Resources Services ("Destiny"), to certain subsidiaries of Clean Harbors, Inc.
Mr. David Barr, Logan's Chief Executive Officer, stated, "The completion of this transaction enables us to commit all of our management and financial resources to the growth and profitability of our downhole tool segment. The sales proceeds strengthen our balance sheet and increase our liquidity and, as a result, better positions us to pursue acquisition opportunities as well as grow our existing operations. The opportunity to realize Destiny's full value and to invest the proceeds in our core business was a key factor in selling this division."
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