CFE Industries completes reverse takeover of Commercial Bearing Service
Edmonton, Alta. -- Oct. 9, 2002 -- CFE Industries Inc. has successfully closed a reverse takeover of Commercial Bea...
Edmonton, Alta. — Oct. 9, 2002 — CFE Industries Inc. has successfully closed a reverse takeover of Commercial Bearing Service (1966) Ltd. Both firms are based in Edmonton, Alta.
The agreement, signed on Oct. 1, 2002, sees CFE acquire all of the issued and outstanding shares and related party loans of Commercial for $14,303,714. The total purchase price consisted of $4,303,714 in cash and $10,000,000 in common shares.
“We are extremely pleased to expand our national presence with a company of the calibre of Commercial Bearing Service,” said Don Caron, former chief executive officer of CFE. “Commercial is one of Canada’s premier private companies and our association with them is in keeping with our strategic objective of consolidating diversified distribution companies that can be immediately integrated into our national infrastructure.”
CFE has changed its name to Commercial Solutions Inc. as a condition of closing the acquisition,
The former principals of Commercial, James Barker, Ronald Gibbon and Lynne Gibbon, now own, directly or indirectly, 65.4 per cent of the post-consolidated common shares of the new company.
The company’s new chairman is James Barker. Ronald Gibbon will now act as president and chief executive officer. Donald Caron will continue to act as secretary, and Eric Sauze will continue to act as chief financial officer.
Commercial Solutions is now a national distributor in Canada of bearing and power transmission supplies, industrial safety products and resource management equipment. With 24 service centres located across the country,it is able to offer technical support, customized inventory controls and materials management services, employee and customer training and 24-hour on-call service to its customers.
The acquisition and name change are subject to final Exchange approval.