Mr. Milton Franke reports
SALE OF IPEX LAB - UPDATES ON THE STRATEGIC DIVESTMENT PROGRAM
HRT Participacoes em Petroleo SA, continuing
with the initiatives to divest non-strategic assets and reduce
corporate costs, which began in 2013, entered, on Sept. 17, into a purchase and sale agreement with Eurofins Scientific Group,
to sell its subsidiary integrated petroleum expertise
company -- Servicos em Petroleo Ltda. (IPEX).
The purchase and sale transaction between HRT and Innolab do Brasil Ltda.,
Brazilian subsidiary of Eurofins, is expected to be
concluded within 10 days and is conditioned on compliance with certain
contractual requirements.
In addition to the transfer of HRT's entire interest in the capital
stock of IPEX to Innolab, the transaction also involves the transfer of
all of IPEX's equipment, agreements and employees.
"We are satisfied with the execution of this agreement, given that the
sale of IPEX will reduce corporate costs related to laboratory
maintenance. It also continues the program, initiated in 2013, to
divest non-core assets, enabling HRT to become increasingly focused on
its core business, pursuing new opportunities to invest in production
assets, as well as prioritizing new partnerships in exploration assets," declared Milton Franke, HRT's chief executive officer.
Eurofins is a global leader in bio-analytical services, offering a wide
range of tests and trials for food, pharmaceuticals and agriscience, as
well as environmental analyses. Eurofins has over 200 laboratories in
more than 36 countries.
We seek Safe Harbor.
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