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HRT Participacoes em Petroleo SA (2)
Symbol HRP
Shares Issued 11,780,830
Close 2014-09-17 C$ 2.58
Market Cap C$ 30,394,541
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HRT to sell IPEX to Eurofins's Brazilian subsidiary

2014-09-18 15:19 ET - News Release

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.

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