Calgary-based International Datashare Corporation (IDC) is to acquire Riley Electric Log, Inc. of Oklahoma City for a cash payment of $ 3,950,000 plus an earn out provision. Riley has one of the most extensive collections of logs in the US including broad off-shore coverage. Riley provides log data in paper and electronic format, cross sections viewers, custom digitizing services, an electronic online catalog of logs and an internet delivery and ordering system.
Stein
IDC president Norm Stein said, “The acquisition is a significant opportunity and a perfect fit for IDC. The two companies have the same origin and the same proprietary photographic process was used to create both our databases.”
McGinnis
Riley president Jack McGinnis will continue to oversee the U.S. operations. The cash portion of the acquisition price will be financed by the issuance of a debt instrument. Last year IDC completed the acquisition of MSI Capture, AnGIS and Nickle Map Service Ltd.. The new transaction is expected to close by the end of March 2002.
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