Knowledge Reservoir’s management has completed its buy out with the acquisition of the Ziebel AS’ remaining shareholding in the company. The MBO marks the repurchase by the original founders, Ivor Ellul and Robert Archer, of Ziebel’s stake, acquired in May 2007. Ziebel’s advisor in the transaction was Simmons & Co.
Rackable Systems has completed its $42.5 million cash acquisition of Silicon Graphics. Rackable is to adopt SGI as its global name and brand.
Cortex Business Solutions has closed an initial tranche of its private placement. Agent Wolverton Securities raised $CDN 2,200,000 in the initial closing. Proceeds will be used to accelerate Cortex’s network expansion program and for general working capital. Wolverton received 10% fee plus options on 10% of the sale.
GE Oil & Gas has ‘streamlined’ its operating brands and will transition a single ‘GE Oil & Gas’ moniker. GE Oil & Gas now embraces acquired companies including VetcoGray, Hydril Pressure Control and PII. GE Oil & Gas is to re-group into six categories: Drilling and Production; LNG & Pipeline; Industrial Power Generation; PII Pipeline Solutions; Refinery & Petrochemical; and Global Services.
Production Enhancement Group has announced the failure of its attempts to reach agreement with its senior lender to forbear enforcing its indebtedness. The Board of Directors is to co-operate with the senior lender in the UCC foreclosure of the shares pledged by PEG in its principal operating subsidiary, Wise Well Services.
Terralliance Technologies has secured new funding to scale its Natural Resource Mapping (NRM) technology and address additional exploration opportunities beyond hydrocarbons, including gold and other minerals. Terralliance also announced the appointment of Michael Long as chairman of the board.
Zokero Inc., developers of SeisWare and Blue Castle Corporation, support and services provider have merged. Ed VanWieren, former president of Zokero, is CEO and Murray Brack, former president of Blue Castle is COO of the new SeisWare International company.
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