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June 24, 2014
17:24 EDTNESVeroLube signs extension to agreement to acquire Thermo Fluids
VeroLube announces the signing of an extension and amendment to the previously executed stock purchase agreement dated March 10, to acquire Thermo Fluids through its wholly owned subsidiary VeroLube USA. Thermo Fluids, a standalone subsidiary of Nuverra Environmental Solutions, based in Scottsdale, Arizona, is the largest western used oil collector and the third-largest collector of used motor oil in the U.S. Thermo Fluids collects approximately 50M gallons of used motor oil annually. As part of the Company's requirements for its pending public listing, VeroLube required the Extension to allow for the conversion of Thermo Fluids' 2011 U.S. GAAP audited financial statements to stand-alone International Financial Reporting Standards. The Company expects the audit process to be finalized in 30 to 45 days with a revised transaction close expected on or before August 29.
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August 25, 2014
17:19 EDTNESNuverra Environmental sees increased activity in core Shale Solutions Segment
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17:14 EDTNESNuverra Environmental evaluating revised VeroLube proposal
Nuverra Environmental Solutions provided an update on the status of its previously announced agreement to divest Thermo Fluids. Nuverra has been informed by representatives of VeroLube USA and its financial advisor that VeroLube is proposing a reduction in the purchase price for TFI from the previously agreed total of $175M to a revised total purchase price of $145M. Nuverra was further informed that the proposed revised purchase price of $145M would include a stock component that may be greater than the previously agreed upon $10M. VeroLube has proposed a revised transaction closing date of September 30. VeroLube and its financial advisor informed Nuverra that they have finalized the debt component of their financing strategy, and believe they could finalize the equity component in the next several weeks. Nuverra is currently evaluating the revised VeroLube proposal. The exclusivity period with VeroLube, which prohibits Nuverra from negotiating with other interested parties, ends on August 29.

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