Mr. Dustin Haw reports

TERRAVEST ANNOUNCES THE ACQUISITION OF HIGHLAND TANK

TerraVest Industries Inc. has entered into an agreement to acquire all the assets of the subsidiaries of Highland Tank Holdings LLC. Based in Stoystown, Pa., Highland Tank is a leading manufacturer of fuel and chemical storage tanks, LPG (liquefied petroleum gas) vessels, and other custom-built steel storage products in North America.

The total purchase price of $78-million (U.S.) equates to a purchase price multiple on trailing 12-month EBITDA (earnings before interest, taxes, depreciation and amortization) of approximately four times.

As part of the transaction, John Jacob, entrepreneur and existing owner of Highland Tank, will retain the role of president and continue to manage operations. Of the $78-million (U.S.) purchase price, $5-million (U.S.) will be retained by Mr. Jacob in the form of TerraVest shares.

"Joining with TerraVest offers a tremendous opportunity to the people of both companies to accelerate our combined growth given our strengths and complementary products. I look forward to leading Highland Tank as it takes the next steps in its 75-plus-year history," said Mr. Jacob.

Dustin Haw, chief executive officer of TerraVest, welcomes the employees and management of Highland Tank and looks forward to their continuing commitment to the company's entrepreneurial spirit and dedication to customers. "Highland Tank is a strong business, a leader in its industry and a self-sufficient operation. We're delighted to welcome its employees to the TerraVest family. Highland Tank fits within our portfolio of businesses perfectly and we look forward to leveraging our product suite and scale to enhance Highland Tank's growth," said Mr. Haw.

We seek Safe Harbor.