Nuverra Agrees To Extension Of Agreement To Divest Thermo Fluids

(RTTNews) - Nuverra Environmental Solutions, Inc. (NES) said Tuesday that it has agreed to an extension of the purchase agreement to divest Thermo Fluids, Inc. to VeroLube USA, Inc.

The extension is related to the delivery of stand-alone audited financial statements for Thermo Fluids for fiscal year 2011, including the conversion of historical Thermo Fluids financial statements from U.S. GAAP to International Financial Reporting Standards, as requested by VeroLube in connection with its capital raising process.

Nuverra has completed stand-alone IFRS financial statements for fiscal years 2012 and 2013 and anticipates completing the 2011 stand-alone IFRS audit by the end of July.

The revised stock purchase agreement anticipates the deal closing by August 29.