VANCOUVER, British Columbia, April 02, 2024 (GLOBE NEWSWIRE) — Birchtree Investments Ltd. (“Birchtree” or the “Company”) (CSE: BRCH), an investment company with the long-term goal of divesting its investment assets at a profit, today announces the closing of its investment in Valkyrie Specialty Corporation (“Valkyrie Specialty”), previously announced on March 24, 2024.
Accordingly, Birchtree now holds 795,926 common shares of the parent company of Valkyrie Specialty (“Valkyrie Holdco”) representing, on a non-diluted basis, 30.6% of the issued and outstanding shares of Valkyrie Holdco, and Birchtree has a contractual right to appoint a director of Valkyrie Holdco for as long as Birchtree owns or controls at least 500,000 of the issued and outstanding shares of Valkyrie Holdco (subject to adjustment pursuant to customary corporate actions, if applicable). Pursuant to the transactions, Birchtree invested C$499,500 into Valkyrie Holdco and issued Valkyrie Holdco 5,000,000 common shares of the Company which are subject to a statutory hold period of four months and one day.
About Valkyrie Specialty
Valkyrie Specialty is a Texas based provider of well remediation and restimulation services to help oil and gas companies recover remaining assets, remove previously deployed toxic chemistries, and remediate fields for future use. Valkyrie Specialty’s treatments and services improve oil and gas production quality and volume in underperforming wells and return nonproductive wells to service by removing obstacles to extraction. Valkyrie Specialty has been in operation since February 2023 and, while not yet cash flow positive, to date is reporting unaudited revenue in its first five quarters of US$2.478 million. For more information, please see https://valkyriespecialty.com/.
About Birchtree
Birchtree is an investment company with the long-term goal of divesting its investment assets at a profit. For more information, please see Birchtree’s continuous disclosure documents available under the Company’s SEDAR+ profile at www.sedarplus.com.
For more information, please contact:
Vitali Savitski
Chief Executive Officer
Birchtree Investments Ltd.
Tel: (416) 300-0625
Email: [email protected]
Readers are cautioned that the financial information regarding Valkyrie Specialty disclosed herein is unaudited and has been provided by Valkyrie Specialty.
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy of accuracy of this release. No stock exchange, securities commission or other regulatory authority has approved or disapproved the information contain herein.
Bay Street News
