04:06 PM EST - BlackWatch Energy Services Corp. : said that it has agreed to sell the assets of its transportation division, scheduled to close on or about April 30. The transportation division has not produced sufficient cash flow to justify the significant ongoing capital investment necessary to maintain and grow the oilfield hauling business. The company said that the sale of these assets will allow BlackWatch to reduce debt and focus available resources on more profitable divisions. In conjunction with the sale of these assets, BlackWatch will be terminating the operations of its transportation division. BlackWatch does not expect the termination of its transportation operations to have a materially negative effect on its future earnings. BlackWatch intends to apply the net sale proceeds to its senior secured debt. BlackWatch Energy Services Corp.
shares T.BWT are trading down $0.01 at $0.04.
