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Rutter Technologies To Take 20% Interest In Doris Engineering Of Paris, France

[Daily News] Rutter Technologies Inc. has announced its intention to purchase another 10% interest in Doris Engineering of Paris for $1.8 million EURO ($2.73 million), payable in cash upon closing. The transaction is subject to TSX and other regulatory approvals.
In July, Rutter Technologies announced it would purchase a 10% interest in Doris with an option to purchase an additional 10% before Dec. 31. In August, Rutter announced the closing of its 10% interest in Doris for $1.8 million EURO, paid in full at the time of closing.

"Since August we have worked closely with the people at Doris Engineering to explore opportunities as well as synergies between Doris and existing Rutter Companies," said Donald Clarke, chairman and CEO of Rutter Technologies.

"It's fair to say that, after further due diligence that only access as a major shareholder permits, we liked what we saw and are in fact more optimistic about the future. We intend to exercise our option because the chemistry is good, opportunities we expected are materializing and the future is bright for Doris. We want to be a bigger part of that," he added.

Since 1965 Doris and its predecessors have been responsible for many firsts in development of offshore oil and gas production structures in the North Sea sector, Canada and around the world. Its scope of services includes engineering, procurement and construction. Doris has been involved in a number of international mega-projects including the Gravity Base Structure for Hibernia Management and Development Corporation's, Hibernia project offshore Newfoundland and the giant Total deepwater field of Girassol off Angola.

St. John's-based Rutter Technologies Inc. is a global marine technology enterprise specializing in the design, manufacture and installation of Voyage Data Recorders (VDRs), control and interfacing systems, radar enhancements and other 21st century marine technologies.
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