|By Marketwired .||
|February 7, 2013 07:42 PM EST||
CALGARY, ALBERTA -- (Marketwire) -- 02/08/13 -- CWC Well Services Corp. (TSX VENTURE:CWC) ("CWC" or the "Company") is pleased to announce that its Board of Directors has declared a quarterly dividend of $0.01625 per common share. The dividend will be paid on April 15, 2013 to shareholders of record on March 29, 2013. The ex-dividend date is March 27, 2013. This dividend is an eligible dividend for Canadian income tax purposes.
The declaration of dividends is determined on a quarter-by-quarter basis by the Board of Directors and reflects CWC's positive view on the sustainability of its cash flow and earnings in the future.
Based on the closing price of $0.65 for CWC's common shares on February 7, 2013, a dividend of $0.065 per common share annually would result in a yield of 10%.
About CWC Well Services Corp.
CWC Well Services Corp. is a premier well servicing company operating in the Western Canadian Sedimentary Basin with a complementary suite of oilfield services including service rigs, coil tubing, snubbing and well testing. The Company's corporate office is located in Calgary, Alberta, with operational locations in Red Deer, Provost, Lloydminster, Brooks, Grande Prairie and Slave Lake, Alberta and Weyburn, Saskatchewan.
Certain statements contained in this press release, including statements which may contain such words as "could", "should", "believe", "expect", "will", and similar expressions and statements relating to matters that are not historical facts are forward-looking statements, including, but not limited to, statements as to: the timing for the determination of future dividends; the ability to pay dividends based on sustainable cash flow and earnings; the anticipated amount of future dividends; and the ability to provide meaningful return on investment for shareholders without impacting the ability to pursue long-term growth opportunities. Management has made certain assumptions and analyses which reflect their experiences and knowledge in the industry, including, without limitations, assumptions pertaining to well services demand as a result of commodity prices and future cash flow and earnings. These assumptions and analyses are believed to be accurate and truthful at the time, but the Company cannot assure readers that actual results will be consistent with these forward-looking statements.
However, whether actual results, performance or achievements will conform to the Company's expectations and predictions is subject to known and unknown risks and uncertainties which could cause actual results to differ materially from the Company's expectations. All forward-looking statements made in the press release are qualified by these cautionary statements and there can be no assurance that the actual results or developments anticipated by the Company will be realized or, even if substantially realized, that they will have the expected outcomes to, or effects on, the Company or its business operations. The Company does not intend and does not assume any obligation to update these forward-looking statements, except as expressly required to do so pursuant to applicable securities laws. Any forward-looking statements made previously may be inaccurate now.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
CWC Well Services Corp.
Duncan T. Au, CA, CFA
President & Chief Executive Officer
CWC Well Services Corp.
Kevin Howell, CA
Chief Financial Officer
CWC Well Services Corp.
755, 255 - 5 Avenue SW
Calgary, Alberta T2P 3G6
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