|By Marketwired .||
|May 8, 2014 06:57 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/08/14 -- Calmena Energy Services Inc. (TSX: CEZ) ("Calmena") is pleased to announce that it has entered into a definitive agreement (the "Agreement") to sell its Equipment Rentals and Frac Fluids Management service lines to Great Prairie Energy Services Inc. (TSX VENTURE: GPE) ("Great Prairie") for cash consideration of $10.0 million. The closing is subject to certain customary closing conditions, including Great Prairie obtaining approval of the transaction from the TSX Venture Exchange. The sale is expected to close on or about May 15, 2014.
Proceeds from this sale in the amount of $9.0 million will fund a reduction of amounts owing by Calmena under its credit facilities with its senior lender. The remaining $1.0 million will fund general working capital requirements.
This sale is being undertaken in conjunction with Calmena's previously announced process to explore strategic alternatives. This strategic alternatives process is ongoing and it remains Calmena's intention not to disclose developments with respect to the process unless and until the Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate.
ABOUT CALMENA ENERGY SERVICES INC.
Calmena is a diversified energy services company that provides well construction services to its customers operating in Canada, the United States, Latin America and the Middle East and North Africa. The common shares of Calmena trade on the Toronto Stock Exchange under the symbol "CEZ".
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.
FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking statements relating to Calmena's plans, strategies, objectives, expectations and intentions. Expressions such as "may", "anticipate", "expect", "believe", "intend", "will", and similar expressions and statements are intended to identify forward looking statements. Such statements represent Calmena's beliefs concerning, among other things, the timing to close the sale of its Equipment Rentals and Frac Fluids Management service lines to Great Prairie and to fund the repayment of amounts owing under its Credit Facilities, and other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Calmena believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Calmena's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Calmena.
These forward-looking statements are subject to numerous risks and uncertainties, certain of which are beyond Calmena's control, including, but not limited to, the risks considered under "Risk Factors" in our annual information form for the year ended December 31, 2013 which is available on www.sedar.com.
Calmena's actual results, performance or achievement could differ materially from those expressed in, or implied by, these forward-looking statements and, accordingly, no assurance can be given that any of the events anticipated by the forward-looking statements will transpire or occur. Readers are cautioned that the foregoing lists of factors are not exhaustive.
These forward-looking statements are made as of the date of this news release and Calmena disclaims any intent or obligation to update publicly any forward-looking statements, whether as a result of new information, future events or results or otherwise, other than as required by applicable securities laws.
Calmena Energy Services Inc.
John R. King
President and Chief Executive Officer
Calmena Energy Services Inc.
Peter J. Balkwill
Vice President Finance and Chief Financial Officer
Calmena Energy Services Inc.
700, 333 - 7th Avenue SW
Calgary, Alberta T2P 2Z1
(403) 366-2066 (FAX)
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