FOR: NEW WEST ENERGY SERVICES INC.
TSX VENTURE SYMBOL: NWE
Date issue: June 28, 2017
Time in: 9:15 AM e
Attention:
CALGARY, ALBERTA–(Marketwired – June 28, 2017) – New West Energy Services Inc.
(TSX VENTURE:NWE), an oil and gas and environmental services company focused on
Western Canada, today announced the appointment of an executive chairman and
lead director, a change in the company’s financial year-end and the granting of
stock options.
APPOINTMENT OF EXECUTIVE CHAIRMAN AND LEAD DIRECTOR
NWE is pleased to announce the appointment of Mr. Erinn B. Broshko as a
director and Executive Chairman of the company. In conjunction with Mr.
Broshko’s appointment, NWE’s current Chairman, William A. Rand, has been
appointed as Lead Director.
Mr. Broshko is the Managing Director of Rand Investments Ltd., a
Vancouver-based private equity firm. Previous to that, Mr. Broshko was the
Chief Executive Officer and then Executive Chairman of a publically-listed
biotechnology company and a corporate and securities lawyer with a prominent
Vancouver-based law firm.
Gerry E. Kerkhoff, President and Chief Executive Officer of NWE commented,
“Erinn brings to New West eighteen years of corporate finance, public markets
and transactions experience. With the oil and gas industry showing signs of
recovery and New West’s improving results, Erinn will be a valuable member of
the team as we seek to complete transactions of strategic importance to create
significant shareholder value.”
Mr. Broshko stated, “I’m honoured to be joining Gerry and the New West team at
this important time. The company has a long and trusted track record in oil and
gas services throughout western Canada and has shown resilience through these
challenging times for the industry. Since its $4.8 million equipment
acquisition in early March, New West has been securing additional work in the
completions and production sectors and expects increased utilization of the
additional equipment.”
Mr. Broshko concluded, “With New West’s increased service capacity, our
leadership will be looking to execute upon transformational transactions that
are accretive and that increase our growth potential.”
CHANGE OF FINANCIAL YEAR-END
NWE announced that its board of directors has resolved to change its financial
year-end from April 30 to December 31 to better conform with industry peers and
to line up the company’s quarterly filings with more traditional quarters.
To facilitate the change, NWE will report a one-time transition year covering
the eight months from May 1 to December 31. 2017. Subsequent to this transition
year, NWE’s first full financial year will be January 1 to December 31, 2018.
For more details regarding the length and ending dates of the financial
periods, including the comparative periods, of the interim and annual financial
statements to be filed for NWE’s transition year and its new financial year,
please refer to the company’s Notice of Change of Year End filed pursuant to
National Instrument 51-102 and available under the company’s SEDAR profile at
www.sedar.com.
GRANT OF STOCK OPTIONS
NWE announced that it granted to certain directors, officers and employees
five-year incentive stock options to purchase an aggregate of 2,125,000 common
shares at an exercise price of $0.13 per share, being the June 27, 2017 closing
price of NWE’s common shares on the TSX Venture Exchange.
Neither the TSXV nor its Regulation Services Provider (as that term is defined
in the policies of the TSXV) accepts responsibility for the adequacy or
accuracy of this release.
Cautionary Note Regarding Forward-Looking Information
Certain statements in this news release may constitute “forward-looking
information” within the meaning of applicable securities laws that involve
known and unknown risks, uncertainties and other factors that may cause actual
results, performance or achievements or industry results to be materially
different from any future results, performance or achievements or industry
results expressed or implied by such forward-looking information and financial
outlook. Forward-looking information is identified by the use of terms and
phrases such as “anticipate”, “believe”, “could”, “estimate”, “expect”,
“intend”, “may”, “plan”, “predict”, “project”, “will”, “would”, and similar
terms and phrases, including references to assumptions. Such information may
involve, but is not limited to, comments with respect to strategies,
expectations, planned operations or future actions. Forward-looking information
in this news release includes, without limitation, statements with respect to:
the use of proceeds of its loans; the use of the acquired equipment; planned
changes in NWE’s business and revenues; the competitive environment in which
NWE operates; and the assessment of future plans and operations. Actual events
or results may differ materially. The forward-looking information in this news
release is based on assumptions which includes, but is not limited to: NWE
realizing the expected benefits of its loans and acquired equipment; the
general state of the economy and the oil and gas industry not worsening; NWE
not losing any key personnel; NWE sustaining or increasing their level of
revenues and EBITDA; NWE growing its businesses long term and managing its
growth; NWE complying with existing regulations and not becoming subject to
more stringent regulations; and, NWE’s insurance being sufficient to cover
losses that may occur as a result of its operations. The forward-looking
information in this news release is subject to risks, uncertainties and other
factors that could cause actual results to differ materially from historical
results or results anticipated by the forward-looking information.
The factors which could cause results to differ from current expectations
include, but are not limited to: failure to realize the expected benefits of
its loans and acquired equipment; potential undisclosed liens associated with
the acquired equipment; NWE’s results being dependent upon the general state of
the economy and the oil and gas industry; NWE being dependent on key personnel,
the loss of which could harm its business; NWE may not be able to sustain or
increase their revenues or EBITDA; NWE may be unable to grow its business long
term or to manage any growth; NWE may be unable to integrate the acquired
equipment into its business; competition in NWE’s markets may lead to reduced
revenues and EBITDA; NWE may fail to comply with existing regulations or become
subject to more stringent regulations; NWE’s insurance may be insufficient to
cover losses that may occur as a result of NWE’s operations; the market price
of NWE’s common shares will fluctuate; and, there is a possibility of dilution
of existing holders of NWE’s common shares due to future financings or
acquisitions. Although NWE has attempted to identify factors that would cause
actual actions, events or results to differ materially from those disclosed in
the forward-looking statements in this news release, there may be other factors
that cause actions, events or results not to be as anticipated, estimated or
intended. Also, many of the factors are beyond the control of NWE. Accordingly,
readers should not place undue reliance on the forward-looking information in
this news release. The forward-looking information is made as of the date of
this news release, and NWE does not assume any obligation to publicly update or
revise such forward-looking information to reflect new information, subsequent
or otherwise, except as may be required by applicable law. The forward-looking
information contained herein is expressly qualified in its entirety by this
cautionary statement.
– END RELEASE – 28/06/2017
For further information:
New West Energy Services Inc.
Gerry E. Kerkhoff
President & Chief Executive Officer
403.984.9798 or 1.888.977.2327 (BEAR)
403.984.9799 (FAX)
gkerkhoff@newwestenergyservices.com
www.newwestenergyservices.com
COMPANY:
FOR: NEW WEST ENERGY SERVICES INC.
TSX VENTURE SYMBOL: NWE
INDUSTRY: Energy and Utilities – Equipment, Energy and Utilities –
Oil and Gas
RELEASE ID: 20170628CC0030
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