CALGARY,
AB, July 3, 2024 /CNW/ - ACT Energy
Technologies Ltd. (TSX: ACX) ("ACT" or the
"Company") is pleased to confirm that it has filed
articles of amendment to implement the previously announced name
change from "Cathedral Energy Services Ltd." to "ACT Energy
Technologies Ltd.", and the share consolidation of the Company's
common shares on the basis of one (1) post-consolidation common
share for every seven (7) pre-consolidation common shares. ACT's
common shares are expected to begin trading under its new symbol,
"ACX", and on a consolidated basis, on the Toronto Stock Exchange
on or about Friday, July 5, 2024. ACT
will be launching its new website at www.actenergy.com in
connection with the name change and the ticker symbol change.
"The corporate name change and re-brand acknowledges the growth
and transformation that our Company has undertaken over the past
few years", said Tom Connors,
President and CEO of ACT. "ACT conveys a spirit of innovation and
our energy and enthusiasm towards providing high-performance
solutions for our customers. ACT represents the proactive nature of
the organization and culture we are building as we constantly
pursue improved ways to deliver our technology and service
offering."
Concurrent with the name change, the Company's Canadian
operations, which formerly operated as "Cathedral Energy Services",
now operate under the name "Altitude Energy Partners". This
re-branding of Canadian operations under the Altitude banner
provides a seamless identity across all of ACT's North American
directional drilling operations. Together, the Altitude operations
in Canada and the United States comprise the Company's
largest business segment. The motor rental business in the United States will continue to operate as
"Discovery Downhole Services" and the engineering and MWD
manufacturing division will continue to operate as "Rime Downhole
Technologies". Further details regarding the Company's share
consolidation and name change are contained in the Company's press
release dated June 27, 2024.
ABOUT ACT ENERGY TECHNOLOGIES
ACT Energy Technologies Ltd., based in Calgary, Alberta, Canada, is incorporated
under the Business Corporations Act (Alberta). We operate in Canada and in the
United States as "Altitude Energy Partners", and in the U.S.
under "Discovery Downhole Services" and "Rime Downhole
Technologies". ACT's common shares are publicly-traded on the
Toronto Stock Exchange under the symbol "ACX". ACT is a trusted
partner to North American energy companies requiring high
performance directional drilling services and related downhole
technologies. We work in partnership with our customers to tailor
our equipment and expertise to meet their specific geographical and
technical needs. Our experience, technologies and responsive
personnel enable our customers to achieve higher efficiencies and
lower project costs. For more information, visit
www.actenergy.com.
FORWARD-LOOKING INFORMATION
This news release contains statements and information that may
constitute "forward-looking information" within the meaning of
applicable securities legislation, including statements identified
by the use of words such as "will", "expects", "positions",
"believe", "potential" and similar words, including negatives
thereof, or other similar expressions concerning matters that are
not historical facts. Forward-looking information in this news
release includes, but is not limited to, ACT's business strategy
and focus, and the share consolidation, name change and stock
symbol change, including the anticipated effects thereof.
The forward-looking information in this news release is based on
various assumptions that may prove to be incorrect, including, but
not limited to, assumptions with respect to market and economic
conditions. Although the Company believes that such assumptions are
reasonable, the Company can give no assurance that such
forward-looking statements will prove to be correct or that any of
the events anticipated by such forward-looking statements will
occur, or if any of them do so, what benefits the Company will
derive there from.
Actual results could differ materially due to a number of
factors and risks including, but not limited to market and economic
conditions, and changes in laws and regulations.
Additional information regarding risks and uncertainties of the
Company's business are contained under the heading "Risk Factors"
in the Company's annual information form for the financial year
ended December 31, 2023 and the
Company's other public filings which are available under the
Company's profile on SEDAR+ at www.sedarplus.ca. The
forward-looking information included in this news release is made
as of the date of this news release and the Company does not
undertake an obligation to publicly update such forward-looking
information to reflect new information, future events or otherwise,
except as required by applicable law.
Requests for further information should be
directed to:
Tom Connors, President &
Chief Executive Officer
P. Scott MacFarlane, Interim Chief
Financial Officer
ACT Energy Technologies Ltd.
6030 3 Street S.E.
Calgary, Alberta T2H 1K2
Telephone: 403.265.2560, Fax: 403.262.4682
www.actenergy.com
SOURCE Cathedral Energy Services Ltd.
