CALGARY, AB, Nov. 6, 2020 /CNW/ - New West Energy Services
Inc. (TSXV: NWE), an oil and gas and environmental services
company focused on Western Canada,
today announced that it has filed an application with the TSX
Venture Exchange (the "TSXV") to voluntarily delist its common
shares (the "Common Shares") from the TSXV.
The delisting of the Common Shares is subject to NWE receiving
approval from the TSXV and majority of minority shareholder
approval at an annual and special meeting to be held on
December 11, 2020 in Vancouver.
Once the delisting of the Common Shares has taken place, it will
no longer be possible for shareholders to effect transactions
involving the Common Shares on the TSXV, which will impact the
liquidity of the Common Shares. Upon receipt of the TSXV and
shareholder approval, the TSXV will issue a bulletin confirming the
effective time of the delisting of the Common Shares.
As a public company, management of NWE has been unable to secure
needed financing and NWE's directors believe that the minimal
trading activity of the Common Shares no longer justifies the
expense and administrative requirements associated with maintaining
the listing. As such, NWE's directors believe that it would be
in the best interests of NWE and all stakeholders to have the
Common Shares voluntarily delisted from the TSXV and for the
directors to consider options for taking NWE private and it ceasing
to be a reporting issuer in Canada
subsequent to a delisting. Any such going-private transaction would
be subject to minority shareholder approval.
NWE also announced that its Executive Chairman, Mr. Erinn B. Broshko, has ceased his executive
duties and is continuing in the capacity as non-executive
Chairman.
Neither the 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.
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
delisting of the Common Shares; the receipt of approval of the TSXV
to the delisting of the Common Shares; the receipt of approval of
the NWE shareholders to the delisting; and NWE completing any
going-private transaction. Actual events or results may differ
materially. This forward-looking information is only a
prediction based upon NWE's current expectations, and actual events
or results may differ materially. NWE may not actually achieve
the plans, intentions or expectations disclosed in its
forward-looking information. Forward-looking information is
subject to known and unknown risks and uncertainties and is based
upon uncertain assumptions that could cause NWE's actual results
and the timing of events to differ materially from those
anticipated in such forward-looking information. You are cautioned
not to place undue reliance on this forward-looking information,
which speak only as of the date of this press release. 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.
SOURCE New West Energy Services Inc.
