CALGARY, AB, Dec. 14, 2020 /CNW/ - New West Energy
Services Inc. (TSX: NWE), an oil and gas and environmental
services company focused on Western
Canada, today announced that its minority shareholders
approved on December 11, 2020 at the
company's annual and special meeting a resolution authorizing NWE
to voluntarily delist its common shares from the TSX Venture
Exchange ("TSXV"). NWE also received final approval
from the TSXV to the delisting, which will be effective at the
close of trading on December 24,
2020. The TSXV is expected to issue a bulletin to this
effect.
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 the delisting. Any such going-private transaction
would be subject to minority shareholder approval.
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 NWE
shareholders to any going-private transaction; 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.