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.
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