CALGARY, Alberta, Dec. 15, 2017 (GLOBE NEWSWIRE) -- CES Energy Solutions Corp. ("CES" or the “Company”) (TSX:CEU) (OTC – Nasdaq Intl:CESDF) is pleased to announce today that it will pay a cash dividend of $0.0025 per common share on January 15, 2018 to the shareholders of record at the close of business on December 29, 2017.
CES is also pleased to announce that it has entered into an agreement with the Canada Revenue Agency (“CRA”) regarding the CRA’s proposed reassessment relating to the tax consequences of the conversion from a partnership to a corporation on January 1, 2010 (the “Conversion”). Under the Conversion Canadian Energy Services L.P. (the “Partnership”) and Canadian Energy Services Inc. (the “General Partner”) completed a transaction with Nevaro Capital Corporation (“Nevaro”) which resulted in the Partnership converting from a publicly-traded Canadian limited partnership to a publicly-traded corporation formed under the Canada Business Corporations Act. The settlement agreement will not give rise to any cash outlay by CES for the current year or any prior taxation years and will have no impact on the current or deferred tax pool balances previously recorded by the Company.
About CES Energy Solutions Corp.
CES is a leading provider of technically advanced consumable chemical solutions throughout the lifecycle of the oilfield. This includes solutions at the drill-bit, at the point of completion and stimulation, at the wellhead and pump-jack, and finally through to the pipeline and midstream market. CES’ business model is relatively asset light and requires limited re-investment capital to grow. As a result, CES has been able to capitalize on the growing market demand for drilling fluids and production and specialty chemicals in North America while generating free cash flow.
Additional information about CES is available at www.sedar.com or on the Company’s website at www.cesenergysolutions.com.
For further information, please contact:
| Tom Simons President and Chief Executive Officer CES Energy Solutions Corp. (403) 269-2800 | Craig F. Nieboer, CA Chief Financial Officer CES Energy Solutions Corp. (403) 269-2800 |
Or by email at: info@ceslp.ca
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