CALGARY, Alberta, July 02, 2019 (GLOBE NEWSWIRE) -- DIVERGENT Energy Services Corp. (“DIVERGENT” or the "Corporation") announces that it continues to work with its auditors towards filing its audited annual financial statements for the year ended December 31, 2018, the related management’s discussion and analysis and certificates of its CEO and CFO (collectively, the "Filings") with Canadian securities which were not filed prior to the deadline of April 30, 2019.
As a result of the ongoing cease trade orders (“CTO’s”) issued by the Alberta and British Columbia Securities Commissions, the Corporation is unable to issue shares in lieu of cash for the debenture interest due for the period ending June 30, 2019. The Corporation is seeking a waiver from the debenture holders to approve a delay of up to 45 days for the June interest payment of shares in lieu of cash.
The Company is working diligently to make its Filings as soon as possible. The Company believes that the 45-day waiver will provide sufficient time to make the Filings and have the CTO’s removed. Immediately following the Filings, the Corporation will also release its Q1 2019 interim results, which could not be filed in advance of filing the 2018 annual financials.
Once the Filings are made (within 90 days of the effective date of the CTO’s), such filings will constitute the Company’s application to have the CTO’s revoked.
ABOUT DIVERGENT ENERGY SERVICES CORP.
Headquartered in Calgary, Alberta, DIVERGENT Energy Services Corp. provides cost effective, innovative technologies and solutions for submersible pumping to benefit our stakeholders. DIVERGENT is committed to increasing client’s production while reducing operating costs and carbon footprint. Our Products include Electromagnetic Pumps, Electric Submersible Pumps, and Electric Submersible Progressing Cavity Pumps.
For further information regarding this news release contact Ken Berg, President and Chief Executive Officer; or Scott Hamilton, Chief Financial Officer.
DIVERGENT Energy Services Corp., 1500, 715 – 5th Ave SW, Calgary, AB T2P 2X6, (403) 543-0060, (403) 543-0069 (fax), www.divergentenergyservices.com
Forward-Looking Information and Statements
This press release contains forward-looking statements, including, without limitation, statements pertaining to: the Corporation’s ongoing efforts to work with the auditors to make its Filings as soon as possible and related expectations regarding the revocation of the CTO’s; the Corporation seeking a waiver from the debenture holders to approve a delay of up to 45 days for the June 30, 2019 interest payment of shares in lieu of cash as a result of the ongoing CTO’s; and the Corporation releasing its Q1 2019 interim financials following the completion of its Filings. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at www.sedar.com. Forward-looking statements are based on estimates and opinions of management of the Corporation at the time the information is presented. The Corporation may, as considered necessary in the circumstances, update or revise such forward-looking statements, whether as a result of new information, future events or otherwise, but the Corporation undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.
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.
(Not for dissemination in the United States of America)