CALGARY, June 1, 2020 /CNW/ - New West Energy
Services Inc. (TSX Venture: NWE), an oil and gas and
environmental services company focused on Western Canada, today announced that, further
to its news release dated April 28,
2020, NWE intends to file its audited financial statements
and accompanying management discussion and analysis for the year
ending December 31, 2019 on or before
June 15, 2020, and its unaudited
financial statements and accompanying management discussion and
analysis for the three months ending March
31, 2020 on or before July 14,
2020.
On March 23, 2020, Canadian Securities Administrators
published temporary blanket relief for market participants from
certain regulatory filings as a result of COVID-19. NWE is
relying on the temporary blanket relief which provides for a 45-day
extension to file its annual and first quarter financial statements
and accompanying management discussion and analysis. NWE's
directors, officers and other insiders will be subject to a trading
blackout until such time as the above-noted financial statements
are filed.
Like other junior energy services companies in Western Canada, NWE's revenues have been
materially impacted by reduced capital spending by producers due to
the COVID-19 pandemic and record low oil prices. As a result,
NWE has aggressively moved to reduce costs and seek all avenues for
governmental assistance. There remains significant
uncertainty with respect to the recovery of the Western Canadian
oil and gas industry, generally, and the future price of crude,
specifically. NWE confirms that there have been no other
material business developments that have occurred subsequent to the
filing of its third quarter unaudited financial statements on
November 29, 2019.
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 use
of proceeds of its loans; the use of the acquired equipment;
planned changes in NWE's business and revenues; the competitive
environment in which NWE operates; and the assessment of future
plans and operations. Actual events or results may differ
materially. The forward-looking information in this news
release is based on assumptions which includes, but is not limited
to: NWE realizing the expected benefits of its loans and acquired
equipment; the general state of the economy and the oil and gas
industry not worsening; NWE not losing any key personnel; NWE
sustaining or increasing their level of revenues and EBITDAC
NWE growing its businesses long term and managing its growth;
NWE complying with existing regulations and not becoming subject to
more stringent regulations; and, NWE's insurance being sufficient
to cover losses that may occur as a result of its operations.
The forward-looking information in this news release is subject to
risks, uncertainties and other factors that could cause actual
results to differ materially from historical results or results
anticipated by the forward-looking information. The factors
which could cause results to differ from current expectations
include, but are not limited to: failure to realize the expected
benefits of its loans and acquired equipment; potential undisclosed
liens associated with the acquired equipment; NWE's results being
dependent upon the general state of the economy and the oil and gas
industry; NWE being dependent on key personnel, the loss of which
could harm its business; NWE may not be able to sustain or increase
their revenues or EBITDAC; NWE may be unable to grow its business
long term or to manage any growth; NWE may be unable to integrate
the acquired equipment into its business; competition in NWE's
markets may lead to reduced revenues and EBITDAC; NWE may fail to
comply with existing regulations or become subject to more
stringent regulations; NWE's insurance may be insufficient to cover
losses that may occur as a result of NWE's operations; the market
price of NWE's common shares will fluctuate; and, there is a
possibility of dilution of existing holders of NWE's common shares
due to future financings or acquisitions. Although NWE has
attempted to identify factors that would cause actual actions,
events or results to differ materially from those disclosed in the
forward-looking statements in this news release, there may be other
factors that cause actions, events or results not to be as
anticipated, estimated or intended. Also, many of the factors are
beyond the control of NWE. Accordingly, readers should not
place undue reliance on the forward-looking information in this
news release. The forward-looking information is made as of
the date of this news release, and 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.
