Canadian Oilfield Solutions Corp. Announces Cease Trade Order
April 26 2013 - 12:33AM
Marketwired Canada
Canadian Oilfield Solutions Corp. (TSX VENTURE:OTS) (the "Company") announces
that the Alberta Securities Commission has issued a cease trade order which
prohibits the trading of all securities of the Company. The basis for the cease
trade order is that the Company announced on April 24, 2013 that: (a) the
Company intends to restate and re-file its interim financial reports and
management's discussion and analysis as at and for the interim periods ended
March 31, 2012, June 30, 2012 and September 30, 2012 (the "2012 Interim
Filings"); and (b) the presentation of gross revenue and costs of sales,
individually, as presented in the 2012 Interim Filings should not be relied
upon. For further details see the Company's press release dated April 24, 2013
and the cease trade order available at www.albertasecurities.com.
The cease trade order will remain in effect until revoked by the Alberta
Securities Commission. The Company anticipates that in order to have the cease
trade order revoked: (a) the Company must restate and re-file the 2012 Interim
Filings along with the required officer certifications; (b) the Company must
file any other continuous disclosure documents that are required to be filed;
and (c) the Company must satisfy any other requirements of the Alberta
Securities Commission.
The Company's board of directors, audit committee and management are focused on
working diligently with their advisors to more specifically quantify and
complete the restatements required in the 2012 Interim Filings. Upon completion
of these efforts, the Company will re-file its 2012 Interim Filings and,
concurrently therewith or thereafter, will file its 2012 Annual Filings.
Following such filings, the Company intends to apply to the Alberta Securities
Commission for revocation of the cease trade order.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Oilfield Solutions Corp.
Ken Berg
President and Chief Executive Officer
(403) 543-0060
(403) 543-0069 (FAX)
kberg@cotsoilfield.com
www.cotsoilfield.com
For investor relations please contact
Working Capital Corporation
Tony Nunziata
(403) 560-7040
www.workingcapitalcorp.com
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