/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
EDMONTON, AB, June 14, 2021 /CNW/ - Wolverine Energy and
Infrastructure Inc. ("Wolverine" or the "Company")
(TSXV: WEII) is pleased to announce an addition to the Board of
Directors and provide a business update following the closing of
the previously announced divestiture of the Company's Clean Energy
Assets (the "Transaction").
Board Member Addition
Wolverine is excited to announce the addition of Jacquelyn Colville to our Board of Directors and
the assumption of the Audit Chair role. Mrs. Colville is a CPA, CA,
with extensive and successful experience in financial management,
business leadership and directing strategy. Ms. Colville currently
acts as Chief Financial Officer of Midnight Sun Financial, which
invests in private opportunities, trades in foreign exchange and
public markets, and offers innovative securities and derivatives.
Her prior leadership experiences include CFO of Alberta Investment
Management Corporation, Champion Petfoods and Sherritt Coal. Ms.
Colville also holds the ICD.D designation and gives back to her
community through her involvement with several not-for-profit
boards including the Stollery Children's Hospital Foundation and
the Health Quality Council of Alberta.
Proforma Financial Overview
Following the close of the Transaction, Wolverine has
significantly improved its financial position with access to over
$51,500,000 in additional working
capital, assuming $10.00 per share of
Green Impact Partners Inc. ("GIP"), following the debt repayment of
approximately $32,000,000.
Business Update
Moving forward, Wolverine is focused on providing industry
leading services to both conventional and clean energy projects
throughout North America, while
focused on creating shareholder value, in line with its industry
leading return on equity track record.
Due to ongoing consolidation in the conventional energy
industry, Wolverine has adjusted its business model to further
service our current clients and emerging sector clients.
Specifically, Wolverine will now operate under three business units
including: Canadian Energy Services, US Energy Services and
Infrastructure/Clean Energy. The intention of the organizational
changes are to further enhance service offering to our clients and
establish a further extensive Infrastructure/Clean Energy business
unit. In addition, the consolidation of business units is expected
to result in significant cost savings through general and
administrative savings.
Nikolaus Kiefer, Chief Financial
Officer of Wolverine, stated: "The significant shift to climate
change mitigating energy policies has driven the necessary
consolidation throughout the E&P sector in North America and has driven significant
capital into the clean energy sector. Wolverine is strongly
positioned to maintain its top client service focus in the
conventional energy market and look to expand its service offerings
in the clean energy sector." Mr. Kiefer continues to state "the
pivotal industry changes creates opportunities which management has
identified significant growth potential, both organically and
through accretive acquisitions."
In addition, Wolverine has now published an updated corporate
presentation, which can be accessed through
https://wnrgi.com/investors/corporate-presentations/.
About Wolverine
Wolverine is an industry leading, TSXV publicly–traded
diversified energy (conventional and renewables) and infrastructure
service provider in western Canada
and the United States. Wolverine's
focus is to ensure in the safest, most innovative and
cost-effective way to bring the world's most reliable and
responsible energy to market.
Cautionary Statements
This news release contains certain statements or disclosures
relating to Wolverine that are based on the expectations of its
management as well as assumptions made by and information currently
available to Wolverine which may constitute forward-looking
statements or information ("forward-looking statements") under
applicable securities laws. All such statements and disclosures,
other than those of historical fact, which address activities,
events, outcomes, results or developments that Wolverine
anticipates or expects may, or will occur in the future (in whole
or in part) should be considered forward-looking statements. In
some cases, forward-looking statements can be identified by the use
of the words "may", "intends", "will", "should", "believe" and
similar expressions. In particular, but without limiting the
foregoing, this news release contains forward-looking statements
pertaining to the amendment of the Transaction and the Company's
financial position.
Wolverine believes the material factors, expectations and
assumptions reflected in the forward-looking statements are
reasonable at this time but no assurance can be given that these
factors, expectations and assumptions will prove to be correct. Any
forward-looking statements are not guarantees of future performance
and should not be unduly relied upon. Such forward-looking
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results or events to differ
materially from those anticipated in such forward-looking
statements including, without limitation: a significant expansion
in COVID-19 restricting or prohibiting the operation of the
Wolverine's operations or supply chain; industry conditions
including changes in laws and regulations including adoption of new
environmental laws and regulations, and changes in how they are
interpreted and enforced, in Canada and the
United States; competition; the duration and extent of the
relatively low global oil prices, development and production in the
Western Canadian Sedimentary Basin; general economic, market and
business conditions including those in the event of an epidemic,
natural disaster or other event; increased costs and expenses and
certain other risks detailed from time to time in Wolverine's
public disclosure documents including, without limitation, those
risks identified in this news release, and in Wolverine's public
disclosure documentation found on Wolverine's SEDAR profile at
www.sedar.com. Moreover, the duration and impact of the COVID-19
pandemic is unknown at this time and it is not possible to reliably
estimate the length and severity of these developments and the
impact on the financial results and condition of the Company.
Readers are cautioned that the foregoing list of factors is not
exhaustive and are cautioned not to place undue reliance on these
forward-looking statements.
The forward-looking statements contained in this news release
are made as of the date hereof and the Company undertakes no
obligation to update publicly or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise, unless so required by applicable securities laws.
Neither the TSXV nor its Regulation Services Provider (as that
term is defined in the policies of the TSXV) has in any way
approved or disapproved the contents of this news release. The TSXV
does not accept responsibility for the adequacy or accuracy of this
release.
SOURCE Wolverine Energy and Infrastructure Inc.
