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NISKU, AB, March 18, 2019 /CNW/ – Hyduke Energy Services Inc. (“Hyduke” or the “Company“) has delayed the filing of its annual audited financial statements for the year ended December 31, 2018, its related management’s discussion and analysis, its annual information form for the year ended December 31, 2018, and the Chief Executive Officer and Chief Financial Officer certifications (the “Required Filings“) past the prescribed deadline of March 31, 2019. The Company is working diligently in order to prepare the Required Filings, and the Company anticipates it will be in a position to file the Required Filings no later than May 31, 2019.
The principal reason behind the Company’s delay in meeting its reporting deadline for the Required Filings can be directly attributable to the quantum of outstanding audit fees from the Company’s 2017 financial audit. The Company expects to be in a position to pay these fees following the disposition of certain assets, which are expected to be completed in mid-April.
Application for Management Cease Trade Order
The Company has made an application to the Alberta Securities Commission, its principal regulator, as well as the British Columbia Securities Commission and the Ontario Securities Commission for a management cease trade order (“MCTO“). An MCTO generally restricts all trading in securities of the Company, whether direct or indirect, by the Chief Executive Officer and the Chief Financial Officer. However, the MCTO may be extended to include the directors of the Company, among others. There is no guarantee that an MCTO will be granted. The issuance of an MCTO does not generally affect the ability of persons who are not the Chief Executive Officer or Chief Financial Officer of Hyduke to trade in securities of the Company.
If the MCTO is granted, the Company intends to comply with the provisions of the alternative information guidelines as set out in the Policy Statement 12-203 Management Cease Trade Orders for as long as it remains in default, including the issuance of bi-weekly default status reports, each of which will be issued in the form of a news release. The Company will also continue to disclose any other material information concerning its affairs and ongoing business activities.
Trading on the TSX under the symbol “HYD”, Hyduke Energy Services Inc. is a supplier of equipment and services to the oil and gas drilling and well servicing industry.
Forward looking information
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words “expect”, “anticipate”, “continue”, “estimate”, “may”, “will”, “project”, “should”, “believe”, “plans”, “intends” and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward-looking statements and information relating to the expected filing of the Required Filings, the granting of an MCTO, the disposition of certain of the Company’s assets, the Company’s compliance with alternative information guidelines and the ability of the Company to pay its auditors. These forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Assumptions have been made with respect to the expected proceeds from the sale of the Company’s head office building and land and the ability of the Company to complete the filing of Required Filings. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as the Company cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure to close the disposition of the Company’s head office building and land, insufficient funds to pay the Company’s auditors, and the failure of the Alberta Securities Commission to grant the MCTO. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Other risk factors that could affect the Company’s operations or financial results are included in the Company’s annual information form and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, the Company is under no obligation and does not undertake to update this information at any particular time, except as required by law.
The TSX has neither reviewed nor approved this release.
SOURCE Hyduke Energy Services Inc.
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