/NOT FOR DISSEMINATION IN THE
UNITED STATES OF AMERICA/
CALGARY, AB, June 16, 2020 /CNW/ - Cathedral Energy
Services Ltd. (the "Company" or "Cathedral")
(TSX: CET) is providing an update on the status of its interim
financial statements (the "Financial Statements") and
related management's discussion and analysis (the
"MD&A", and together with the Financial Statements, the
"Interim Filings") for the interim period ended March 31, 2020.
In response to the COVID-19 pandemic, securities regulatory
authorities in Canada have granted
a blanket exemption granting issuers an additional 45 days to
complete certain regulatory filings (the "Exemption").
Further to the Company's press release dated May 10, 2020, the Company will continue to rely
on the Exemption to postpone the filing of the Financial Statements
required by section 4.4 of National Instrument 51-102 and the
filing of the MD&A required by subsection 5.1(2) of National
Instrument 51-102.
The Company is providing this update in accordance with the
requirements of the Exemption. The Company confirms that there have
been no material business developments since May 10, 2020, when it announced that it would be
relying on the Exemption in respect of the Interim Filings.
Cathedral anticipates filing the Interim Filings on or
about June 25, 2020. Until such
time as the Interim Filings are filed, management and other
insiders of Cathedral will remain subject to a trading black-out
policy that reflects the principles in section 9 of National Policy
11-207 Failure-to-File Cease Trade Orders and Revocations in
Multiple Jurisdictions.
Cathedral Energy Services Ltd. (the "Company" or
"Cathedral"), based in Calgary,
Alberta is incorporated under the Business Corporations Act
(Alberta) and operates in the U.S.
under Cathedral Energy Services Inc. The Company is publicly
traded on the Toronto Stock Exchange under the symbol "CET".
Cathedral is a trusted partner to North American energy companies
requiring high performance directional drilling services. We
work in partnership with our customers to tailor our equipment and
expertise to meet their specific geographical and technical
needs. Our experience, technologies and responsive personnel
enable our customers to achieve higher efficiencies and lower
project costs. For more information, visit
www.cathedralenergyservices.com.
FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking statements
and forward-looking information (collectively referred to herein as
"forward-looking statements") within the meaning of applicable
Canadian securities laws. All statements other than
statements of present or historical fact are forward-looking
statements. In particular, this news release contains
forward-looking statements relating to, among other things, the
anticipated timing of filing the Interim Filings. The Company
believes the expectations reflected in such forward-looking
statements are reasonable as of the date hereof but no assurance
can be given that these expectations will prove to be correct and
such forward-looking statements should not be unduly relied upon.
Various factors and assumptions are typically applied in drawing
conclusions or making the forecasts or projections set out in
forward-looking statements, including, without limitation, that the
Company will be able to complete the Financial Statements and
MD&A under the anticipated timeline. You are cautioned that the
foregoing material factor and assumption is not exhaustive.
Forward-looking statements are not a guarantee of future
performance and involve a number of risks and uncertainties, some
of which are described herein, including, without limitation, the
risk that the Company will not be able to complete the Financial
Statements and MD&A under the anticipated timeline.
Forward-looking statements necessarily involve known and unknown
risks and uncertainties, which may cause the Company's actual
performance and results in future periods to differ materially from
any projections of future performance or results expressed or
implied by such forward-looking statements. These risks and
uncertainties include, but are not limited to, the risks identified
in this news release and in the Company's Annual Information Form
under the heading "Risk Factors". Any forward-looking statements
are made as of the date hereof and, except as required by law, the
Company assumes no obligation to publicly update or revise such
statements to reflect new information, subsequent or otherwise. All
forward-looking statements contained in this news release are
expressly qualified by this cautionary statement. Further
information about the factors affecting forward-looking statements
is available in the Company's current Annual Information Form that
has been filed with Canadian provincial securities commissions and
is available on www.sedar.com.
SOURCE Cathedral Energy Services Ltd.