CALGARY, AB, July 6, 2020 /CNW/ - New West Energy
Services Inc. (TSXV: NWE), an oil and gas and environmental
services company focused on Western
Canada, today announced that, further to its news release
dated June 1, 2020, NWE intends to
file 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
annual audited financial statements on June 16, 2020.
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.