/NOT FOR DISTRIBUTION TO UNITED STATES NEWS WIRE SERVICES OR FOR
DISSEMINATION IN THE UNITED
STATES/
EDMONTON, AB, Oct. 21, 2020 /CNW/ - Wolverine Energy and
Infrastructure Inc. ("Wolverine" or the "Company")
(TSXV: WEII) announces the termination of the Asset Purchase
Agreement (the "APA") to acquire U.S. renewable and
infrastructure crane assets (the "Acquisition"), as outlined
in the Company's news release of August
31, 2020.
Wolverine continued to work through the necessary due diligence
and closing procedures to complete the Acquisition, however despite
significant efforts to negotiate ongoing material field exam
findings relating to the conditions of the assets per the APA, it
is Wolverine's position that the counter party was unwilling to
close on the agreed upon contractual terms and therefore it was in
the best interests of shareholders to terminate the
arrangement.
Jesse Douglas, President and CEO,
states "Although Wolverine is disappointed that the Acquisition did
not close in accordance with its terms, Wolverine will continue to
pursue strategic acquisitions and is committed to our investment in
clean energy initiatives, especially those with an infrastructure
focus. We continue to explore material clean energy acquisitions,
as the Company remains committed to the space with dedicated
management teams and will continue work through acquisitions with
our US base lender."
About Wolverine
Wolverine is an industry-leading, diversified energy and
infrastructure service provider in western Canada and the
United States, providing a wide range of services including:
water management, production testing, oilfield/energy rentals, and
environmental services (waste disposal and custom crude treating).
Wolverine's original business roots and operations began in 1952.
Over the course of its history, the Wolverine group of companies
have pursued a strategy combining organic growth and strategic
acquisitions. Today, Wolverine is strongly positioned to
consolidate a highly-fragmented energy services and midstream
market in western Canada, and is
diligently focused on return on capital deployed, market
diversification, and maintaining best-in-class services throughout
the full life cycle of its diverse clients' projects.
Cautionary Statements
This news release contains forward-looking statements and/or
forward-looking information (collectively, "forward-looking
statements") within the meaning of applicable securities
laws. When used in this release, such words as "would",
"will", "anticipates", believes", "explores" and similar
expressions, as they relate to Wolverine or its management, are
intended to identify such forward-looking statements. Such
forward-looking statements reflect the current views of Wolverine
with respect to future events, and are subject to certain risks,
uncertainties and assumptions. Many factors could cause Wolverine's
actual results, performance or achievements to be materially
different from any expected future results, performance or
achievement that may be expressed or implied by such
forward-looking statements. In particular, this news release
contains or implies forward-looking statements pertaining to: the
termination of the APA and cancellation of the purchasing of the
corresponding assets and any affects thereof; the Company's
interpretation of the APA; future potential acquisitions or
divestitures; Wolverine's corporate strategy; and the fragmented
position of the energy service space. These forward-looking
statements are subject to numerous risks and uncertainties,
including but not limited to: the impact of general economic
conditions in Canada and
the United States; 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; lack of availability of
qualified personnel; obtaining required approvals of regulatory
authorities, in Canada and
the United States; volatility in
market prices for oil and gas; fluctuations in foreign exchange or
interest rates; environmental risks; changes in income tax laws or
changes in tax laws and incentive programs relating to the oil
industry; ability to access sufficient capital from internal and
external sources; and other factors, many of which are beyond the
control of the Company. These forward-looking statements reflect
material factors, expectations and assumptions.
Forward-looking statements included in this news release should not
be read as guarantees of future performance or results. Such
statements involve known and unknown risks, uncertainties and other
factors that may cause actual results, performance or achievements
to be materially different from those implied by such
forward-looking statements. Although the forward-looking statements
contained in this document are based upon assumptions which
management of the Company believes to be reasonable, the Company
cannot assure investors that actual results will be consistent with
these forward-looking statements.
Readers are encouraged to review and carefully consider the
risk factors pertaining to Wolverine's business described in
PetroMaroc's management information circular and proxy statement
dated as of November 14, 2018, as
well as the Company's latest annual Management Discussion and
Analysis, which is accessible on Wolverine's SEDAR issuer profile
at www.sedar.com. The forward-looking statements contained in this
release are made as of the date of this release, and except as may
be expressly be required by law, Wolverine disclaims any intent,
obligation or undertaking to publicly release any updates or
revisions to any forward-looking statements contained herein
whether as a result of new information, future events or results or
otherwise, other than as required by applicable securities
laws.
Management of the Company has included the above summary of
assumptions and risks related to forward-looking information
provided in this document in order to provide shareholders with a
more complete perspective on Wolverine's current and future
operations and such information may not be appropriate for other
purposes. Wolverine's actual results, performance or achievement
could differ materially from those expressed in, or implied by,
these forward-looking statements and, accordingly, no assurance can
be given that any of the events anticipated by the forward-looking
statements will transpire or occur, or if any of them do, what
benefits Wolverine will derive therefrom.
This news release shall not constitute an offer to sell or
the solicitation of an offer to buy the Common Shares in any
jurisdiction. The Common Shares have not been and will not be
registered under the United States Securities Act of 1933, as
amended (the "U.S. Securities Act") or any state securities
laws and may not be offered or sold in the United States except in certain
transactions exempt from the registration requirements of the U.S.
Securities Act and applicable state 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.