Press release from Marketwire
Canadian Energy Services & Technology Corp. Announces Increased Cash Dividend and Expansion Into New Business Line
Wednesday, June 16, 2010
CALGARY, ALBERTA--(Marketwire - June 16, 2010) - Canadian Energy Services & Technology Corp. ("CESTC" or the "Corporation") (TSX:CEU) announced today that it will pay a cash dividend of $0.08 per common share on July 15, 2010 to the shareholders of record at the close of business on June 30, 2010, representing an increased dividend of $0.02 per common share to the monthly dividend.
CESTC also announced today that it has established the PureChem Services division ("PureChem") which will manufacture and sell both drilling fluid products and production chemicals for CESTC. The PureChem manufacturing facility is being constructed in Carlyle, Saskatchewan on existing CESTC lands and production is expected to commence in Q4 2010.
"PureChem Services will allow us to vertically integrate our drilling fluids business to produce proprietary drilling fluid additives that we currently sell into the market, and it will also expand our business into production chemicals in South-east Saskatchewan," said Tom Simons, the President and Chief Executive Officer of Canadian Energy Services & Technology Corp. "We believe this strategic move enhances our competitive position in our core business of drilling fluids, and represents potential growth in a new business line, in a geographic market where we already enjoy considerable customer acceptance through the provision of drilling fluids and the hauling of produced fluids."
About Canadian Energy Services & Technology Corp.
CESTC designs and implements drilling fluid systems for the oil and natural gas industry in western Canada and in the United States through its subsidiary AES Drilling Fluids, LLC. Additional information about CESTC is available at www.sedar.com or at CESTC's website at www.CanadianEnergyServices.com.
This press release contains certain forward-looking statements and forward-looking information ("forward-looking information") within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as "anticipate", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "expect", "may", "will", "project", "should" or similar words suggesting future outcomes. In particular, this press release includes forward-looking information pertaining to the following: future estimates as to dividend levels, including the payment of dividends to shareholders of record on June 30, 2010, and expectations regarding the performance of PureChem. CESTC believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.
Forward-looking information is based on various assumptions. Those assumptions are based on information currently available to CESTC.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Such forward-looking information necessarily involves known and unknown risks and uncertainties, which may cause CESTC's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking information. These risks and uncertainties include but are not limited to the risks identified in the Annual Information Form of CESTC for the year ended December 31, 2009 under the heading "Risk Factors" and in CESTC's Management's Discussion and Analysis for the year ended December 31, 2009 under the heading "Risks and Uncertainties". Any forward-looking information is made as of the date hereof and, except as required by law, CESTC assumes no obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
FOR FURTHER INFORMATION PLEASE CONTACT:
Canadian Energy Services & Technology Corp. Tom Simons President and Chief Executive Officer (403) 269-2800or
Canadian Energy Services & Technology Corp. Craig F. Nieboer, CA Chief Financial Officer (403) 269-2800 email@example.com www.CanadianEnergyServices.com
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