The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

Canyon Services Group Inc. Announces Filing of a Notice of Intention to Distribute Securities by ARC Energy Fund 6

Monday, November 15, 2010

Canyon Services Group Inc. Announces Filing of a Notice of Intention to Distribute Securities by ARC Energy Fund 607:50 EST Monday, November 15, 2010CALGARY, Nov. 15 /CNW/ - Canyon Services Group Inc. ("Canyon") (TSX: FRC) announces that ARC Energy Fund 6 has advised Canyon that ARC Energy Fund 6 has filed a Notice of Intention to Distribute Securities (on Form 45-102F1 dated November 12, 2010) with the applicable securities authorities in connection with the possible sale of up to 8.5 million common shares held by it.  These shares are expected to be sold through the facilities of the Toronto Stock Exchange.Assuming the sale of all such shares, ARC Energy Fund 6 will continue to hold 8.475 million common shares, representing approximately 14.1%of the outstanding common shares of Canyon.  Douglas Freel, an officer of the ARC Financial group of companies, will continue as a director of Canyon.FORWARD-LOOKING STATEMENTSThis document contains certain forward-looking information and statements within the meaning of applicable securities laws.  The use of any of the words "expect", "anticipate", "continue", "estimate", "guidance", "objective", "ongoing", "may", "will", "project", "should", "believe", "plans", "intends", "budget", "strategy" and similar expressions are intended to identify forward-looking information or statements.  In particular, but without limiting the foregoing, this document contains forward-looking information and statements pertaining to the following: future oil and natural gas prices; future results from operations; future liquidity and financial capacity and financial resources; future costs, expenses and royalty rates; future interest costs; future capital expenditures; future capital structure and expansion; the making and timing of future regulatory filings; and the Company's ongoing relationship with major customers.The forward-looking information and statements contained in this document reflect several material factors and expectations and assumptions of the Company including, without limitation: that the Company will continue to conduct its operations in a manner consistent with past operations; the general continuance of current or, where applicable, assumed industry conditions; the continuance of existing (and in certain circumstances, the implementation of proposed) tax, royalty and regulatory regimes; certain commodity price and other cost assumptions; the continued availability of adequate debt and/or equity financing and cash flow to funds its capital and operating requirements as needed; and the extent of its liabilities.  The Company believes the material factors, expectations and assumptions reflected in the forward-looking information and statements are reasonable but no assurance can be given that these factors, expectations and assumptions will prove to be correct.The forward-looking information and statements included in this document are not guarantees of future performance and should not be unduly relied upon.  Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements including, without limitation: changes in commodity prices; changes in the demand for or supply of the Company's services; unanticipated operating results; changes in tax or environmental laws, royalty rates or other regulatory matters; changes in the development plans of third parties; increased debt levels or debt service requirements; limited, unfavourable or a lack of access to capital markets; increased costs; a lack of adequate insurance coverage; the impact of competitors; reliance on industry partners; and certain other risks detailed from time to time in the Company's public disclosure documents (including, without limitation, those risks identified in this document and the Company's Annual Information Form).The forward-looking information and statements contained in this document speak only as of the date of the document, and none of the Company or its subsidiaries assumes any obligation to publicly update or revise them to reflect new events or circumstances, except as may be required pursuant to applicable laws.For further information: For further information contact:Brad Fedora, President & CEO   or   Barry O'Brien, Vice President, Finance & CFOCanyon Services Group Inc.       Canyon Services Group Inc.Suite 1600, 510-5th Street S.W.      Suite 1600, 510-5th Street S.W.Calgary, Alberta, T2P 3S2       Calgary, Alberta, T2P 3S2Phone:  403-290-2491       Phone:  403-290-2478Fax: 403-355-2211        Fax: 403-355-2211