The Globe and Mail

Go to the Globe and Mail homepage

Jump to main navigationJump to main content

Press release from CNW Group

CANYON INITIATES SEMI-ANNUAL DIVIDEND

Wednesday, November 17, 2010

CANYON INITIATES SEMI-ANNUAL DIVIDEND08:18 EST Wednesday, November 17, 2010CALGARY, Nov. 17 /CNW/ - Canyon Services Group Inc. ("Canyon" or the "Company") (TSX: FRC) is pleased to announce its intention to commence paying a semi-annual dividend to the holders of its common shares.  Canyon has declared its initial semi-annual dividend of $0.05 per common share to be paid on January 28th, 2011, to shareholders of record on January 14th, 2011.Brad Fedora, President & CEO commented "Canyon is currently well capitalized and has strong operating cash flow providing the Company the ability to pay a dividend while continuing to fund its current capital expansion program".All dividends paid by Canyon are, pursuant to subsection 89(4) of the Income Tax Act, designated as eligible dividends, unless indicated otherwise.  An eligible dividend paid to a Canadian resident is entitled to the enhanced dividend tax credit.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: Canyon's intention to pay a semi-annual dividend and the timing and amount of its initial dividend; Canyon's operating performance and financial position; and Canyon's capital expansion program.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 fund 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.  Canyon's dividend policy will be reviewed from time to time in the context of Canyon's earnings, financial condition, the need to retain earnings to fund future growth of the business of Canyon and other relevant factors and the declaration of a dividend shall always be at the discretion of the board of directors. Shareholders will be entitled to receive dividends only when any such dividends are declared by the board of directors, and there is no entitlement to any dividend prior thereto.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: Canyon Services Group Inc. Suite 1600, 510-5th Street S.W. Calgary, Alberta, T2P 3S2 Fax: 403-355-2211Brad Fedora, President & CEO or Barry O'Brien, Vice President, Finance & CFOPhone:  403-290-2491   Phone:  403-290-2478