Press release from Marketwire
Canadian Energy Services & Technology Corp. Announces Shareholder Approval for 3:1 Stock Split
Thursday, June 30, 2011
Canadian Energy Services & Technology Corp. Announces Shareholder Approval for 3:1 Stock Split12:41 EDT Thursday, June 30, 2011CALGARY, ALBERTA--(Marketwire - June 30, 2011) - Canadian Energy Services & Technology Corp. (TSX:CEU) ("CESTC" or the "Corporation") announced today that shareholders of the Corporation approved a stock split of the Corporation's issued and outstanding common shares (the "Common Shares") on a three-for-one basis at the Corporation's Annual General and Special Meeting of Shareholders held earlier today. This subdivision has also been approved by the board of directors of the Corporation and has been conditionally approved by the Toronto Stock Exchange, subject to the delivery of certain documents. The record date for the stock split is July 13, 2011.Each shareholder will receive three additional Common Shares for each Common Share held on the stock split record date. Pursuant to the rules of the Toronto Stock Exchange, the Corporation's Common Shares will commence trading on a subdivided basis at the opening of business on Monday, July 11, 2011, being the second trading day prior to the stock split record date. Share certificates representing the additional Common Shares resulting from the stock split will be mailed to the Corporation's registered shareholders on or around July 18, 2011.Management believes that the stock split will enhance liquidity for the Corporation's Common Shares, increase investor interest in the Corporation and its business, and bring the trading price into a more accessible range for retail investors.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.Forward Looking InformationThis 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 relating to the mailing date of share certificates and the anticipated benefits of the stock split. 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, and in particular certain forward looking information in this press release is based on the assumption that the conditions of the TSX can be satisfied and the TSX will grant final approval in respect of the stock split.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 CES' Annual Information Form for the year ended December 31, 2010 under the heading "Risk Factors". 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: Tom SimonsCanadian Energy Services & Technology Corp.President and Chief Executive Officer(403) 269-2800ORCraig F. Nieboer, CACanadian Energy Services & Technology Corp.Chief Financial Officer(403) email@example.com.CanadianEnergyServices.comTHE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.