MONCTON, NB, Sept. 6, 2012 /CNW/ - Landdrill International Inc. (TSXV:
LDI) (the "Company" or "Landdrill"), announces that it will further delay filing its Q2 financial
statements. The Company also announces that the TSX Venture Exchange
("TSXV") has reclassified the Company to Tier 2 effective Thursday, September
On August 29, 2012, the Company announced that the filing of its interim
financial statements for the period ended June 30, 2012, management
discussion and analysis and related CEO and CFO certifications
(collectively, the "Financial Statements") would not be completed by the filing deadline set by Canadian
securities laws. In this announcement, the Company stated that it
expected to file the Financial Statements on or about September 6,
On August 31, 2012, Landdrill announced it obtained an Initial Order
from the Court of Queen's Bench of New Brunswick under the Companies' Creditors Arrangement Act (Canada).
As a result of the Initial Order, the Company announces that the filing
of the Financial Statements will be further delayed for an indefinite
period. The purpose of the delay is to permit the Company and its
external advisors sufficient time to continue with the strategic review
process disclosed August 29, 2012.
Until the Financial Statements are filed, the Company intends to
continue to satisfy the provisions of the Alternative Information
Guidelines specified by NP 12-203 by issuing bi-weekly Default Status
Reports in the form of news releases. The Company intends to file, if
required, its next Default Status Report on or about September 14,
The Company further announces as a result of the Initial Order, the
Company no longer meets the Tier 1 Continued Listing Requirements of
the TSXV and the TSXV has issued a bulletin reclassifying the Company
to Tier 2 effective Thursday, September 6, 2012.
Further, as previously disclosed, the Company currently has one director
but requires three directors to comply with its statutory obligations
and TSXV listing requirements. Consequentially, the TSXV has halted
trading in the Company's shares effective September 6, 2012. IIROC had
previously halted trading in Landdrill's shares effective September 4,
2012. The trading halts are for an indefinite term.
The objective of the Initial Order is to grant Landdrill time to conduct
a going concern sales process. This process is currently underway.
The Comeback Hearing is scheduled for September 17, 2012.
Landdrill operations continue during this process.
This press release may contain forward-looking statements (within the
meaning of applicable securities laws) relating to business of
Landdrill International Inc. (the "Company") and the environment in
which it operates. Forward-looking statements are identified by words
such as "believe", "anticipate", "expect", "intend", "plan", "will",
"may" and other similar expressions. These statements are based on the
Company's expectations, estimates, forecasts and projections. Although
the Company believes the expectations expressed in such forward-looking
statements are based on reasonable assumptions, including, without
limitation that all terms of the contracts will be fulfilled in their
entirety, such statements are not guarantees of future performance and
actual results may differ materially from those in forward looking
statements. Factors that could cause the actual results to differ
materially from those in forward-looking statements include commodity
prices, availability of personnel, materials and equipment, actual
performance of equipment and processes relative to specifications and
expectations, unanticipated environmental impacts and continued
availability of capital and financing and general economic, market or
business conditions. These risks and uncertainties are discussed in the
Company's regulatory filings available at www.sedar.com.
There can be no assurance that forward-looking statements will prove to
be accurate as actual outcomes and results may differ materially from
those expressed in these forward-looking statements. Readers,
therefore, should not place undue reliance on any such forward-looking
statements. Further, a forward-looking statement speaks only as of the
date on which such statement is made. The Company undertakes no
obligation to publicly update any such statement or to reflect new
information or the occurrence of future events or circumstances, except
as required by law.
Neither the TSX Venture Exchange nor its Regulation Services Provider
(as that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
SOURCE: LANDDRILL INTERNATIONAL INC.
For further information:
Ronald J. Goguen
President and Chief Executive Officer
Landdrill International Inc.
Phone: (506) 388-8961