MONCTON, NB, Sept. 17, 2012 /CNW/ - Landdrill International Inc. (TSXV:
LDI) (the "Company" or "Landdrill"),provides its bi-weekly Default Status Report under Policy Statement
12-203 respecting Cease Trade Orders for Continuous Disclosure Defaults
("NP 12-203"). As announced previously, the filing of its interim financial
statements for the period ending June 30, 2012 (the "Financial Statements") has been delayed for an indefinite period. The purpose of the delay
is to ensure that Management and external advisors are able to continue
with the strategic review process.
Further, as previously announced, each of IIROC and the TSXV have
indefinitely halted trading in the Company's shares. Such trading
halts remain in effect and are anticipated to remain in effect for the
immediate future while the Company is engaged in the process under the Companies' Creditors Arrangement Act (Canada).
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 October 1, 2012.
Landdrill also announces the appointment of Jacques Monette and William
MacDonald to its Board of Directors effective today.
As previously announced, the Comeback Hearing for Landdrill was
scheduled for today. At the hearing this morning, the Comeback Hearing
was adjourned until September 27, 2012 with the consent of the
Company's senior secured creditors. The purpose of the delay is to
permit Clarus Securities sufficient time to engage in the strategic
sales process prior to the Comeback Hearing.
Other than noted above, there have not been any material changes to the
information contained in the press releases or any failure by Landdrill
to fulfill its stated intentions and there are no subsequent additional
defaults or anticipated defaults. Further, there have been no
additional material changes respecting Landdrill and its affairs.
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