CALGARY, July 18, 2014 /CNW/ - MATRRIX Energy Technologies Inc. (MATRRIX or the Corporation) (TSX-V: MXX) announced today that its Board of Directors has approved an increase in the Corporation's capital expenditure budget (the CAPEX Budget) for the 2014 calendar year. The Corporation's CAPEX Budget has been increased from approximately $1.4 million to $6.5 million due to increased committed and anticipated activity primarily in Canada in the latter part of 2014 and 2015. The increased CAPEX Budget includes the purchase of up to four additional EMWD systems, drilling motors and related supporting equipment intended to reduce third party rental charges.
MATRRIX is engaged in the acquisition and supply of horizontal and directional drilling technologies for the oil and gas industry in Canada and the US.
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.
This press release contains certain statements or disclosures relating to MATRRIX that are based on the expectations of MATRRIX as well as assumptions made by and information currently available to
MATRRIX which may constitute forward-looking information under applicable securities laws. In particular, this press release contains forward-looking information related to additional capital expenditures related to the purchase of new equipment and the Corporation's ability to continue to build and maintain customer relationships and increasing its customer base with operators active in areas with oil and/or liquids rich opportunities and strong capital expenditure programs; the Corporation's ability to identify and procure readily available resources to fund incremental growth in 2014 and beyond; and an anticipated improvement in overall activity in the industry. Such forward-looking information involves material assumptions and known and unknown risks and uncertainties, certain of which are beyond MATRRIX's control. Many factors could cause the performance or achievement by MATRRIX to be materially different from any future results, performance or achievements that may be expressed or implied by such forward looking information. There is a specific risk that management may determine not to proceed with the increase in capital expenditures as described in this press release or at all. If MATRRIX does not proceed with the increase in capital expenditures as described in this press release or at all then there could be a material adverse affect on the Company and the value of its securities. MATRRIX's documents filed with securities regulatory authorities (accessible through the SEDAR website www.sedar.com) describe the risks, material assumptions and other factors that could influence actual results and which are incorporated herein by reference. MATRRIX disclaims any intention or obligation to publicly update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as may be expressly required by applicable securities laws.
SOURCE: MATRRIX Energy Technologies Inc.
For further information: Richard Ryan, President & Chief Executive Officer, MATRRIX Energy Technologies Inc., Tel: (403) 984-5062; Imran Gulam, Vice President Finance & CFO, MATRRIX Energy Technologies Inc., Tel: (403) 984-5075