/NOT FOR DISTRIBUTION TO UNITED STATES NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES/
NISKU, AB, April 5, 2019 /CNW/ - Hyduke Energy Services Inc. ("Hyduke" or the "Company") announces that pursuant to Part VII, Section 720 of the Toronto Stock Exchange (the "TSX") Company Manual (the "Manual"), it has submitted an application to the TSX for voluntary delisting (the "Voluntary Delisting Application") of the Company's common shares ("Common Shares") from the TSX in conjunction with having submitted an application to list Hyduke's Common Shares (the "Listing Application") on the TSX Venture Exchange (the "TSX-V"). The Voluntary Delisting Application is subject to TSX approval and the Listing Application is subject to TSX-V approval.
On December 6, 2018, the Corporation received a letter from the TSX that the TSX had commenced a review of the Corporation's eligibility for continued listing on the TSX of its securities, pursuant to Part VII of the Manual. In response to the aforementioned letter from the TSX, the board of directors of the Corporation has: (i) reviewed the TSX eligibility for listing requirements as outlined in the Manual in relation to the Corporation's recent share price and trading activity on the TSX as well as its current operational and financial activities; (ii) considered the Corporation's alternatives; and (iii) authorized management to prepare a Listing Application to the TSX-V, which the Company submitted on March 18, 2019.
The Voluntary Delisting Application is being made in conjunction with and is subject to Hyduke receiving approval from the TSX-V of its Listing Application, confirming that the Company meets the TSX-V eligibility for listing criteria. There is no guarantee the TSX-V will approve Hyduke's Listing Application. If Hyduke's Listing Application is approved by the TSX-V, it is Hyduke's intention to take all reasonable and prudent steps, as required and with assistance from and cooperation with the TSX and TSX-V, to list the Corporation's Common Shares on the TSX-V without interruption or delay. As a result, the Company is unable to provide delisting/listing dates at this time, but will provide updates once further information is available.
Security holder approvals of the Voluntary Delisting Application and the Listing Application are not required.
Trading on the TSX under the symbol "HYD", Hyduke Energy Services Inc. is a supplier of equipment and services to the oil and gas drilling and well servicing industry.
Forward looking information
This news release contains forward-looking statements and forward-looking information within the meaning of applicable securities laws. The use of any of the words "expect", "anticipate", "continue", "estimate", "may", "will", "project", "should", "believe", "plans", "intends" and similar expressions are intended to identify forward-looking information or statements. More particularly and without limitation, this news release contains forward-looking statements and information relating to the expected voluntary delisting of Hyduke's Common Shares from the TSX and the listing of its Common Shares on the TSX-V. These forward-looking statements and information are based on certain key expectations and assumptions made by the Company. Assumptions have been made with respect to anticipated approvals from the TSX and TSX-V on the Voluntary Delisting Application and Listing Application. Although the Company believes that the expectations and assumptions on which such forward-looking statements and information are based are reasonable, undue reliance should not be placed on the forward-looking statements and information as the Company cannot give any assurance that they will prove to be correct. Since forward-looking statements and information address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. These include, but are not limited to, the failure of the Company to meet the TSX-V listing requirements. Readers are cautioned that the foregoing list of risks and uncertainties is not exhaustive. Other risk factors that could affect the Company's operations or financial results are included in the Company's annual information form and may be accessed through the SEDAR website (www.sedar.com). The forward-looking statements and information contained in this news release are made as of the date hereof and the Company does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.
You should not place undue importance on forward-looking information and should not rely upon this information as of any other date. While the Company may elect to, the Company is under no obligation and does not undertake to update this information at any particular time, except as required by law.
The TSX has neither reviewed nor approved this release.
SOURCE Hyduke Energy Services Inc.
For further information: Pat Ross, President and Chief Executive Officer, Tel 403 528 1095 or Nick Cristiano, Chief Financial Officer, Tel 780 955 0355