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LEDUC, AB, June 11, 2019 /CNW/ - Hyduke Energy Services Inc. ("Hyduke" or the "Company") (HYD – TSX) wishes to report on the following matters:
B.W. Rig Supply Inc. Bankruptcy Proceedings
B.W. Rig Supply Inc. ("B.W. Rig"), a wholly-owned subsidiary of Hyduke, has decided not to proceed with filing a restructuring proposal in regards to the Notice of Intention to Make a Proposal pursuant to the provisions of Part III of the Bankruptcy and Insolvency Act (Canada) and as at the end of business on June 7, 2019, B.W. Rig was in default of the deadline to file the proposal with the Court of Queen's Bench of Alberta and therefore B.W. Rig has been put into bankruptcy. An insolvency trustee has yet to be appointed.
Trading on the TSX under the symbol "HYD", Hyduke Energy Services Inc. is a fabrication and installation business serving the agrifood, Municipal, construction and energy markets - both conventional and renewable.
Forward looking information
This news release contains forward-looking information relating to one of the Company's wholly-owned subsidiaries going bankrupt pursuant to the Bankruptcy and Insolvency Act (Canada). The use of any of the words "if", "will", "continue" and similar expressions are intended to identify forward-looking statements. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this document.
The forward-looking statements included in this document are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of factors and risks, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements.
The forward-looking statements contained in this press release speak only as of the date of this press release. 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).
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 CEO, Tel (780) 955-0355 or Nick Cristiano, CFO, Tel (780) 955-0355