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 6, 2012.
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, 2012.
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, 2012.
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