MONCTON, NB, Oct. 18, 2012 /CNW/ - Landdrill International Inc. (TSXV: LDI) (the "Company" or "Landdrill"), announces that the TSX Venture Exchange ("TSXV") has suspended trading in the Company's securities effective October 12, 2012.
As previously announced, the filing of the Company's 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 and has been 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.
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) ("CCAA").
As a result of the Company's failure to file continuous disclosure documents within the time period set forth under securities laws, the New Brunswick Securities Commission ("NBSC") has issued a cease trade order (the "CTO") against Landdrill effective October 12, 2012. Concurrently with the issuance thereof, the NBSC revoked the previously existing management cease trade order.
As a result of the CTO, the TSXV has suspended trading in the securities of the Company. Previously, the TSXV had halted trading in Landdrill's securities. Reinstatement of trading in the Company's securities on the TSXV would only occur upon revocation of the CTO and compliance by Landdrill with all other TSXV listing requirements.
Landdrill operations continue during the CCAA proceedings.
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