Production Enhancement Group addresses marketplace rumours in relation to ongoing discussions to maximize shareholder value

    HOUSTON, TX, March 14 /CNW/ - Production Enhancement Group, Inc. (TSX:
WIS) ("PEG" or the "Company") today announced that, in response to ongoing
rumours, the Company confirms that it is currently involved in ongoing
discussions with third parties in an effort to maximize shareholder value. The
board of directors of the Company has formed a special committee to review
alternatives and to make a recommendation to the board of directors as a
whole. At present there are no formal offers before the Company and further
updates and information will be released over the coming weeks.

    About Production Enhancement Group, Inc.

    Production Enhancement Group, Inc., a Houston-based energy services
company incorporated in Alberta, Canada, trades on the TSX under the symbol
WIS. PEG's wholly owned subsidiary, WISE(R) Well Intervention Services, Inc.,
has developed patented WISE multifunction coiled tubing technologies and
markets a full range of coiled tubing, pressure pumping, nitrogen, and
wireline services.

    WISE(R) is a registered trademark of Production Enhancement Group, Inc.


    The TSX does not accept responsibility for the adequacy or accuracy of
    this release.

    This release and PEG's website referenced in this release may contain
forward-looking information, including expectations of future components of
revenue, cash flow and earnings. By their very nature, the preparation of such
forward-looking information requires the Company to make assumptions, and
involves inherent risks and uncertainties, both general and specific. There is
significant risk that express or implied projections contained in such
forward-looking information will not materialize or will not be accurate. A
number of factors could cause actual future results, conditions, actions or
event to differ materially from the targets, expectations, estimates or
intentions expressed in the forward-looking information. Such differences may
be caused by factors, many of which are beyond PEG's control, which include,
but are not limited to, the level of operations carried on by PEG's customers,
oil and gas prices, weather conditions in offshore and land markets including
natural disasters, availability of capital, access to current or future
financing arrangements, manufacturing cycles of new equipment, the effects of
competition in the markets in which PEG operates, difficulty in continuing to
develop, produce and commercialize technologically advanced services,
availability of human resources and PEG's success in anticipating and managing
the foregoing risks. The preceding list is not comprehensive, and as such,
investors and others who rely on these statements should consider the above
factors as well as the uncertainties they represent and the risk they entail.
The risks outlined above should not be construed as exhaustive. Investors are
cautioned not to place undue reliance on any forward-looking information. PEG
undertakes no obligation to update or revise any forward-looking information.

    %SEDAR: 00023366E

For further information:

For further information: visit or contact:
Douglas Parker, Chief Financial Officer, Production Enhancement Group, Inc.,
(281) 282-1851,

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