CES Energy Solutions Corp. Announces Corporate Name Change, Voting Results of the Election of Directors, Declaration of Cash Dividend and Nasdaq International Designation
Jun 15, 2017
OTC Disclosure News Service
CALGARY, ALBERTA–(Marketwired – June 15, 2017) – CES Energy Solutions Corp. (“CES” or the “Corporation“) (TSX:CEU)(OTCQX:CESDF) (OTC – Nasdaq Intl: CESDF) is pleased to announce that it has changed its corporate name from “Canadian Energy Services Technology Corp.” to “CES Energy Solutions Corp.” effective today. CES has significantly transformed its business since its initial public offering in March 2006, and has broadened its operational footprint across North America. The new company name avoids geographic reference, while incorporation of the CES acronym helps to maintain brand recognition.
At the annual general and special meeting of shareholders held on June 15, 2017 (the “Meeting“), shareholders representing approximately 100.0% of votes cast approved the name change.
Subject to the final submission and processing of documents with the Toronto Stock Exchange (“TSX“), it is expected that the common shares of the Corporation will commence trading on the TSX and be quoted on the OTC under the Corporation’s new name at the opening of business on or about June 20, 2017. The Corporation’s common shares will continue to trade on the TSX and be quoted on the OTC under the trading symbols CEU and CESDF, respectively.
Voting Results of Election of Directors
Based on the proxies received and on a ballot conducted at the Meeting, the following individuals, being the eight nominees listed in the management information circular of the Corporation dated May 11, 2017 (the “Circular“), were elected as directors of the Corporation until the next annual shareholders’ meeting:
Name of Nominee
% of votes
% of votes cast
Burton J. Ahrens
Colin D. Boyer
Rodney L. Carpenter
John M. Hooks
Kyle D. Kitagawa
Philip J. Scherman
Thomas J. Simons
D. Michael G. Stewart
All other resolutions provided for in the Circular were duly passed and a report on the voting results has been filed today with the Canadian securities regulatory authorities at www.sedar.com.
In addition, CES announces today that it will pay a cash dividend of $0.0025 per common share on July 14, 2017 to shareholders of record at the close of business on June 30, 2017.
Nasdaq International Designation
CES is also pleased to announce that the Corporation has been admitted to Nasdaq’s International Designation program, a new visibility offering available to international companies. CES’ common shares have been quoted on the over-the-counter market (“OTC”) since 2012 under the OTCQX program. As the Corporation’s US operations continue to grow, so has the increase in interest from the US investment community. The Nasdaq International Designation will provide CES with access to Nasdaq’s investor marketing programs and investor relations services to increase the visibility of CES in the US capital markets. Nasdaq will distribute CES’ news through Nasdaq’s press release distribution service, reaching both investor and financial news and online services.
The Nasdaq International Designation is not a US regulated public exchange, and there are no additional regulatory or compliance requirements to what is currently in place for the Corporation’s OTC quotation. The companies who participate in this program are not subject to the same listing or qualification standards applicable to securities listed on a US public exchange market that is regulated by the US Securities and Exchange Commission. However, Nasdaq International Designation companies are distinguished from other OTC traded companies by having met Nasdaq’s high program requirements.
About CES Energy Solutions Corp.
CES is a leading provider of technically advanced consumable chemical solutions throughout the lifecycle of the oilfield. This includes solutions at the drill-bit, at the point of completion and stimulation, at the wellhead and pump-jack, and finally through to the pipeline and midstream market. CES’s business model is relatively asset light and requires limited re-investment capital to grow. As a result, CES has been able to capitalize on the growing market demand for drilling fluids and production and specialty chemicals in North America while generating free cash flow. Additional information about CES is available at www.sedar.com or on the Corporation’s new website at www.cesenergysolutions.com.
Forward Looking Information
This press release contains certain forward-looking statements and forward-looking information (“forward-looking information“) within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”, “may”, “will”, “project”, “should” or similar words suggesting future outcomes. In particular, this press release includes, without limitation, forward-looking information relating to: expectations regarding expansion of services in Canada and the U.S.; expectations regarding CES’ growth opportunities in Canada and the U.S.; expectations regarding the performance or expansion of CES’ operations; the date the Corporation’s common shares will begin trading on the TSX and quoted on the OTC under the new name; future estimates as to dividend levels; the potential means of funding dividends; the intention to make future dividend payments; and the business strategy regarding cash dividend payments in the future. CES believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.
Forward-looking information is based on various assumptions. Those assumptions are based on information currently available to CES, and in particular certain forward looking information in this press release is based on the assumption that the conditions of the TSX can be satisfied and the TSX will grant final approval in respect of the name change.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Any forward-looking information is made as of the date hereof and, except as required by law, CES assumes no obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
CES Energy Solutions Corp.
President and Chief Executive Officer
CES Energy Solutions Corp.
Craig Nieboer, CA
Chief Financial Officer
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