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Poseidon Concepts Corp. Intends to Vigorously Defend Class

Poseidon Concepts Corp. Intends to Vigorously Defend Class Action
Lawsuit 
CALGARY, ALBERTA -- (Marketwire) -- 11/29/12 -- Poseidon Concepts
Corp. ("Poseidon" or the "Company") (TSX:PSN) announces that, on
November 27, 2012, a class action lawsuit was commenced against the
Company and certain of its officers and directors in the Ontario
Superior Court of Justice.   
The action, which is purportedly brought on behalf of certain current
and former shareholders of Poseidon, seeks damages and other relief
in relation to statements made by the Company in various public
filings. Poseidon and the other defendants intend to vigorously
defend the lawsuit.  
POSEIDON CONCEPTS CORP. IS A PUBLICLY TRADED CANADIAN ENERGY
EQUIPMENT AND SERVICES COMPANY THAT PROVIDES AN INNOVATIVE FLUID
HANDLING SYSTEM TO THE OIL AND NATURAL GAS INDUSTRY ACROSS NORTH
AMERICA. POSEIDON'S COMMON SHARES TRADE ON THE TSX UNDER THE SYMBOL
"PSN". FURTHER INFORMATION ON POSEIDON'S BUSINESS AND OPERATIONS CAN
BE FOUND ON POSEIDON'S WEBSITE (www.poseidonconcepts.com). 
Reader Advisory  
This news release contains certain forward-looking statements and
other information (collectively "forward-looking information") about
our current expectations, estimates and projections. Forward looking
information is often identified by words such as "anticipate",
"intend", "believe", "expect", "plan", "forecast", "target", "could",
"focus", "vision", "goal", "proposed", "scheduled", "milestone",
"outlook", "potential", "may", "looking forward to", or similar
expressions and includes, but is not necessarily limited to,
suggestions of future outcomes, including statements about the
Executive Chairman's role and mandate, Poseidon's operations,
business processes, strategic direction. Readers are cautioned not to
place undue reliance on forward-looking information as our actual
results may differ materially from those expressed or implied in the
forward-looking information. Developing forward-looking information
involves reliance on a number of assumptions and consideration of
certain risks and uncertainties, some of which are specific to
Poseidon and others that apply to the industry generally. The factors
or assumptions on which the forward-looking information is based
include without limitation: the outcome of the
 class action described
above, assumptions inherent in our current guidance, including:
foreign exchange and interest rates; our projected capital investment
levels; the flexibility of capital spending plans and the associated
source of funding; our ability to generate sufficient cash flow from
operations to meet our current and future obligations; our
expectations of the demand for tank systems and other product
offerings and the general activity of the oil and gas industry; the
ability of Poseidon to continue to pay a dividend; and other risks
and uncertainties described from time to time in the filings we make
with securities regulatory authorities.  
Actual results could differ materially from those currently
anticipated due to a number of factors, risks and uncertainties. Such
risks and uncertainties include, without limitation, risks associated
with the outcome of the class action described above, risks
associated with dependence on manufacturers of the Poseidon tank
systems; operating risk liability; demand for Poseidon's tank
systems; levels of competition in the fracturing fluid storage
industry; the ability of Poseidon to attract and retain clientele;
the impact of changes in marketing initiatives; the ability of
Poseidon to fund its ongoing capital requirements; delays resulting
from or inability to obtain required regulatory approvals; the impact
of general economic conditions in Canada, the United States and
globally; industry conditions; changes in laws and regulations
(including the adoption of new environmental laws and regulations)
and changes in how they are interpreted and enforced; increased
competition; the lack of availability of qualified personnel or
management; fluctuations in foreign exchange or interest rates; and
stock market volatility. Readers are cautioned that the foregoing
list of factors is not exhaustive. 
All subsequent forward-looking statements, whether written or oral,
attributed to Poseidon or persons acting on its behalf are expressly
qualified in their entirety by these cautionary statements.
Additional information on the foregoing risks and other factors that
could affect Poseidon's operations and financial results are on file
with Canadian securities regulatory authorities and may be accessed
through the SEDAR website (www.sedar.com). Furthermore, the
forward-looking statements contained in this news release are made as
at the date of this news release and Poseidon does not undertake any
obligation to update publicly or to revise any of the included
forward-looking statements, whether as a result of new information
future events or otherwise, except as may be required by applicable
securities laws.
Contacts:
Poseidon Concepts Corp.
Lyle D. Michaluk
Chief Executive Officer
403-206-4999 
Poseidon Concepts Corp.
Matt C. MacKenzie
Chief Financial Officer
403-206-4999
www.poseidonconcepts.com
 
 
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