Poseidon Concepts Corp. Provides Update

Poseidon Concepts Corp. Provides Update 
CALGARY, ALBERTA -- (Marketwire) -- 02/20/13 -- Poseidon Concepts
Corp.  ("Poseidon" or the "Company") (TSX:PSN) provides the following
update with respect to its business and operations. 
As previously announced on February 14, 2013 the Company has
determined that the first, second and third quarter 2012 financial
statements (the "Financial Statements") must be restated. 
As a result the Company is currently in default under its loan
agreement dated June 29, 2012. The Company is in discussions with its
syndicate of lenders regarding short and long term support which is
subject to negotiation, credit approval and revised loan terms, which
are yet to be determined. 
In addition, as a result of the requirement to restate the Financial
Statements, the Alberta Securities Commission (the "Commission") has
issued a cease trade order against the Company. The cease trade order
prohibits all trading or purchasing in Company securities until the
cease trade order has been revoked or varied by the Commission. 
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
restatement of the Company's financial statements and the timing and
completion thereof, the negotiations, credit approval and revised
loan terms with the Company's lenders. 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
i
nclude without limitation: the restatement of the Company's
financial statements and the contents thereof, the results of the
Special Committee's investigation, the outcome of the negotiations
with the Company's lenders, the outcome of litigation involving the
Company, 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; and 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; 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
Special Committee's review, the contents of the Company's restated
financial statements, litigation involving the Company, 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; 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.
Investor Relations
1-800-842-4922