Poseidon Concepts Corp. Provides Personnel Update

Poseidon Concepts Corp. Provides Personnel Update 
CALGARY, ALBERTA -- (Marketwire) -- 02/26/13 -- Poseidon Concepts
Corp. ("Poseidon" or the "Company") (TSX:PSN) announces that Mr. Lyle
Michaluk, Poseidon's Interim Chief Financial Officer since December
27, 2012, has left the Company. Mr. Matt MacKenzie, the former Chief
Financial Officer prior to December 27, 2012 has also left the
Company. These changes are consistent with the Special Committee's
previously announced mandate, which includes making recommendations
to the Board of Directors of Poseidon regarding managerial changes.
In the interim, Mr. Leigh Cassidy, CA, CFA, has joined the Company on
an advisory basis to assist with the financial aspects of the
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
results of the Special Committee's ongoing review and management of
the Company. 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 restatement of the Company's
financial statements and the contents thereof, the results of the
Special Committee's ongoing review, the ability of the Company to
fill the vacant management positions, 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
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.
Poseidon Concepts Corp.
Investor Relations
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