Canadian Oilfield Solutions Corp. Announces Cease Trade Order
CALGARY, ALBERTA -- (Marketwired) -- 04/26/13 -- Canadian Oilfield
Solutions Corp. (TSX VENTURE:OTS) (the "Company") announces that the
Alberta Securities Commission has issued a cease trade order which
prohibits the trading of all securities of the Company. The basis for
the cease trade order is that the Company announced on April 24, 2013
that: (a) the Company intends to restate and re-file its interim
financial reports and management's discussion and analysis as at and
for the interim periods ended March 31, 2012, June 30, 2012 and
September 30, 2012 (the "2012 Interim Filings"); and (b) the
presentation of gross revenue and costs of sales, individually, as
presented in the 2012 Interim Filings should not be relied upon. For
further details see the Company's press release dated April 24, 2013
and the cease trade order available at www.albertasecurities.com.
The cease trade order will remain in effect until revoked by the
Alberta Securities Commission. The Company anticipates that in order
to have the cease trade order revoked: (a) the Company must restate
and re-file the 2012 Interim Filings along with the required officer
certifications; (b) the Company must file any other continuous
disclosure documents that are required to be filed; and (c) the
Company must satisfy any other requirements of the Alberta Securities
The Company's board of directors, audit committee and management are
focused on working diligently with their advisors to more
specifically quantify and complete the restatements required in the
2012 Interim Filings. Upon completion of these efforts, the Company
will re-file its 2012 Interim Filings and, concurrently therewith or
thereafter, will file its 2012 Annual Filings. Following such
filings, the Company intends to apply to the Alberta Securities
Commission for revocation of the cease trade order.
Neither TSX Venture Exchange nor its Regulation Services Provider (as
that term is defined in the policies of the TSX Venture Exchange)
accepts responsibility for the adequacy or accuracy of this release.
Canadian Oilfield Solutions Corp.
President and Chief Executive Officer
(403) 543-0069 (FAX)
For investor relations please contact
Working Capital Corporation
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