CALGARY, Alberta, Dec. 05, 2017 (GLOBE NEWSWIRE) -- Essential Energy Services Ltd. (TSX: ESN ) (“Essential” or the “Company”) updates disclosure provided in its Management’s Discussion & Analysis (“MD&A”) filed on November 8, 2017.
On November 3, 2017, the Federal Court of Canada (the “Court”) rendered a decision in Essential’s favor with regard to a patent infringement proceeding commenced by Packers Plus Energy Services Inc. (“Packers Plus”), ruling that the Packers Plus patent was not valid and that Essential did not infringe the patent. The MD&A stated that Packers Plus has up to 30 days from the date of the Court’s decision to appeal the Court’s rulings on validity and infringement. In order to have any claim of damages against Essential, Packers Plus would have to appeal each of the validity and infringement decisions and win both appeals.
On November 29, 2017, Packers Plus wrote to the Court and asked whether the Court agreed with Packers Plus’ position that the 30-day timeline to file an appeal does not start until the date the Judge finalizes and releases the judgment (the “Request”). In other words, Packers Plus is taking the position that the date of the Court’s decision for the purpose of the deadline to appeal should be treated as the date that the Court’s decision is publicly released. The Court has not yet responded to the Request and the Judge has not released the final judgment. As such, the timeframe available for Packers Plus to appeal the Court’s decision, if they choose to do so, has not been conclusively determined. Essential will communicate when it has further clarity in respect of such appeal timeframe.
FORWARD LOOKING STATEMENTS AND INFORMATION
This news release contains certain “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or are events or conditions that “will”, “would”, “may”, “could” or “should” occur or be achieved. This news release contains forward-looking statements, pertaining to, among other things, the following: whether Packers Plus will appeal the Court’s decision; the Request and the Company’s communication in respect thereof; and clarity in respect of the decision’s appeal timeframe.
Although Essential believes that the material factors, expectations and assumptions informing such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results and such statements are not guarantees of future performance. Essential’s actual results may differ materially from those expressed or implied in forward-looking statements and readers should not place undue importance or reliance on the forward-looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: the possible outcomes of the Court’s determination of the Request; the potential impact on the Company’s business of an adverse decision on appeal of the decision; and laws applicable to the decision, the Request and to Essential generally; and certain other risks detailed from time to time in Essential's public disclosure documents including, without limitation, those risks identified in this news release, and in Essential's annual information form, copies of which are available on Essential's SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive.
Statements including forward-looking statements are made as of the date they are given and, except as required by applicable securities laws, Essential disclaims any intention or obligation to publically update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
ABOUT ESSENTIAL
Essential provides oilfield services to oil and natural gas producers, primarily in western Canada. Essential offers completion, production and abandonment services to a diverse customer base. Services are offered with coil tubing, fluid and nitrogen pumping and the sale and rental of downhole tools and equipment. Essential offers the largest coil tubing fleet in Canada. Further information can be found at www.essentialenergy.ca .
The TSX has neither approved nor disapproved the contents of this news release.
FOR FURTHER INFORMATION, PLEASE CONTACT: Garnet K. Amundson President and CEO Phone: (403) 513-7272 Karen Perasalo Investor Relations Phone: (403) 513-7272
