CALGARY, Alberta, June 14, 2018 (GLOBE NEWSWIRE) -- CES Energy Solutions Corp. (“ CES ” or the “ Corporation ”) (TSX: CEU ) (OTC:CESDF) is pleased to announce its intent to implement a normal course issuer bid (“ NCIB ”) and the approval by the Board of Directors of the Corporation to double its monthly cash dividend to $0.005 per common share. The increased cash dividend of $0.005 per common share will be paid on July 13, 2018 to the shareholders of record at the close of business on June 29, 2018.
CES continues to see improvement in its financial position and the Corporation’s Board of Directors and management believe that the market price of CES’s common shares do not reflect their underlying value. As such, the Corporation intends to implement an NCIB to purchase up to 10% of the public float for the outstanding common shares for cancellation through the Toronto Stock Exchange and other alternative Canadian securities trading platforms. The combination of the implementation of a NCIB and the doubling of its dividend will allow CES to return capital to shareholders and continue to create shareholder value.
About CES Energy Solutions Corp.
CES is a leading provider of technically advanced consumable chemical solutions throughout the lifecycle of the oilfield. This includes solutions at the drill-bit, at the point of completion and stimulation, at the wellhead and pump-jack, and finally through to the pipeline and midstream market. CES’ business model is relatively asset light and requires limited re-investment capital to grow. As a result, CES has been able to capitalize on the growing market demand for drilling fluids and production and specialty chemicals in North America while generating free cash flow.
Additional information about CES is available at www.sedar.com or on the Corporation’s website at www.cesenergysolutions.com .
For further information, please contact:
Tom Simons President and Chief Executive Officer CES Energy Solutions Corp. 403-269-2800
Craig Nieboer, CA Chief Financial Officer CES Energy Solutions Corp. 403-269-2800
Or by email at: cesinfo@ceslp.ca
Forward Looking Information
This press release contains certain forward-looking statements and forward-looking information (“ forward-looking information ”) within the meaning of applicable Canadian securities laws. Forward-looking information is often, but not always, identified by the use of words such as “anticipate”, “believe”, “plan”, “intend”, “objective”, “continuous”, “ongoing”, “estimate”, “expect”, “may”, “will”, “project”, “should” or similar words suggesting future outcomes. In particular, this press release includes, without limitation, forward-looking information relating to the Corporation’s: expectations regarding the implementation of the NCIB to repurchase and cancel common shares; future estimates as to dividend levels; the potential means of funding dividends and the NCIB; the intention to make future dividend payments and the business strategy regarding cash dividend payments in the future. CES believes the expectations reflected in such forward-looking information are reasonable but no assurance can be given that these expectations will prove to be correct and such forward-looking information should not be unduly relied upon.
Forward-looking information is based on various assumptions. Those assumptions are based on information currently available to CES, and in particular certain forward looking information in this press release is based on the assumption that the conditions of the TSX can be satisfied and the TSX will grant final approval in respect of the NCIB.
Forward-looking information is not a guarantee of future performance and involves a number of risks and uncertainties some of which are described herein. Any forward-looking information is made as of the date hereof and, except as required by law, CES assumes no obligation to publicly update or revise such information to reflect new information, subsequent or otherwise.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
