|By Marketwired .||
|July 30, 2013 06:33 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 07/30/13 -- Wenzel Downhole Tools Ltd. (TSX:WZL) ("Wenzel" or the "Company") is pleased to announce that the previously announced plan of arrangement (the "Arrangement") under the Business Corporations Act (Alberta) involving Wenzel, Basin Tools, L.P. ("Basin"), 1748017 Alberta Ltd. (the "Purchaser"), the holders of common shares, options to acquire common shares and the holder of series 1 preferred shares of Wenzel has been approved at the special meeting of the securityholders and by the Court of Queen's Bench of Alberta on July 30, 2013.
The Arrangement is expected to close when all of the conditions contained in the arrangement agreement dated May 13, 2013 among Wenzel, Basin and the Purchaser have been satisfied or waived by the party or parties for whose benefits the conditions exist. Wenzel believes that closing of the Arrangement will occur on or before August 2, 2013.
About Wenzel Downhole Tools Ltd.
The Company is a designer, manufacturer, seller and renter of drilling tools used in oil and gas exploration that operates in Canada, the United States and internationally; its shares trade on the Toronto Stock Exchange under the symbol "WZL".
The Company's Canadian sales, manufacturing and servicing facilities are located in Edmonton, Alberta and its US sales and servicing facilities are located in Conroe, Texas; Odessa, Texas; Morgantown, West Virginia; Casper, Wyoming and Oklahoma City, Oklahoma. It also has a sales and service facility in Celle, Germany. The main corporate office is located in Calgary, Alberta.
Certain statements contained in this press release constitute "forward-looking statements". These statements are based on current beliefs and assumptions of management, however are subject to known and unknown risks, uncertainties and other factors that may cause actual results to differ materially from the forward-looking statements in this press release.
Forward-looking statements in this press release may include, without limitation, satisfaction of the conditions to the completion of the Arrangement, closing of the Arrangement and the timing thereof. In addition to other expectations and assumptions which may be identified in this press release, assumptions have been made regarding and are implicit in, among other things, the timely receipt of any required regulatory approvals. Readers are cautioned that the foregoing list is not exhaustive of all expectations and assumptions which have been used. Although the Company believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because the Company can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors and risks. For additional information with respect to certain of these beliefs, assumptions, risks and uncertainties, please refer to the Company's Annual Information Form for fiscal 2012 available on SEDAR at http://www.sedar.com. Forward-looking statements are based on estimates and opinions of management of the Company at the time the statements are presented. The Company may, as considered necessary in the circumstances, update or revise such forward-looking statements, whether as a result of new information, future events or otherwise, but the Company undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.
THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY AND ACCURACY OF THIS NEWS RELEASE.
Wenzel Downhole Tools Ltd.
Chief Executive Officer
(403) 265-8154 (FAX)