|By Marketwired .||
|January 24, 2014 10:03 PM EST||
CALGARY, ALBERTA -- (Marketwired) -- 01/24/14 -- Tuscany International Drilling Inc. ("Tuscany" or the "Company") (TSX: TID)(COLOMBIA: TIDC) announces that it has entered into a forbearance agreement (the "Forbearance Agreement") with its senior secured lenders ("Senior Lenders") under the third amended and restated credit agreement (as amended, the "Credit Agreement") dated December 23, 2013.
Pursuant to the Forbearance Agreement, the Senior Lenders have agreed to forbear from exercising their rights or remedies in connection with certain existing events of default under the Credit Agreement, including realizing on their security granted in connection with the Credit Agreement, until the earlier of February 3, 2014, or the occurrence of an additional event of default within the meaning of the Forbearance Agreement (the "Forbearance Period").
Any breach of any covenant or representation or warranty in the Forbearance Agreement, or the occurrence of a further event of default under the Credit Agreement, will terminate the Forbearance Period.
Tuscany has been engaged in discussions with its Senior Lenders regarding a restructuring of the loans outstanding under the Credit Agreement. Tuscany believes that a significant majority of its Senior Lenders support this restructuring, which would include a Chapter 11 or 15 filing in a U.S. court under the U.S. Bankruptcy Code and relief under the Companies' Creditors Arrangement Act ("CCAA") accompanied by the extension of new funds from certain of the Senior Lenders pursuant to a new debtor-in-possession credit facility (the "DIP Facility").
Assuming the Company enters into such DIP Facility, the Company expects that its operations in Brazil, Colombia and Ecuador will not be affected and will continue to carry on business in the normal and ordinary course.
Continued listing of the common shares of Tuscany (the "Common Shares") on the Toronto Stock Exchange ("TSX") is subject to compliance with the applicable requirements of the TSX Company Manual. Under section 708 of the TSX Company Manual, if Tuscany files for relief under the CCAA and Chapter 11 or 15 of the U.S. Bankruptcy Code or any other creditor arrangement, bankruptcy or similar proceedings are instituted, the TSX may, in its discretion, immediately halt trading on the TSX of, and thereafter delist, the Common Shares.
Tuscany, a corporation headquartered in Calgary, Alberta, is engaged in the business of providing contract drilling and work-over services along with equipment rentals to the oil and gas industry. Tuscany is currently focused on providing services to oil and natural gas operators in South America. Tuscany has operating centers in Colombia, Brazil, and Ecuador.
Statements in this news release contain forward-looking information within the meaning of applicable securities laws, including, without limitation, statements with respect to the restructuring of the assets and liabilities of the Company, future financial condition and results of operations, access to capital and expectations with respect to liquidity, capital resources and ability to continue as a going concern, plans to restructure or refinance indebtedness under the Credit Facility or otherwise complete a restructuring, and the future listing and trading of the Common Shares on the TSX. Readers are cautioned that assumptions used in the preparation of such information may prove to be incorrect. Events or circumstances may cause actual results to differ materially from those predicted, a result of numerous known and unknown risks, uncertainties, and other factors, many of which are beyond the control of Tuscany. These risks include, but are not limited to: Tuscany's level of indebtedness; Tuscany's ability to make the January 24, 2014 principal and interest payment under the Credit Agreement; Tuscany's ability to pursue a strategic restructuring, refinancing or other transaction which may be necessary for Tuscany to continue as a going concern, and which ability may be limited in light of Tuscany's current liquidity situation; any determination by Tuscany to make a filing for relief under the CCAA and Chapter 11 or Chapter 15 of the U.S. Bankruptcy Code or the filing of an involuntary petition for bankruptcy against Tuscany, and the impact of any such
filing on Tuscany's business and operations; Tuscany's ability to generate sufficient cash flow from operations or obtain adequate financing to fund Tuscany's capital expenditures and meet working capital needs and Tuscany's ability to continue as a going concern; Tuscany's ability to comply with the terms and conditions of the Credit Agreement and Forbearance Agreement, and in the event that we are unable to comply with such terms and conditions, Tuscany's ability to pay any accelerated indebtedness; a significant reduction in the borrowing base under the Credit Agreement; the volatility of Tuscany's stock price, the ability of Tuscany's common stock to remain listed and traded on the TSX, counterparty completion risks, regulatory approval risk, the risks associated with the oil and gas industry, commodity prices and exchange rate changes, regulatory changes, successful exploitation and integration of technology, customer acceptance of technology, changes in drilling activity and general global economic, political and business conditions. Industry related risks could include, but are not limited to; operational risks, delays or changes in plans, health and safety risks and the uncertainty of estimates and projections of costs and expenses and access to capital. The risks outlined above should not be construed as exhaustive. The reader is cautioned not to place undue reliance on this forward-looking information. Tuscany does not undertake any obligation to update or revise any forward-looking statements except as expressly required by applicable securities laws.
The listing of Tuscany's common shares on the Colombian Stock Exchange does not imply a certification by the BVC of the value or the solvency of Tuscany.
The Toronto Stock Exchange has not reviewed, nor does it accept responsibility for the adequacy or accuracy of this release.
Tuscany International Drilling Inc.
President and CEO
Tuscany International Drilling Inc.
(403) 265-8793 (FAX)
Tuscany International Drilling Inc.
1950, 140 - 4th Avenue S.W.,
The Internet of Things promises to transform businesses (and lives), but navigating the business and technical path to success can be difficult to understand. In his session at @ThingsExpo, Sean Lorenz, Technical Product Manager for Xively at LogMeIn, demonstrated how to approach creating broadly successful connected customer solutions using real world business transformation studies including New England BioLabs and more.
Dec. 28, 2014 04:00 PM EST Reads: 2,144
The security devil is always in the details of the attack: the ones you've endured, the ones you prepare yourself to fend off, and the ones that, you fear, will catch you completely unaware and defenseless. The Internet of Things (IoT) is nothing if not an endless proliferation of details. It's the vision of a world in which continuous Internet connectivity and addressability is embedded into a growing range of human artifacts, into the natural world, and even into our smartphones, appliances, a...
Dec. 28, 2014 03:30 PM EST Reads: 2,591
The Internet of Things will put IT to its ultimate test by creating infinite new opportunities to digitize products and services, generate and analyze new data to improve customer satisfaction, and discover new ways to gain a competitive advantage across nearly every industry. In order to help corporate business units to capitalize on the rapidly evolving IoT opportunities, IT must stand up to a new set of challenges. In his session at @ThingsExpo, Jeff Kaplan, Managing Director of THINKstrateg...
Dec. 28, 2014 03:00 PM EST Reads: 1,840
Fundamentally, SDN is still mostly about network plumbing. While plumbing may be useful to tinker with, what you can do with your plumbing is far more intriguing. A rigid interpretation of SDN confines it to Layers 2 and 3, and that's reasonable. But SDN opens opportunities for novel constructions in Layers 4 to 7 that solve real operational problems in data centers. "Data center," in fact, might become anachronistic - data is everywhere, constantly on the move, seemingly always overflowing. Net...
Dec. 28, 2014 03:00 PM EST Reads: 2,169
DevOps Summit 2015 New York, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that it is now accepting Keynote Proposals. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to wait for long development cycles that produce software that is obsolete...
Dec. 28, 2014 02:00 PM EST Reads: 1,842
WebRTC defines no default signaling protocol, causing fragmentation between WebRTC silos. SIP and XMPP provide possibilities, but come with considerable complexity and are not designed for use in a web environment. In his session at @ThingsExpo, Matthew Hodgson, technical co-founder of the Matrix.org, discussed how Matrix is a new non-profit Open Source Project that defines both a new HTTP-based standard for VoIP & IM signaling and provides reference implementations.
Dec. 28, 2014 12:30 PM EST Reads: 1,996
The 3rd International Internet of @ThingsExpo, co-located with the 16th International Cloud Expo - to be held June 9-11, 2015, at the Javits Center in New York City, NY - announces that its Call for Papers is now open. The Internet of Things (IoT) is the biggest idea since the creation of the Worldwide Web more than 20 years ago.
Dec. 28, 2014 12:00 PM EST Reads: 7,202
"There is a natural synchronization between the business models, the IoT is there to support ,” explained Brendan O'Brien, Co-founder and Chief Architect of Aria Systems, in this SYS-CON.tv interview at the 15th International Cloud Expo®, held Nov 4–6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 28, 2014 12:00 PM EST Reads: 2,936
SYS-CON Events announced today Isomorphic Software, the global leader in high-end, web-based business applications, will exhibit at SYS-CON's DevOps Summit 2015 New York, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Isomorphic Software is the global leader in high-end, web-based business applications. We develop, market, and support the SmartClient & Smart GWT HTML5/Ajax platform, combining the productivity and performance of traditional desktop software ...
Dec. 28, 2014 12:00 PM EST Reads: 1,884
The definition of IoT is not new, in fact it’s been around for over a decade. What has changed is the public's awareness that the technology we use on a daily basis has caught up on the vision of an always on, always connected world. If you look into the details of what comprises the IoT, you’ll see that it includes everything from cloud computing, Big Data analytics, “Things,” Web communication, applications, network, storage, etc. It is essentially including everything connected online from ha...
Dec. 28, 2014 12:00 PM EST Reads: 2,426
"SAP had made a big transition into the cloud as we believe it has significant value for our customers, drives innovation and is easy to consume. When you look at the SAP portfolio, SAP HANA is the underlying platform and it powers all of our platforms and all of our analytics," explained Thorsten Leiduck, VP ISVs & Digital Commerce at SAP, in this SYS-CON.tv interview at 15th Cloud Expo, held Nov 4-6, 2014, at the Santa Clara Convention Center in Santa Clara, CA.
Dec. 28, 2014 11:00 AM EST Reads: 2,039
SAP is delivering break-through innovation combined with fantastic user experience powered by the market-leading in-memory technology, SAP HANA. In his General Session at 15th Cloud Expo, Thorsten Leiduck, VP ISVs & Digital Commerce, SAP, discussed how SAP and partners provide cloud and hybrid cloud solutions as well as real-time Big Data offerings that help companies of all sizes and industries run better. SAP launched an application challenge to award the most innovative SAP HANA and SAP HANA...
Dec. 28, 2014 11:00 AM EST Reads: 2,227
Connected devices and the Internet of Things are getting significant momentum in 2014. In his session at Internet of @ThingsExpo, Jim Hunter, Chief Scientist & Technology Evangelist at Greenwave Systems, examined three key elements that together will drive mass adoption of the IoT before the end of 2015. The first element is the recent advent of robust open source protocols (like AllJoyn and WebRTC) that facilitate M2M communication. The second is broad availability of flexible, cost-effective ...
Dec. 28, 2014 11:00 AM EST Reads: 2,054
How do APIs and IoT relate? The answer is not as simple as merely adding an API on top of a dumb device, but rather about understanding the architectural patterns for implementing an IoT fabric. There are typically two or three trends: Exposing the device to a management framework Exposing that management framework to a business centric logic Exposing that business layer and data to end users. This last trend is the IoT stack, which involves a new shift in the separation of what stuff happe...
Dec. 28, 2014 11:00 AM EST Reads: 2,161
Scott Jenson leads a project called The Physical Web within the Chrome team at Google. Project members are working to take the scalability and openness of the web and use it to talk to the exponentially exploding range of smart devices. Nearly every company today working on the IoT comes up with the same basic solution: use my server and you'll be fine. But if we really believe there will be trillions of these devices, that just can't scale. We need a system that is open a scalable and by using ...
Dec. 28, 2014 11:00 AM EST Reads: 2,221