|By Marketwired .||
|May 15, 2014 08:37 PM EDT||
CALGARY, ALBERTA -- (Marketwired) -- 05/16/14 -- (TSX VENTURE:CWC) CWC Energy Services Corp. (formerly CWC Well Services Corp.) ("CWC" or the "Company") is pleased to announce that subject to the approval of the TSX Venture Exchange ("TSXV") CWC intends to renew the Normal Course Issuer Bid (the "Bid") to purchase for cancellation, from time to time, as CWC considers advisable, up to a maximum of 13,520,411 common shares (the "Common Shares"). The maximum number of Common Shares to be purchased pursuant to the Bid represents approximately 5% of the outstanding Common Shares on the date hereof. Purchases of Common Shares will be made on the open market through the facilities of the TSXV. The price which CWC will pay for any Common Shares purchased by it will be the prevailing market price of the Common Shares on the TSXV at the time of such purchase. The actual number of Common Shares that may be purchased for cancellation and the timing of any such purchases will be determined by CWC.
The Bid will commence upon receipt of the TSXV's approval and will terminate one year from such date or such earlier date as the Bid is completed or terminated at the option of CWC. The Company has retained Raymond James Ltd. as its broker to conduct the normal course issuer bid on its behalf.
Under its previous Normal Course Issuer Bid, which expired on March 31, 2014, CWC purchased 439,500 Common Shares, representing less than 1% of the Company's outstanding shares on May 15, 2014 at an average price of $0.74 per Common share.
Management of CWC believes that, from time to time, the market price of the Common Shares may not fully reflect the underlying value of the Common Shares and that at such times the purchase of Common Shares would be in the best interests of CWC. Such purchases will increase the proportionate interest of, and may be advantageous to, all remaining shareholders. In addition, the purchases by CWC may increase liquidity to shareholders wishing to sell their Common Shares.
About CWC Energy Services Corp.
CWC Energy Services Corp. is a premier contract drilling and well servicing company operating in the Western Canadian Sedimentary Basin with a complementary suite of drilling rigs, service rigs, coil tubing, snubbing and well testing. The Company's corporate office is located in Calgary, Alberta, with operational locations in Nisku, Grande Prairie, Slave Lake, Red Deer, Lloydminster, Provost and Brooks, Alberta and Weyburn, Saskatchewan.
No regulatory authority has approved or disapproved the information contained in this news release. Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.