Cordy Oilfield Services Inc.: Corporate Update
CALGARY, Alberta, May 28, 2020 (GLOBE NEWSWIRE) — Cordy Oilfield Services Inc. (“Cordy” or the “Company”) (TSX VENTURE: CKK) announces that due to the continuing logistics and delays caused by the COVID-19 virus, it will also rely on the exemption provided in Alberta Instrument 51-517 – Temporary Exemption from Certain Corporate Finance Requirements (the “Alberta Instrument”) of the Alberta Securities Commission (and similar exemptions provided by the securities commissions in British Columbia and Saskatchewan), to postpone the filing of the following continuous disclosure documents (collectively, the “Interim Documents”):
the Company’s unaudited financial statements for the interim period ended March 31, 2020, as required by section 4.4 of National Instrument 51-102 – Continuous Disclosure Obligations (“NI 51-102”); andthe Company’s Management’s discussion and analysis for the interim period ended March 31, 2020, as required by section 5.1(2) of NI 51-102.The Company expects to file the Interim Documents no later than July 14, 2020.Until the Company has filed the required Interim Documents, members of the Company’s management and other insiders are subject to an insider trading black-out period reflecting the principles contained in section 9 of National Policy 11-207 – Failure to File Cease Trade Orders and Revocations in Multiple Jurisdictions.The Company confirms that, other than as set out herein, there have been no material undisclosed business developments since the issuance, on April 16, 2020, of the Company’s news release regarding the release of its 2019 annual results.The Company also announces that it has commenced legal proceedings in the Court of Queen’s Bench of Alberta against a former employee for, among other matters, breach of his non-competition and non-solicitation agreement with the Company.Additional information regarding Cordy is available on our website www.cordy.ca or on SEDAR at www.sedar.com.Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.Forward-Looking Information:This news release contains “forward-looking information” within the meaning of applicable Canadian securities legislation. All statements, other than statements of historical fact, included herein are forward-looking information. In particular, this news release contains forward-looking information regarding the timing for the filing of the Interim Documents. There can be no assurance that such forward-looking information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such forward-looking information. This forward-looking information reflects Cordy’s current beliefs and is based on information currently available to Cordy and on assumptions Cordy believes are reasonable. These assumptions include, but are not limited to: the ability of Cordy to complete the Interim Documents in the noted timeframe. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of Cordy to be materially different from those expressed or implied by such forward-looking information. A description of risk factors that may cause actual results to differ materially from forward-looking information can be found in Cordy’s disclosure documents on the SEDAR website at www.sedar.com. Although Cordy has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. Readers are cautioned that the foregoing list of factors is not exhaustive. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Forward-looking information contained in this news release is expressly qualified by this cautionary statement. The forward-looking information contained in this news release represents the expectations of Cordy as of the date of this news release and, accordingly, is subject to change after such date. However, Cordy expressly disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as expressly required by applicable securities law.