CALGARY,
AB, July 14, 2022 /CNW/ - CES Energy
Solutions Corp. ("CES" or the
"Corporation") (TSX: CEU) (OTC: CESDF) is pleased to
announce that the Toronto Stock Exchange (the "TSX") has
accepted CES' notice of its intention to implement a normal course
issuer bid ("NCIB"). The NCIB effectively renews the
existing NCIB which is scheduled to terminate on July 20, 2022.
CES' Board of Directors and management continue to believe that
the market price of CES' common shares do not reflect their
underlying value. Accordingly, the renewal of CES' NCIB will
allow CES to opportunistically reduce the issued and outstanding
common shares of the Corporation (the "Common Shares") and
enhance shareholder value.
Pursuant to the renewed NCIB, CES may purchase through the
facilities of the TSX and other alternative Canadian securities
trading platforms, from time to time over the next 12 months, up to
14,399,478 Common Shares, being 7.5% of the public float of Common
Shares. Common Shares purchased under the NCIB will be
subsequently cancelled by the Corporation. The NCIB will
commence on July 21, 2022 and will
terminate the earlier of July 20,
2023 or on date on which the maximum number of Common Shares
which can be acquired pursuant to the NCIB are purchased.
Under TSX rules, CES may repurchase up to 239,720 Common Shares
on any single trading day, being 25% of the average daily trading
volume of the Common Shares for the six months ended June 30, 2022. The Corporation is also
permitted to make one block purchase in excess of the daily maximum
per calendar week. CES expects to enter into an automatic
securities purchase plan in connection with the NCIB which would
permit the Corporation to repurchase its Common Shares during
periods of blackout or other periods in which the Corporation would
not ordinarily be permitted to repurchase its Common Shares.
Such automatic securities purchase plan will be subject to certain
parameters set by the Corporation from time to time which would
govern the automatic purchase of Common Shares.
As of July 7, 2022, there were
256,259,836 issued and outstanding Common Shares. Under the
current NCIB that is scheduled to terminate on July 20, 2022, the Corporation was approved by
the TSX to repurchase up to 11,754,973 Common Shares, being 7.5% of
the public float of Common Shares. As of July 7, 2022, the Corporation has repurchased and
subsequently cancelled 3,060,951 Common Shares, or 26% of Common
Shares available for repurchase, through market purchases on the
TSX and other alternative Canadian securities trading platforms, at
a volume-weighted average purchase price of approximately
$1.84 per Common Share.
Q2 2022 Conference Call
Details
CES also announced today that it will conduct its Q2 2022
conference call on August 12, 2022
following the upcoming release of its financial results for the
second quarter ended June 30, 2022.
The Q2 2022 results are expected to be released after the close of
market the day before the conference call. Ken Zinger, President and Chief Executive
Officer of CES, will host the call.
Date:
|
August 12,
2022
|
Time:
|
9:00 a.m. MT
|
Dial-in:
|
(800) 319-4610 or (416)
915-3239
|
Online:
|
https://www.gowebcasting.com/11991
|
A recording of the live audio webcast of the conference call
will be accessible on the Corporation's website at
www.cesenergysolutions.com. The webcast will be available for
approximately 90 days.
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:
Ken Zinger
President and Chief Executive Officer
CES Energy Solutions Corp.
403-269-2800
Anthony Aulicino
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 share and the
potential means of funding the NCIB. 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.
SOURCE CES Energy Solutions Corp.