EES Ecomax Energy Services Ltd.

EcoMax Energy Services Ltd. ("EcoMax" or the "Company") (TSX VENTURE:EES)
announces that it has completed the previously announced sale of its blowout
preventer ("BOP") business and certain assets (including the inventory, capital
assets and trade names) used in the operation of that business to Tri-Service
Oilfield Manufacturing Ltd. 


As a result of this sale transaction, the Company's listing on the TSX Venture
Exchange will be moved to the NEX on receiving final approval for the
transaction from the Exchange. The Company believes that it is in good standing
as a reporting issuer. The Company is in the process of reviewing its financial
position and evaluating its alternatives going forward. Over the next two months
the Company will attempt to reach settlements with its other creditors. If
appropriate settlements can be reached, management will attempt to enter into a
strategic transaction, for example to sell or merge the Company, to possibly
realize some value from the Company's remaining tax pools and the value of its
public listing. At the Company's recent Annual and General Meeting of
Shareholders, shareholders approved a share consolidation of up to 1 for 5, with
authority to the Board of Directors of the Company to determine the advisability
of such consolidation and to proceed with it if and when deemed advisable at any
time prior to June 10, 2011. As such, the Company would consider proceeding with
such consolidation if it assists in the completion of a strategic transaction.


Forward-looking Statements

This press release contains forward-looking statements. Any statements that are
contained in this press release that are not statements of historical fact may
be considered forward-looking statements. Forward-looking statements are often
identified by terms such as "may", "should", "anticipate", "expects" and similar
expressions. Forward-looking statements in this press release include, but are
not limited to statements concerning the anticipated movement of the Company's
stock exchange listing, negotiations with creditors, negotiations for potential
strategic transactions to realize value, the potential share consolidation, and
management's assessment of future strategic alternatives.


Although EcoMax believes that the expectations reflected in these
forward-looking statements are reasonable, undue reliance should not be placed
on them because EcoMax 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. These forward-looking
statements are based on current expectations that involve a number of risks and
uncertainties, which could cause actual results to differ materially from those
anticipated. These risks include, but are not limited to, risks and
uncertainties that settlement terms with creditors cannot be successfully
negotiated and that strategic alternatives to realize value may not be available
on terms satisfactory to the Company or at all.


Readers are cautioned not to place undue reliance on forward-looking statements
as there can be no assurance that the plans, intentions or expectations upon
which they are placed will occur. Such information, although considered
reasonable by management at the time of preparation, may prove to be incorrect
and actual results may differ materially from those anticipated. Forward-looking
statements contained in this press release are expressly qualified by this
cautionary statement.


The forward-looking statements contained in this press release are made as of
the date hereof and EcoMax undertakes no obligation to update publicly or revise
any forward-looking statements or information, whether as a result of new
information, future events or otherwise, unless so required by applicable
securities laws.

Grafico Azioni Ecomax Energy Services Ltd. (TSXV:EES)
Storico
Da Mag 2024 a Giu 2024

Grafico Azioni Ecomax Energy Services Ltd. (TSXV:EES)
Storico
Da Giu 2023 a Giu 2024