DIVERGENT Energy Services Announces Financial Update
01 Maio 2024 - 10:00AM
DIVERGENT Energy Services Corp.
(“Divergent”, the "
Company", or
“
DVG”
) announces that it will be
delayed in filing its audited annual financial statements for the
year ended December 31, 2023, the related management’s discussion
and analysis and certificates of its CEO and CFO (collectively, the
"
Filings") with Canadian securities regulators
beyond the deadline of April 29, 2024.
Due to the previously disclosed cash flow issues
that the Company is experiencing in 2024, due to the lack of
payment for goods and services by its largest customer, Divergent
has not yet been able to complete the audit of its 2023 financial
statements. As such, the Company will not meet the continuous
disclosure requirement of making the Filings by April 29, 2024.
In connection with this delay, the Company
expects that the Alberta Securities Commission
("ASC") will be issuing a failure-to-file cease
trade order ("FFCTO") against the Company. When
issued, the Company expects the FFCTO to affect trading in all
securities of the Company by securityholders of the Company, to
apply in each jurisdiction in Canada in which the Company is a
reporting issuer in Canada and to remain in effect until such time
as the Company has made the Filings. If the Company is able to make
the Filings within 90 days of the date of the FFCTO, such filings
will constitute the Company’s application to have the FFCTO
revoked.
Should the Company receive sufficient funds from
its largest customer, or engage in an alternative restructuring
initiative, it will complete the audit process and complete and
release the Filings in the future.
For Further Information:
Ken Berg, President and Chief Executive Officer,
kberg@divergentenergyservices.com
Ken Olson, Chief Financial Officer,
ken.olson@divergentenergyservices.com
ABOUT DIVERGENT ENERGY SERVICES CORP.
Headquartered in Calgary, Alberta, Divergent
provides artificial lift products and services for the water, gas
and oil industries through its wholly owned subsidiary Extreme Pump
Solutions LLC.
DIVERGENT Energy Services Corp., PO Box 5175, Calgary PO South,
AB T2H 3A3, (403) 543-0060, www.divergentenergyservices.com
FORWARD LOOKING STATEMENTS
This press release contains forward-looking
statements, including, without limitation, statements pertaining to
the estimated timing of the Company making the Filings, and related
expectations regarding the issuance of, and the requirements for
the revocation of, the FFCTO. All statements included herein, other
than statements of historical fact, are forward-looking information
and such information involves various risks and uncertainties.
There can be no assurance that such information will prove to be
accurate, and actual results and future events could differ
materially from those anticipated in such information. A
description of assumptions used to develop such forward-looking
information and a description of risk factors that may cause actual
results to differ materially from forward-looking information can
be found in the Company's disclosure documents on the SEDAR+
website at www.sedarplus.ca. Forward-looking statements are based
on estimates and opinions of management of the Company at the time
the information is presented, including expectations provided to
Divergent by its customers. The Company may, as considered
necessary in the circumstances, update or revise such
forward-looking statements, whether as a result of new information,
future events or otherwise, but the Company undertakes no
obligation to update or revise any forward-looking statements,
except as required by applicable securities laws.
Neither the 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.
(Not for dissemination in the United States of
America)
Divergent Energy Services (TSXV:DVG)
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