DIVERGENT Energy Services Announces a Financial Update
08 12월 2020 - 11:00PM
DIVERGENT Energy Services Corp.
(“Divergent”,
the "
Company", or
“
DVG”
) is pleased to announce the
Company and two key suppliers have entered into agreements to
convert existing current liabilities of USD $1.15 million into
long-term, unsecured notes (“Notes”). The Notes, one with a 4-year
term and one with a 5-year term, have an interest rate of 5% per
annum and principal payments commencing in Q3 2022. The agreements
further Divergent’s efforts to improve its balance sheet which is
fundamental to its ability to access growth capital and support the
anticipated growth in operations during the terms of the Notes. To
date, the Company has successfully negotiated the conversion of a
cumulative USD $3.15 million of current liabilities into manageable
long-term debts, the repayment of which coincides with the
Company’s expected future cash flows.
Details of the Company’s restructuring
initiatives are available in the Business Transformation
presentation on the Company’s website at
www.divergentenergyservices.com.
For Further Information:
Ken Berg, President and Chief Executive Officer,
kberg@divergentenergyservices.com
Lance Mierendorf, Interim Chief Financial Officer,
lmierendorf@divergentenergyservices.com
ABOUT DIVERGENT ENERGY SERVICES CORP.
Headquartered in Calgary, Alberta, Divergent
provides Artificial Lift products and services that are used in the
oil and gas industry. Product lines including Electric Submersible
Pumps, Electric Submersible Progressing Cavity Pumps, and the
future development of an Electromagnetic Pump technology.
DIVERGENT Energy Services Corp., 2020, 715 – 5th Ave SW,
Calgary, AB T2P 2X6, (403) 543-0060, (403) 543-0069 (fax),
www.divergentenergyservices.com
FORWARD LOOKING STATEMENTSThis
press release contains forward-looking statements, including,
without limitation, statements pertaining to anticipated future
operational activity levels of Divergent and of a majority of its
customers, and statements pertaining to interest payments on the
Company’s debentures. All statements included herein, other than
statements of historical fact, are forward-looking information and
such information involves various risks and uncertainties,
including: the risk that the anticipated slowdown in sales and
service of submersible pumps by Divergent’s customers lasts longer
than expected or impacts Divergent’s revenues more severely than
expected, the risk that the COVID-19 pandemic and the low oil and
gas price environment cause additional negative effects on
Divergent’s business, the risk that the suspension of trading of
the Company’s common shares by the TSXV cannot be lifted in a
timely manner or at all, and the risk that the Company cannot
remedy the outstanding interest payments under the terms of its
debenture indenture in a timely manner or at all . 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.sedar.com.
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.
This press release contains financial outlook
information ("FOFI") about prospective revenue reductions, which
are subject to the same assumptions, risk factors, limitations, and
qualifications as set forth in the above paragraphs. FOFI contained
in this press release was made as of the date hereof and was
provided for the purpose of providing an update regarding an
anticipated material reduction in near-term revenue. Divergent
disclaims any intention or obligation to update or revise any FOFI
contained in this press release, whether as a result of new
information, future events or otherwise, unless required pursuant
to applicable law. Readers are cautioned that the FOFI contained in
this press release should not be used for purposes other than for
which it is disclosed herein.
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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부터 11월(11) 2024 으로 12월(12) 2024
Divergent Energy Services (TSXV:DVG)
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부터 12월(12) 2023 으로 12월(12) 2024