Source Energy Services Reiterates Postponement of Earnings Release
Calgary, Alberta - TheNewswire - May 27, 2020 - (TSX:SHLE)
This Press Release is being issued pursuant to the requirement of paragraph 7(b)(ii) of the Alberta Securities Commission Blanket Order 51-517 issued on March 23, 2020 that provides relief to issuers from the requirement to file interim financial statements and MD&A on or before the 45th day after the end of its most recently completed quarter, whereby issuers are required to issue a news release no later than 30 days from their original news release if the required continuous disclosure materials have still not been filed.
Due to the ongoing COVID-19 pandemic, Source is relying upon the exemption announced by the Alberta Securities Commission in its blanket order issued on March 23, 2020, as described above. Source anticipates its first quarter financial results for the period ending March 31, 2020, and the accompanying MD&A (collectively the Q1 Results) will be released prior to the start of trading on the Toronto Stock Exchange on June 29, 2020.
Source confirms that management and other insiders are subject to a trading black-out policy that reflects the principles in section 9 of National Policy 11-207 Failure-to-File Cease Trade Orders and Revocations in Multiple Jurisdictions; accordingly, Source management and insiders will be subject to a trading black-out until the expiration of the requisite time period after the Q1 Results are issued.
Source further confirms that, other than the negative impact on Source's business attributable to the COVID-19 pandemic outlined above, there have been no undisclosed material business developments since March 6, 2020, the date of filing its audited annual financial statements for the year ended December 31, 2019 that have not been otherwise disclosed in a Source press release.
A conference call has been scheduled for 2:30 pm (Calgary time) on June 29, 2020. Interested analysts, investors and media representatives are invited to register to participate in the call. Once you are registered, a dial-in number and passcode will be provided to you via email. The link to register for the call is on the Upcoming Events page of our website and as follows:
The call will be recorded and available for playback approximately 2 hours after the meeting end time, until July 29, 2020, using the following dial-in:
Source is a logistics company that focuses on the supply and distribution of high quality Northern White frac sand. Source provides its customers with a full end-to-end solution supported by its Wisconsin mines and processing facilities, its Western Canadian terminal network and its "last mile" logistics capabilities. In addition to its industry leading frac sand transload terminal network and in-basin frac sand storage capabilities, Source also provides storage and logistics services for other bulk oil and gas well completion materials that aren't produced by Source. Source has also developed Sahara, a proprietary wellsite mobile sand storage and handling system.
Source's full-service approach allows customers to rely on its logistics capabilities to increase reliability of supply and to ensure the timely delivery of their requirements for frac sand and other bulk completion materials at the wellsite.
(403) 262-1312 (ext. 295)
Investor Relations Inquiries:
Chief Executive Officer
(403) 262-1312 (ext. 225)