Divestco Announces Commencement of Sales Solicitation Process
Calgary, Alberta--(Newsfile Corp. - April 1, 2019) - Further to its announcement of March 27, 2019, Divestco Inc. (TSXV: DVT.H) ("Divestco" or the "Company") announces that, in connection with its creditor protection proceedings under the Companies' Creditors Arrangement Act (the "CCAA") and approval from the Court of Queen's Bench of Alberta of the sales solicitation process (the "SSP"), formal marketing of the Company's assets has been initiated, effective today. Interested parties can visit the Monitor's website (www.grantthornton.ca/Divestco) to view the non-confidential teaser letter describing the current opportunity to acquire Divestco's assets. The deadline for submission of final, binding bids is 12:00 pm MDT on April 30, 2019.
Any potential buyer interested in participating in the SSP should contact Grant Thornton Corporate Finance Inc., the Company's financial advisor, by email at email@example.com. Similarly, any questions in respect of the CCAA proceedings may be directed to the Monitor at firstname.lastname@example.org.
An overview of the terms of the SSP is included in Divestco's March 27, 2019 news release and a copy of the Order (including further details of the Company's SSP and the asset purchase and sale agreement between 2179602 Alberta Ltd. and Divestco) is available under the Company's profile on the System for Electronic Document Analysis and Retrieval (www.sedar.ca) and is also available, along with additional information respecting the CCAA proceedings, on the Monitor's website (www.grantthornton.ca/Divestco). Readers are urged to consult the full text of all of the documents available on SEDAR and the Monitor's website for further, more detailed, information. Readers are cautioned that there is no guarantee whatsoever that the CCAA proceedings, the SSP, any transaction contemplated by Divestco's "stalking horse bid" or agreement with 2179602 Alberta Ltd. or any other form of transaction or restructuring will resolve Divestco's financial issues or result in the realization by Divestco or Divestco's stakeholders of any particular value.
About the Company
Divestco is an exploration services company that provides a comprehensive and integrated portfolio of data, software, and services to the oil and gas industry. Through continued commitment to align and bundle products and services to generate value for customers, Divestco is creating an unparalleled set of integrated solutions and unique benefits for the marketplace. Divestco's breadth of data, software and services offers customers the ability to access and analyze the information required to make business decisions and to optimize their success in the upstream oil and gas industry. Divestco is headquartered in Calgary and trades on the NEX under the symbol "DVT.H". Additional information on Divestco is available on its website at www.divestco.com and on SEDAR at www.sedar.com.
For more information please contact:
Mr. Steve Sinclair-Smith
Chief Operating Officer
Neither the TSX Venture Exchange, the NEX nor the 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 news release.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/43783