Divestco Cease Trade Order Issued - Failure to File Annual Financial Statements
Calgary, Alberta--(Newsfile Corp. - May 8, 2019) - Divestco Inc. (TSXV: DVT.H) ("Divestco" or the "Company") announces a cease trade order was issued by the Alberta Securities Commission on May 6, 2019 for failure to file its annual financial statements for the year ended December 31, 2018, including the related management discussion and analysis and annual filing certifications (collectively, the "Annual Filings"). The Annual Filings were required to be filed by April 30, 2019.
As previously announced, on March 4, 2019 Divestco obtained creditor protection under the Companies' Creditors Arrangement Act (the "CCAA") pursuant to an initial order granted by the Court of Queen's Bench Alberta (the "Court"). On March 26, 2019, the Company obtained a further Court order approving the sales solicitation process ("SSP") that commenced marketing on April 1, 2019 and officially closed on April 30, 2019. The Company intends to appear before the Court on May 14, 2019 to seek an order approving the sale of substantially all of Divestco's assets to the stalking horse bidder, 2179602 Alberta Ltd. (which emerged as the "Successful Bidder" pursuant to the SSP).
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 website of Grant Thornton Inc., the Court-appointed CCAA monitor (the "Monitor"), at (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 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. Divestco does not have control over the Court process or the related results therefrom and will provide further updates as the process progresses.
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:
Divestco Inc. (www.divestco.com)
Mr. Stephen Popadynetz
CEO and President
Mr. Steve Sinclair-Smith
Chief Operating Officer
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