Divestco Inc.

Divestco Inc.

November 24, 2008 13:08 ET

CORRECTION FROM SOURCE: Divestco Reports Deferral of Payment Under Acquired Unsecured Convertible Debentures

CALGARY, ALBERTA--(Marketwire - Nov. 24, 2008) - A correction from source is issued with respect to the news release that was disseminated for Divestco Inc. (TSX:DVT) today at 12:17 PM ET. In paragraph 1, $7.1 million was changed to $7.4 million. The corrected release follows:

Divestco Inc. (TSX:DVT) ("Divestco" or the "Company") announced today that it has deferred a principle repayment of approximately $7.4 million due on November 21, 2008 with regard to $8.1 million in unsecured convertible debentures (the "Debentures") the Company acquired through the May 3, 2007 Plan of Arrangement between BlueGrouse Seismic Solutions Ltd., Divestco and 1286960 Alberta Ltd.

Pursuant to the terms of the Trust Indenture, approximately $0.7 million of the Debentures will be converted into common shares of the Company and these Debenture holders no longer have the right to receive the cash value of the outstanding principle amount.

Regarding the remaining $7.4 million, Divestco is committed to providing a restructured solution to address the outstanding principle balance in an expedited time frame and has commenced discussions to revise maturity terms with the holders of the majority of the convertible debt.

Divestco is a growth-oriented company that provides a comprehensive and integrated portfolio of data, software, services and consulting to the oil and gas industry. Through continued commitment to align and bundle products and services to generate value for our customers, Divestco is creating an unparalleled set of integrated solutions and unique benefits for the marketplace. Divestco is headquartered in Calgary, Alberta, Canada and trades on the Toronto Stock Exchange under the symbol "DVT".

The TSX has not reviewed nor accepts responsibility for the adequacy or accuracy of this news release.

Contact Information

  • Divestco Inc.
    Mr. Stephen Popadynetz
    Chief Executive Officer
    (403) 218-6466
    Divestco Inc.
    Mr. Roderick Chisholm
    Chief Financial Officer
    (403) 218-6450
    Website: www.divestco.com