SOURCE: Aveda Transportation and Energy Services

Aveda Transportation and Energy Services

December 23, 2014 15:05 ET

Aveda Transportation and Energy Services Announces Normal Course Issuer Bid

Not for Distribution to U.S. Newswire Services or for Dissemination in the U.S.

CALGARY, AB--(Marketwired - December 23, 2014) - Aveda Transportation and Energy Services Inc. ("Aveda" or the "Corporation") (TSX VENTURE: AVE) announces that it has obtained regulatory approval to proceed with a normal course issuer bid (the "Bid") whereby Aveda may purchase up to a total of 996,155 of its common shares ("Common Shares"), representing approximately 5% of the currently issued and outstanding Common Shares (19,923,102 Common Shares were outstanding as at December 23, 2014). It is expected that the Bid will commence on December 24, 2014 and terminate on December 23, 2015. All acquisitions of Common Shares by Aveda pursuant to the Bid will be made through the facilities of TSX Venture Exchange Inc. at the market price of the Common Shares at the time of the acquisition. There are no persons acting jointly or in concert with the Corporation in respect of the Bid. Aveda is making the Bid to stabilize the trading price and provide liquidity in the market for the Common Shares.

Purchases on behalf of Aveda will be made by GMP Securities L.P., 145 King Street West, Suite 300, Toronto, Ontario, M5H 1J8.

About Aveda Transportation and Energy Services

Aveda provides specialized transportation services and equipment required for the exploration, development and production of petroleum resources in the Western Canadian Sedimentary Basin and in the United States of America principally in and around the states of Texas, Pennsylvania and North Dakota. Transportation services include both the equipment necessary to move the load as well as a trained, professional driver capable of securing, moving and manipulating the load at its origin and destination. Aveda's rental operations include the rental of well-sites, tanks, mats, pickers, light towers and other equipment necessary for oilfield operations.

Aveda was incorporated in 1994 as a private company to serve the oil and gas industry. In the spring of 2006 the Company went public on the TSX Venture Exchange. Aveda has major operations in Calgary, AB, Slave Lake, AB, Leduc, AB, Sylvan Lake, AB, Edson, AB, Mineral Wells, TX, Pleasanton, TX, Midland, TX, Williamsport, PA, Buckhannon, WV, Williston, ND and Cherokee, OK. Aveda is publicly traded on the TSX Venture Exchange under the symbol AVE. For more information on Aveda please visit www.avedaenergy.com.

Neither 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.

This news release contains forward-looking statements that involve risks and uncertainties. Forward-looking statements or information are based on current expectations, estimates and projections that involve a number of risks and uncertainties which could cause actual results to differ materially from those anticipated by the Corporation. The forward-looking statements or information contained in this news release are made as of the date hereof and the Corporation does not undertake any obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Contact Information

  • For more information, please contact:

    Bharat Mahajan, CA
    Vice President, Finance and Chief Financial Officer
    (403) 264-5769
    bharat.mahajan@avedaenergy.com