SOURCE: Aveda Transportation and Energy Services

Aveda Transportation and Energy Services

August 27, 2015 15:31 ET

Aveda Transportation and Energy Services Announces Stock Option and Share Unit Award Grants

CALGARY, AB--(Marketwired - August 27, 2015) - Aveda Transportation and Energy Services Inc. ("Aveda" or the "Company") (TSX VENTURE: AVE), a leading provider of oilfield hauling services and equipment rentals to the energy industry, is pleased to announce the following:

Pursuant to the terms and conditions of its incentive stock option plan, Aveda has granted, in the aggregate, 72,200 incentive stock options (the "Options") to purchase Common Shares of Aveda to certain executive officers of the Company. The Options are exercisable for a five year period at a price of $1.65 per share. One third of the Options will vest on each of the first, second and third anniversaries of the grant date.

As part of a new long-term incentive program to link pay to performance and align the interests of the Company's management, directors, employees with shareholders, Aveda also announces that a restricted share unit plan for employees (the "RSU Plan"), a deferred share unit plan for directors (the "DSU Plan") and a performance share unit plan for officers (the "PSU Plan") were approved by the board, subject to approval by the TSX Venture Exchange ("TSXV") and ratification by the Company's shareholders at the 2016 Annual General Meeting of shareholders (the "AGM").

Subject to the above approvals, 233,700 restricted share units ("RSUs") were granted to employees, 25,500 deferred share units were granted to directors ("DSUs") and 79,300 performance share units ("PSUs") were granted to officers.

The RSUs have a term of three years, and vest as to one-third on August 27, 2016, August 27, 2017 and August 27, 2018. The DSUs vest immediately and may only be redeemed upon a holder ceasing to be a director of Aveda. The PSUs have a term of three years, and vest at the end of three years subject to continued employment and the achievement of two performance conditions relating to the price of the Company's Common Shares and to the total shareholder return on the Company's Common Shares relative to a peer group of energy services companies. Settlement under each of the plans (other than with respect to the DSUs) occurs on the date of vesting and, at the Company's discretion, may be settled in: (i) cash; (ii) common shares of the Company; or (iii) a combination of both.

Further details regarding the plans and the awards made under such plans will be set out in the management information circular of the Company which will be mailed to shareholders and filed on SEDAR in connection with the Company's next AGM.

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, Oklahoma 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, Leduc, AB, Sylvan Lake, AB, Edson, AB, Mineral Wells, TX, Pleasanton, TX, Midland, TX, Marshall, TX, Williamsport, PA, Buckhannon, WV, Williston, ND, Cherokee, OK and Oklahoma City, OK. Aveda is publicly traded on the TSX Venture Exchange under the symbol AVE. For more information on Aveda please visit www.avedaenergy.com.

This News Release contains certain forward-looking statements and forward-looking information (collectively referred to herein as "forward-looking statements") within the meaning of applicable Canadian securities laws. All statements other than statements of present or historical fact are forward-looking statements. Forward-looking statements are often, but not always, identified by the use of words such as "anticipate", "achieve", "could", "believe", "plan", "intend", "objective", "continuous", "ongoing", "estimate", "outlook", "expect", "may", "will", "project", "should" or similar words, including negatives thereof, suggesting future outcomes. Aveda believes the expectations reflected in such forward-looking statements are reasonable as of the date hereof but no assurance can be given that these expectations will prove to be correct and such forward-looking statements should not be unduly relied upon.

Forward-looking statements are not a guarantee of future performance and involve a number of risks and uncertainties, some of which are described herein. Such forward-looking statements necessarily involve known and unknown risks and uncertainties, which may cause Aveda's actual performance and financial results in future periods to differ materially from any projections of future performance or results expressed or implied by such forward-looking statements. Any forward-looking statements are made as of the date hereof and, except as required by law, Aveda assumes no obligation to publicly update or revise such statements to reflect new information, subsequent or otherwise.

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.

Contact Information

  • For more information, please contact:
    Bharat Mahajan, CA
    Vice President, Finance and Chief Financial Officer
    (403) 264-5769
    bharat.mahajan@avedaenergy.com