Canadian Energy Services & Technology Corp.

TSX : CEU
OTCQX : CESDF


Canadian Energy Services & Technology Corp.

June 20, 2013 17:47 ET

Canadian Energy Services & Technology Corp. Announces Election of Directors, Dividend and Stock Dividend Program

CALGARY, ALBERTA--(Marketwired - June 20, 2013) -

NOT FOR DISSEMINATION INTO THE UNITED STATES OF AMERICA OR DISTRIBUTION TO U.S. NEWSWIRE SERVICES

Canadian Energy Services & Technology Corp. ("CESTC" or the "Corporation") (TSX:CEU)(OTCQX:CESDF) announces that, at the annual and special meeting of shareholders held on June 20, 2013 (the "Meeting"), each of the eight nominees listed in the Management Information Circular dated May 16, 2013 (the "Management Information Circular"), were elected as directors of the Corporation.

Based on the proxies received and on a ballot conducted at the meeting, the following individuals were elected as directors of the Corporation until the next annual shareholders' meeting. Accordingly, the results are set out below:

Name of Nominee Votes
cast FOR
% of votes
cast
FOR
Votes cast
WITHHELD
% of
votes cast
WITHHELD
Colin D. Boyer 41,518,081 97.94 874,067 2.06
Rodney L. Carpenter 39,872,802 94.06 2,519,346 5.94
John M. Hooks 38,279,564 90.30 4,112,584 9.70
Kyle D. Kitagawa 41,913,837 98.87 478,311 1.13
Thomas J. Simons 41,630,425 98.20 761,723 1.80
D. Michael G. Stewart 41,914,260 98.87 477,888 1.13
James (Jim) Sherman 41,317,047 97.46 1,075,101 2.54
Jason H. West 41,303,649 97.43 1,088,499 2.57

In addition, CESTC declares today a cash dividend of $0.055 per common share of the Corporation (a "Common Share") payable on July 15, 2013, to shareholders of record at the close of business on June 28, 2013. In conjunction with the declared dividend and as approved by shareholders of the Corporation at the Meeting, CESTC has implemented a stock dividend program ("SDP") effective immediately. The SDP allows shareholders to elect to receive cash dividends in the form of Common Shares, calculated without discount and based on the volume weighted average market price of the Common Shares on the Toronto Stock Exchange for the five trading days prior to the dividend payment date.

All shareholders are advised to consult their own tax and financial advisors regarding the tax and financial consequences to them of receiving cash or stock dividends. For more details on the potential tax consequences of the SDP, please refer to the Management Information Circular, filed on SEDAR at www.sedar.com and also available on CESTC's website at www.canadianenergyservices.com.

Shareholders wishing to participate in the SDP should contact their brokers or intermediary or, in the case of registered shareholders, contact the Corporation's transfer agent, Computershare Trust Company of Canada at 1-800-564-6253 or at www.investorcentre.com. The necessary enrolment form for registered shareholders will also be available on CESTC's website.

All other resolutions provided for in the Management Information Circular were duly passed and a report on the voting results will be filed today with the Canadian securities regulatory authorities at www.sedar.com.

About Canadian Energy Services & Technology Corp.

CESTC is a leading provider of technically advanced consumable chemical solutions throughout the life-cycle of the oilfield. This includes solutions at the drill-bit, at the point of completion and stimulation, at the wellhead and pump-jack, and finally through to the pipeline and midstream market. With limited re-investment capital required to grow, CESTC has been able to capitalize on the growing market demand for drilling fluids and production specialty chemicals in North America while generating free cash flow. CESTC returns much of this free cash flow back to shareholders through its monthly dividend. Additional information about CESTC is available at www.sedar.com or at CESTC's website at www.CanadianEnergyServices.com.

THE TORONTO STOCK EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.

Contact Information

  • Canadian Energy Services & Technology Corp.
    Tom Simons
    President and Chief Executive Officer
    (403) 269-2800

    Canadian Energy Services & Technology Corp.
    Craig F. Nieboer, CA
    Chief Financial Officer
    (403) 269-2800
    info@ceslp.ca
    www.canadianenergyservices.com