CALGARY, ALBERTA--(Marketwired - April 25, 2013) - Canadian Oilfield Solutions Corp. (TSX VENTURE:OTS) (the "Company") announces that the Alberta Securities Commission has issued a cease trade order which prohibits the trading of all securities of the Company. The basis for the cease trade order is that the Company announced on April 24, 2013 that: (a) the Company intends to restate and re-file its interim financial reports and management's discussion and analysis as at and for the interim periods ended March 31, 2012, June 30, 2012 and September 30, 2012 (the "2012 Interim Filings"); and (b) the presentation of gross revenue and costs of sales, individually, as presented in the 2012 Interim Filings should not be relied upon. For further details see the Company's press release dated April 24, 2013 and the cease trade order available at www.albertasecurities.com.
The cease trade order will remain in effect until revoked by the Alberta Securities Commission. The Company anticipates that in order to have the cease trade order revoked: (a) the Company must restate and re-file the 2012 Interim Filings along with the required officer certifications; (b) the Company must file any other continuous disclosure documents that are required to be filed; and (c) the Company must satisfy any other requirements of the Alberta Securities Commission.
The Company's board of directors, audit committee and management are focused on working diligently with their advisors to more specifically quantify and complete the restatements required in the 2012 Interim Filings. Upon completion of these efforts, the Company will re-file its 2012 Interim Filings and, concurrently therewith or thereafter, will file its 2012 Annual Filings. Following such filings, the Company intends to apply to the Alberta Securities Commission for revocation of the cease trade order.
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.