Divestco Inc.

Divestco Inc.

October 05, 2010 15:22 ET

Divestco Announces Cash Dividend Record Date

CALGARY, ALBERTA--(Marketwire - Oct. 5, 2010) - DIVESTCO INC. (TSX:DVT) ("Divestco" or the "Corporation"), is pleased to announce that its Board of Directors has declared a special cash dividend of $0.20 per issued and outstanding Class A Share. The dividend will be payable on October 25, 2010 to shareholders of record at the close of business on October 19, 2010. The Divestco Board of Directors has determined that the amount of the dividend is appropriate to ensure there is sufficient working capital remaining in the Corporation.

Divestco advises that this dividend is designated as an "eligible dividend" as defined in subsection 89(1) of the Income Tax Act (Canada) and corresponding provincial legislation.

The shareholders of Divestco Common Shares are entitled to receive 0.3313 of a common share of Pulse Seismic Inc. and one Divestco Class A share for each Divestco Common Share held at market close on October 5, 2010. Registered shareholders must submit the Letter of Transmittal together with the share certificate which was previously sent to them to receive their Divestco Class A shares and the common shares of Pulse Seismic Inc. Shareholders beneficially holding the Divestco Common Shares need not take any action. The Class A Shares and common shares of Pulse Seismic Inc. to which they are entitled will replace their Divestco Common Shares in such accounts. Reference should be made the Corporation's Information Circular dated September 29, 2010 for full details.

The amount of the special cash dividend and distribution of Pulse Seismic Inc. common shares, reflects the Debentureholders having not elected to convert to Divestco Class A Shares prior to the Effective Date.

Further information on Divestco can be found in its Information Circular dated August 26, 2010 and its TSXV Listing Application dated September 29, 2010, which are filed on SEDAR at www.sedar.com.

About Divestco Inc.

Divestco is an exploration services company that provides a comprehensive and integrated portfolio of data, software, and services to the oil and gas industry. Through continued commitment to align and bundle products and services to generate value for customers, Divestco is creating an unparalleled set of integrated solutions and unique benefits for the marketplace. Divestco's breadth of data, software and services offers customers the ability to access and analyze the information required to make business decisions and to optimize their success in the upstream oil and gas industry. Divestco is headquartered in Calgary, Alberta, Canada and will trade on the TSX Venture Exchange under the symbol "DVT".

Statements in this document that may be considered forward-looking are based on management's current expectations that involve a number of risks and uncertainties, which could cause actual results to differ from those anticipated.

The TSX or TSXV 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
    Divestco Inc.
    Mr. Roderick Chisholm
    Chief Financial Officer