Divestco Inc.

Divestco Inc.

September 23, 2010 18:20 ET

Divestco Inc.: Move to TSXV in Relation to Pending Seismic Asset Sale

CALGARY, ALBERTA--(Marketwire - Sept. 23, 2010) - DIVESTCO INC. (TSX:DVT) ("Divestco" or the "Corporation") is pleased to provide the following update.

As announced on August 16, 2010, Pulse Seismic Inc. (TSX: PSD) ("Pulse") and Divestco signed a formal Seismic Acquisition Agreement for the previously announced acquisition by Pulse of Divestco's entire 2D and 3D seismic data library (the "Transaction").

The completion of the Transaction remains subject to the approval of the Court of Queen's Bench of Alberta of the Plan of Arrangement of Divestco, approvals of the Divestco and Pulse Shareholders and other conditions typical for a transaction of this nature. Special meetings of the Divestco and Pulse Shareholders are currently planned for September 28, 2010, and the Transaction is currently scheduled to close on September 29, 2010. The information circular dated August 26, 2010 was mailed out on September 7, 2010 (the "Information Circular").

If the Transaction closes as scheduled, Divestco expects to delist from the TSX and commence trading on the TSX Venture ("TSXV") within the first week of October 2010. Divestco has submitted an application to the TSXV, which is currently under review.

As outlined in the Information Circular with respect to the Disposition and Arrangement Resolutions, the Divestco Board of Directors upon Transaction close will determine the amount to pay out as a cash dividend to the Divestco Class A Shares on the record date of the dividend (the "Dividend Record Date").

Pending the Transaction close, the Corporation expects to announce the Dividend Record Date and date of payout in mid October 2010.

As well, and based on successful Transaction close, the distribution of the 14,285,000 Pulse common shares will occur on the Distribution Date as outlined in the Information Circular with respect to a Plan of Arrangement involving Divestco.

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 trades on the Toronto Stock 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 TSX-V 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