EcoMax Energy Services Ltd.

EcoMax Energy Services Ltd.

February 20, 2011 08:53 ET

EcoMax Announces New Board Member/Delay in Private Placement

CALGARY, ALBERTA--(Marketwire - Feb. 20, 2011) - EcoMax Energy Services Ltd. ("EcoMax" or the "Company") (NEX BOARD:EES) is pleased to announce the appointment of Jim Darcel to the Company's Board of Directors. Mr. Darcel graduated in 1985 from the University of Manitoba with a Bachelor of Arts degree and began his career with the Toronto Stock Exchange in 1986. He held positions in the economics and derivative markets departments, including at the Toronto Futures Exchange until he returned to Winnipeg in 1990. He was granted the right to use the Chartered Financial Analyst (CFA) designation in 1994 and has been employed over the past few years with a number of firms as an analyst, director, trading officer, investment counsel, portfolio manager, and in other capacities. He is currently an independent investment research analyst covering publicly traded companies in a number of broad sectors, including natural resources, exploration and development, small energy, and emerging technologies. Mr. Darcel is a director of Newcastle Minerals Ltd. and Mainstream Minerals Corporation.

EcoMax announces that it expects the closing of its previously announced Offering will be delayed until March 18, 2011. The Offering is to issue up to 4,000,000 units ("Units") at a price of $0.05 per Unit in a non-brokered private placement. Each Unit consists of one common share of the Company ("Common Share") and one share purchase warrant ("Warrant"). Each Warrant shall entitle the holder to acquire one Common Share at a price of $0.10 per share for a period of 12 months from the date of issuance.

This press release contains forward-looking statements. More particularly, this press release contains statements concerning the anticipated timing for the closing of the Offering. The forward-looking statements contained in this document are based on certain key expectations and assumptions made by EcoMax, including with respect to the anticipated timing for closing the Offering. Although EcoMax believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because EcoMax can give no assurance that they will prove to be correct. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. These forward-looking statements are based on current expectations that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks include, but are not limited to, the failure to obtain necessary regulatory approvals, risks and uncertainties that settlement terms with creditors cannot be successfully negotiated and that strategic alternatives to realize value may not be available on terms satisfactory to the Company or at all.

Readers are cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking statements contained in this press release are expressly qualified by this cautionary statement.

The forward-looking statements contained in this press release are made as of the date hereof and EcoMax undertakes no obligation to update publicly or revise any forward-looking statements or information, whether as a result of new information, future events or otherwise, unless so required by applicable securities laws.

Neither the NEX 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

  • EcoMax Energy Services Ltd.
    Mark Hopkins
    President and Chief Executive Officer
    (403) 303-2500
    (403) 252-0999 (FAX)