CALGARY, ALBERTA--(Marketwired - March 24, 2014) - GASFRAC Energy Services Inc. ("GASFRAC") (TSX:GFS) announced today that James Hill, Chief Executive Officer, intends to retire from the office of Chief Executive Officer at the end of 2014. The advisory committee of the board of directors will be working with Mr. Hill and the executive team during this transition as part of our succession process.
Gerry Roe, Chairman of the Board stated, "Jim started with GASFRAC as our Chief Financial Officer and stepped in as Chief Executive Officer at a time when fiscal leadership was paramount. During his tenure he and our team improved both fiscal and operational discipline and introduced value added services being sought by our customers. As we move forward and focus on the broadening of our customer base, sales capabilities become more critical for our leadership team. Jim has recognized this need and is committed to working with the advisory committee to ensure a smooth transition of leadership as the Company continues to build on its technical sales capabilities. I would like to thank Jim for his dedicated efforts and leadership."
Mr. Hill added, "GASFRAC has undergone a transition over the past year; improving its cost structure, bringing service reliability to superior levels and adding service capabilities improving both cost competitiveness and value proposition for our customers. The broadening of our customer base is now our primary goal and I believe we are building a leadership team with the sales and technical skills to accomplish this goal. I look forward to working with the board and executive over the year as we build on our strengths with enhanced technical sales leadership."
GASFRAC Energy Services, Inc is an oil and gas technology and service company headquartered in Calgary, Alberta and the sole provider of gelled LPG fracturing technology in North America.
This press release contains certain statements that constitute forward-looking statements under applicable securities legislation. All statements other than statements of historical fact are forward-looking statements. In some cases, forward-looking statements can be identified by terminology such as "may", "will", "should", "expect", "plan", "anticipate", "believe", "estimate", "predict", "potential", "continue", or the negative of these terms or other comparable terminology. These statements are only as of the date of this document and we do not undertake to publicly update these forward looking statements except in accordance with applicable securities laws. Forward-looking statements are based on current expectations, estimates, projections and assumptions, which we believe are reasonable but which may prove to be incorrect and therefore such forward-looking statements should not be unduly relied upon. In addition to other factors and assumptions which may be identified in this document, assumptions have been made regarding, among other things: industry activity; the general stability of the economic and political environment; effect of market conditions on demand for the Company's products and services; the ability to obtain qualified staff, equipment and services in a timely and cost efficient manner; the ability to operate its business in a safe, efficient and effective manner; the performance and characteristics of various business segments; the effect of current plans; the timing and costs of capital expenditures; future oil and natural gas prices; currency, exchange and interest rates; the regulatory framework regarding environmental matters in the jurisdictions in which the Company operates; and the ability of the Company to successfully market its products and services. Forward-looking statements are subject to a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated. These risks and uncertainties include: fluctuating prices for crude oil and natural gas; changes in drilling activity; general global economic, political and business conditions; weather conditions; regulatory changes; the successful exploitation and integration of technology; customer acceptance of technology; success in obtaining issued patents; the potential development of competing technologies by market competitors; and availability of products, qualified personnel, manufacturing capacity and raw materials. In addition, actual results could differ materially from those anticipated in these forward-looking statements as a result of the risk factors set forth under the section entitled "Business Risks" in the Company's MD&A.