CALGARY, ALBERTA--(Marketwired - April 8, 2014) - GASFRAC Energy Services Inc. ("GASFRAC" or the "Company") (TSX:GFS) announced today that the Annual General Meeting ("AGM") of GASFRAC shareholders scheduled for May 8, 2014 has been postponed to May 27, 2014.
Based on discussions with its shareholders, the board of directors of the Company is evaluating potential changes to board composition to ensure that the board has all necessary skills and expertise to optimize corporate performance relative to the Company's renewed strategic focus.
The expanded capabilities the Company has developed over the past year permit GASFRAC to have a strategic focus on: a) the Company's expanded fluids capabilities; b) geographic opportunities where, because water is not effective or not available, the Company enjoys a natural competitive advantage; and c) actively promoting and communicating the new and unique benefits of GASFRAC's extended technology platform.
In addition, the Company wishes to ensure that any potential new board members are involved in the process of determining a successor for the Company's current Chief Executive Officer, James Hill, upon his previously announced retirement at the end of 2014.
The AGM is being postponed to permit the Company to present shareholders with the opportunity to assess any new board candidates through disclosure in the proxy circular to be delivered in connection with the AGM which will now be held on May 27, 2014.
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 information under applicable securities legislation. All statements other than statements of historical fact constitute forward-looking information. In some cases, forward-looking information 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 any forward looking information except in accordance with applicable securities laws. This forward-looking information includes statements with respect to, among other things: the results of any review of the composition of the Company's board of directors; the results of the search for a successor to the Company's current chief executive officer; the Company's strategic focus; and the timing of the AGM. Forward-looking information is 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 information 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 information is 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 the forward-looking information in this press release as a result of the risk factors set forth under the section entitled "Business Risks" in the Company's MD&A.