Innovative Wireline Solutions Inc.

July 18, 2011 19:14 ET

Innovative Wireline Solutions Inc. Announces Completion of Private Placement

CALGARY, ALBERTA--(Marketwire - July 18, 2011) - Innovative Wireline Solutions Inc. (the "Corporation") (TSX VENTURE:IWS) is pleased to announce the closing of its previously announced non-brokered private placement of 17,301,492 units of the Corporation (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of $865,075 (the "Offering"). Each Unit is comprised of one (1) common share and one (1) common share purchase warrant ("Warrant") of the Corporation. Each Warrant entitles the holder thereof to purchase one additional common share at a price of $0.10 for a period of 24 months from the date of the closing of the Offering. In connection with the Offering, the Corporation paid $1,250 in commissions.

The proceeds of the Offering will be used for payment of capital expenditures, outfitting the fleet to expand services, payment of outstanding loans and debts and for general working capital purposes. Completion of the Offering is subject to regulatory approval including, but not limited to, the approval of the TSX Venture Exchange Inc. The securities issued will be subject to a four month hold period from the date of the closing of the Offering.

The Corporation also announces that pursuant to its Stock Option Plan, it has granted incentive stock options to certain directors, officers and employees, to purchase a total of 1,680,000 common shares at a price of $0.05 per share. These options vest one third per year over a three year period and expire on July 18, 2016. The options issued will be subject to a four month hold period from the date of issuance.

The Corporation also announces it has commenced outfitting a WellRunner truck with conductive slick line, which will allow it to offer down hole camera services to its customers. In this regard, the Corporation has developed a strategic alliance with a major downhole camera service provider.


The Corporation has developed a fleet of unique wireline (slickline) service vehicles (named the "WellRunner"). Having a built-in crane, the WellRunner eliminates the need for a separate picker truck, often required by older conventional wireline trucks. The WellRunner is environmentally friendly, can operate during seasonal road bans and provides full slickline services to depths of up to 6,000 meters. WellRunner customers also benefit from its significant lower operating costs.

Certain information in this press release may constitute forward-looking information. This information is based on current expectations that are subject to significant risks and uncertainties that are difficult to predict including whether the Corporation can sell any or all of the Offering. Actual results might differ materially from results suggested in any forward-looking statements.

The Corporation assumes no obligation to update the forward-looking statements, or to update the reasons why actual results could differ from those reflected in the forward looking-statements unless and until required by securities laws applicable to the Corporation. Additional information identifying risks and uncertainties is contained in the Corporation's filings with the Canadian securities regulators, which filings are available at

Neither the TSXV nor its Regulation Services Provider (as that term is defined in the policies of the TSXV) accepts responsibility for the adequacy or accuracy of this release.

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