Innovative Wireline Solutions Inc.
TSX VENTURE : IWS

March 01, 2011 19:59 ET

Innovative Wireline Solutions Inc. Announces Operational Update

CALGARY, ALBERTA--(Marketwire - March 1, 2011) - Innovative Wireline Solutions Inc. (the "Corporation") (TSX VENTURE:IWS) is pleased to announce that it has added two additional WellRunners to its fleet of wireline (slickline) service vehicles, bringing the operating fleet to three. A fourth WellRunner will be delivered shortly. The unique design allows these WellRunner wireline trucks to provide slickline services during conventional busy seasons as well as during periods with road bans and without the need for a separate "picker" truck.

The Corporation also announces that Mr. Trevor Briault, former President, has resigned for personal reasons effective February 28, 2011. The Corporation thanks him for his contributions and wishes him well in his future endeavors.

ABOUT INNOVATIVE WIRELINE SOLUTIONS INC.

The Corporation has developed and is building 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. 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 www.sedar.com.

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.

Contact Information

  • Innovative Wireline Solutions Inc.
    Cameron Bawol, CA
    Vice President Finance & Chief Financial Officer
    403-718-3886
    cbawol@innovativewireline.com