Innovative Wireline Solutions Inc.

May 19, 2011 17:45 ET

Innovative Wireline Solutions Inc. Announces Proposed Private Placement

CALGARY, ALBERTA--(Marketwire - May 19, 2011) - Innovative Wireline Solutions Inc. (the "Corporation") (TSX VENTURE:IWS) is pleased to announce that it plans to complete a non-brokered private placement of up to 24,000,000 units of the Corporation (the "Units") at a price of $0.05 per Unit for aggregate gross proceeds of up to $1,200,000 (the "Offering"). The Units will be 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 common share for $0.10 expiring 24 months from the date of the closing of the Offering.

The Corporation in its sole discretion may pay a cash commission of up to 5% of the gross proceeds from the sale of Units. The proceeds of the Offering will be used for payment of capital expenditures, outfitting 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 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 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.

Contact Information