Innovative Wireline Solutions Inc.

Innovative Wireline Solutions Inc.

July 29, 2011 18:29 ET

Innovative Wireline Solutions Inc. Announces Review of Strategic Alternatives

CALGARY, ALBERTA--(Marketwire - July 29, 2011) - Innovative Wireline Solutions Inc. (the "Corporation") (TSX VENTURE:IWS) announces that, after a review of its current share price, cash flows and debt levels, among other matters, its board of directors has decided to initiate a process to identify and consider strategic alternatives with a view to enhancing shareholder value. Strategic alternatives may include, but are not limited to, a sale of the Corporation, recapitalization, merger or other business combination, a sale of a material portion of the Corporation's assets or, leasing equipment, among other alternatives. Any potential strategic alternatives entered into by the Corporation may be subject to securities, regulatory and shareholder approval.

The Corporation also announces that Robert J. Iverach has resigned as Chairman of the board of directors, a director and Chief Executive Officer of the Corporation. The board of directors and management of the Corporation wish to thank Mr. Iverach for all of his efforts on behalf of the Corporation and wish him success in his future endeavours. Dan Ardiel will be appointed to the role of interim Chief Executive Officer of the Corporation.


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.

This press release may contain forward-looking information that involves substantial known and unknown risks and uncertainties, most of which are beyond the control of the Corporation, including, without limitation, statements pertaining to the Corporation's operations. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties. There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Corporation's disclosure documents on the SEDAR website at Any forward-looking statements are made as of the date of this release and, other than as required by applicable securities laws, the Corporation does not assume any obligation to update or revise them to reflect new events or circumstances.

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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