Poseidon Concepts Corp.
TSX : PSN

Poseidon Concepts Corp.

December 15, 2011 18:36 ET

Poseidon Concepts Corp. Announces Payment of First Monthly Dividend and Declaration of Upcoming Dividends

CALGARY, ALBERTA--(Marketwire - Dec. 15, 2011) -

NOT FOR DISTRIBUTION TO U.S. NEWSWIRE SERVICES OR FOR DISSEMINATION IN THE UNITED STATES. ANY FAILURE TO COMPLY WITH THIS RESTRICTION MAY CONSTITUTE A VIOLATION OF U.S. SECURITIES LAW

Poseidon Concepts Corp. (TSX:PSN) ("Poseidon") is pleased to announce the payment today of its first monthly dividend of $0.09 per common share.

"We are very pleased to meet the commitment we made to our investors and the markets to commence paying a dividend in December," said Lyle Michaluk, Poseidon's Chief Executive Officer. "We look forward to 2012 and the opportunity to further demonstrate Poseidon's business model of growth, yield and sustainability."

All Poseidon shareholders of record as of the close of business on November 30, 2011 became eligible to receive the December 15, 2011 dividend payment.

Poseidon is also pleased to announce that its Board of Directors has declared the following dividends, payable to shareholders of record as of the close of business on the record dates indicated below.

Dividend amount per common share Record date Ex-dividend date Payment date
$0.09 December 31, 2011 December 28, 2011 January 16, 2012
$0.09 January 31, 2012 January 27, 2012 February 15, 2012(*)
$0.09 February 29, 2012 February 27, 2012 March 15, 2012(*)
$0.09 March 31, 2012 March 28, 2012 April 16, 2012(*)
(*) Dividends are at the discretion of the Board of Directors and subject to change.

Dividends paid by Poseidon to Canadian residents are eligible dividends for Canadian income tax purposes.

POSEIDON CONCEPTS CORP. IS A PUBLICLY TRADED CANADIAN ENERGY EQUIPMENT AND SERVICES COMPANY THAT PROVIDES AN INNOVATIVE FLUID HANDLING SYSTEM TO THE OIL AND NATURAL GAS INDUSTRY ACROSS NORTH AMERICA. POSEIDON HAS APPROXIMATELY 74.7 MILLION COMMON SHARES ISSUED AND OUTSTANDING, WHICH TRADE ON THE TSX UNDER THE SYMBOL "PSN". FURTHER INFORMATION ON POSEIDON'S BUSINESS AND OPERATIONS CAN BE FOUND ON POSEIDON'S NEW, EXPANDED WEBSITE (www.poseidonconcepts.com).

Reader Advisory

This news release contains certain forward-looking statements, including statements with respect to the timing, entitlement and amount of future dividend payments, which are based upon and include assumptions with respect to (i) future capital expenditures and operating activities and how they will be financed; (ii) cash flow from operations and EBITDA; (iii) sustainability of the dividend; (iv) demand for tank systems; and (v) general oil and gas industry activity. Although Poseidon believes that the expectations and assumptions on which the forward-looking statements are based are reasonable, undue reliance should not be placed on the forward-looking statements because Poseidon can give no assurance that they will prove to be correct.. Since forward-looking statements address future events and conditions, by their very nature they involve inherent risks and uncertainties. Actual results could differ materially from those currently anticipated due to a number of factors, risks and uncertainties. Such risks and uncertainties include, without limitation, risks associated with dependence on manufacturers of the Poseidon tank systems; operating risk liability; demand for Poseidon's tank systems; levels of competition in the fracturing fluid storage industry; the ability of Poseidon to attract and retain clientele; the ability of Poseidon to fund its ongoing capital requirements; delays resulting from or inability to obtain required regulatory approvals; the impact of general economic conditions in Canada, the United States and globally; industry conditions; changes in laws and regulations (including the adoption of new environmental laws and regulations) and changes in how they are interpreted and enforced; increased competition; the lack of availability of qualified personnel or management; fluctuations in foreign exchange or interest rates; and stock market volatility. Poseidon's actual results, performance or achievements could differ materially from those expressed in, or implies by, these forward-looking statements and, accordingly, no assurances can be given that any of the events anticipated by the forward-looking statements will transpire or occur. Readers are cautioned that the foregoing list of factors is not exhaustive. All subsequent forward-looking statements, whether written or oral, attributed to Poseidon or persons acting on its behalf are expressly qualified in their entirety by these cautionary statements. Additional information on the foregoing risks and other factors that could affect Poseidon's operations and financial results are on file with Canadian securities regulatory authorities and may be accessed through the SEDAR website (www.sedar.com). Furthermore, the forward-looking statements contained in this news release are made as at the date of this news release and Poseidon does not undertake any obligation to update publicly or to revise any of the included forward-looking statements, whether as a result of new information, future events or otherwise, except as may be required by applicable securities laws.

Contact Information

  • Poseidon Concepts Corp.
    Lyle D. Michaluk
    Chief Executive Officer
    403-262-9280

    Poseidon Concepts Corp.
    Matt C. MacKenzie
    Chief Financial Officer
    403-206-6107
    www.poseidonconcepts.com