CALGARY, ALBERTA--(Marketwired - June 25, 2013) -
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Poseidon Concepts Corp. ("Poseidon" or the "Company") announces that it has completed its previously announced sale of substantially all of Poseidon's high capacity water storage and containment systems business assets (the "Sale Transaction") to Rockwater Energy Solutions, Inc. ("Rockwater") of Houston, Texas pursuant to an asset purchase agreement (the "APA"). Poseidon is currently under creditor protection in Canada and the United States pursuant to the Companies Creditors' Arrangement Act ("CCAA") and Chapter 15 of the United States Bankruptcy Code ("Chapter 15"). The Alberta Court of the Queen's Bench and United States Bankruptcy Court (collectively, the "Courts") approved the Sale Transaction.
The net proceeds from the sale are being reported upon by the court appointed monitor, PricewaterhouseCoopers Inc., and will be utilized or released pursuant to current orders of the Courts and such further orders of the Courts as may be granted from time to time. In connection with the CCAA and Chapter 15 proceedings, the Company continues to work on a plan to settle claims identified as part of its restructuring process. The net proceeds from the Sales Transaction will be less than the claims of secured creditors to the Company identified pursuant to the restructuring process.
Rockwater has not exercised its option to acquire the real property (the "Property") owned by Poseidon located in Edson, Alberta (the "Option"). It is contemplated that the Property will be sold to a party having submitted a qualified bid in relation thereto in connection with Poseidon's sales process.
Further information may be found on the websites www.poseidonconcepts.com, www.sedar.com or www.pwc.com/car-poseidon.
Rockwater provides extensive water and fluids management services and environmental solutions to the oil and gas industry by customizing cost-effective solutions associated with the full fluids life cycle. Rockwater offerings include water transfer by pipe; completion, stimulation, and production chemicals; water conditioning for reuse; proppant, guar, and additives for fracturing; flowback and well testing services; fluids transportation and storage; and logistics and distribution services to support its product and service offerings. Rockwater is headquartered in Houston, Texas, and has about 3,000 employees serving every major shale basin in North America.
Forward-looking Statements
This news release contains certain forward-looking statements and other information (collectively "forward-looking information") about our current expectations, estimates and projections. Forward looking information is often identified by words such as "anticipate", "intend", "believe", "expect", "plan", "forecast", "target", "could", "focus", "vision", "goal", "proposed", "scheduled", "milestone", "outlook", "potential", "may", "looking forward to", or similar expressions and includes, but is not necessarily limited to, suggestions of future outcomes, including, the Company's restructuring process under the CCAA and Chapter 15 proceedings, the Option, expected amount of net proceeds from the Sales Transaction and application thereof and the approvals required thereunder. Readers are cautioned not to place undue reliance on forward-looking information as our actual results may differ materially from those expressed or implied in the forward-looking information. Developing forward-looking information involves reliance on a number of assumptions and consideration of certain risks and uncertainties, some of which are specific to Poseidon and others that apply to the industry generally. The factors or assumptions on which the forward-looking information is based include without limitation: the outcome of the negotiations with the Company's stakeholders, the Company's ability to successfully submit a plan to its creditors and the Courts review thereof under the CCAA and Chapter 15. 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, the discretion of the Court in the CCAA and Chapter 15 proceedings; delays resulting from or inability to obtain required approvals; the impact of general economic conditions in Canada, the United States and globally; industry conditions; changes in laws and regulations and changes in how they are interpreted and enforced; the l 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. 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:
www.poseidonconcepts.com