CALGARY, ALBERTA--(Marketwire - March 2, 2012) -
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The news release contains "forward-looking information and statements" within the meaning of applicable securities laws. For a full disclosure of the forward-looking information and statements and the risks to which they are subject, see the "Cautionary Statement Regarding Forward-Looking Information and Statements" later in this news release.
Strad Energy Services Ltd., (TSX:SDY) ("Strad" or the "Company"), a North America-focused, energy services company, today announced that its Board of Directors has approved the implementation of a dividend policy that provides for the payment of a quarterly dividend. The Board of Directors has declared the Company's first quarterly dividend at a rate of 5.5 cents per share, payable on July 13, 2012, to shareholders of record at the close of business on June 29, 2012. The ex dividend date is June 27, 2012.
"Following a period of continual improvements in our financial performance, the Board felt that paying a quarterly dividend would provide investors with an additional opportunity to capitalize on both recent and future growth," said Henry van der Sloot, CEO of Strad. "With sound cash flow and a solid balance sheet supporting ongoing investment in our business, we believe we are well positioned to both access an array of additional growth opportunities and sustain a regular dividend, opening multiple value creation avenues for shareholders."
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING INFORMATION AND STATEMENTS
Certain statements and information contained in this Press Release constitute forward-looking statements. These statements relate to future events or to the Company's future financial performance and involve known and unknown risks, uncertainties and other factors that may cause the Company's actual results, levels of activity, performance or achievements to be materially different from future results, levels of activity, performance or achievements expressed or implied by such forward-looking statements.
The use of any of the words "expect", "plan", "continue", "estimate", "anticipate", "targeting", "intend", "could", "might", "should", "believe", "may", or "will" and similar expressions are intended to identify forward-looking information or statements. Various assumptions were used in drawing the conclusions or making the projections contained in the forward-looking statements throughout this Press Release. The forward-looking information and statements included in this Press Release are not guarantees of future performance and should not be unduly relied upon. Forward-looking statements are based on current expectations, estimates and projections that involve a number of risks and uncertainties, which could cause actual results to differ materially from those anticipated and described in the forward-looking statements. Such information and statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking information or statements. These factors include, but are not limited to, such things as the impact of general industry conditions, fluctuation of commodity prices, industry competition, availability of qualified personnel and management, stock market volatility and timely and cost effective access to sufficient capital from internal and external sources. The risks outlined above should not be construed as exhaustive. Although management of the Company believes that the expectations reflected in such forward-looking statements are reasonable, it can give no assurance that such expectations will prove to have been correct. Accordingly, readers should not place undue reliance upon any of the forward-looking information set out in this Press Release. All of the forward looking statements of the Company contained in this Press Release are expressly qualified, in their entirety, by this cautionary statement. Except as required by law, the Company disclaims any intention or obligation to update or revise any forward-looking information or statements, whether the results of new information, future events or otherwise.
ABOUT STRAD ENERGY SERVICES LTD.
Strad is a North American energy services company that focuses on providing oilfield solutions to the oil and natural gas industry. Strad focuses on providing complete customer solutions in drilling-related oilfield equipment for producers active in unconventional resource plays.
Strad is headquartered in Calgary, Alberta, Canada. Strad is listed on the Toronto Stock Exchange under the trading symbol "SDY".
The TSX has not reviewed and does not accept responsibility for the adequacy or accuracy of this news release.