SAExploration Holdings, Inc. (NASDAQ: SAEX, OTCBB: SAEXW) today
announced the completion of its previously announced warrant exchange
offer for its outstanding warrants to purchase 15,000,000 shares of
common stock. Under the terms of the warrant exchange offer, each of
SAE’s warrant holders had the opportunity to receive one share of SAE
common stock in exchange for every ten warrants outstanding.
As of the expiration of the exchange offer period at 5:00 p.m. Eastern
Time, on February 7, 2014, approximately 14,380,000 outstanding
warrants, or approximately 96%, had been validly tendered. Those tenders
are being accepted by SAE, who anticipates that the shares and cash in
lieu of fractional shares issuable in exchange for the tendered warrants
will be issued on or about February 13, 2014. The warrants that were not
tendered in the exchange remain outstanding and exercisable in
accordance with their terms.
About SAExploration Holdings, Inc.
SAE is a leading, vertically-integrated provider of 2D, 3D and 4D
seismic data and logistical services with operations throughout South
America, North America, and Southeast Asia. SAE specializes in
logistically complex regions of the world, and provides a wide range of
services to its clients, including surveying, program design, logistical
support, data acquisition, processing, infrastructure implementation,
camp services, catering, environmental assessment and community
relations. SAE services its multinational client base from offices in
Canada, Alaska, Peru, Colombia, Bolivia, New Zealand, Malaysia and
Brazil. For more information, please visit SAE’s website at www.saexploration.com.
The information in SAE’s website is not, and shall not be deemed to be,
a part of this notice or incorporated in filings SAE makes with the SEC.
Forward Looking Statements
This press release contains certain "forward-looking statements" within
the meaning of the federal securities laws. These statements can be
identified by the use of words or phrases such as "believes,"
"estimates," "expects," "intends," "anticipates," "projects," "plans
to," “will,” “should” and variations of these words or similar words.
These forward-looking statements may include statements regarding SAE’s
financial condition, results of operations and business and SAE’s
expectations or beliefs concerning future periods. These statements are
subject to risks and uncertainties which may cause actual results to
differ materially from those stated in this release. These risks and
uncertainties include fluctuations in the levels of exploration and
development activity in the oil and gas industry, intense industry
competition, a limited number of customers, the need to manage rapid
growth, delays, reductions or cancellations of service contracts,
operational disruptions due to seasonality, weather and other external
factors, crew productivity, the availability of capital resources,
substantial international business exposing SAE to currency fluctuations
and global factors including economic, political and military
uncertainties, the need to comply with diverse and complex laws and
regulations, and other risks incorporated by reference to SAE’s filings
with the Securities and Exchange Commission. Certain risks and
uncertainties related to SAE’s business are or will be described in
greater detail in SAE’s filings with the Securities and Exchange
Commission. The information set forth herein should be read in light of
such risks. Except as required by applicable law, SAE is not under any
obligation to, and expressly disclaims any obligation to, update or
alter its forward-looking statements, whether as a result of new
information, future events, changes in assumptions or otherwise.
Copyright Business Wire 2014