HOUSTON, Jan. 11, 2018 (GLOBE NEWSWIRE) -- SAExploration Holdings, Inc. (NASDAQ:SAEX)
(OTCQB:SXPLW), or SAE, today announced that it has received approximately $15.7 million of additional tax credit certificates from
the state of Alaska’s Department of Revenue.
Approximately $2.9 million of the tax credit certificates relate to a settlement agreement with the State of
Alaska regarding the appeal of $5.8 million in previously disallowed expenditures. When combined with existing tax credit
certificates in-hand, the total amount of tax credit certificates held by SAE and available for monetization is now approximately
$41.3 million. SAE currently expects to receive the remaining $29.9 million of tax credit certificates still being processed by the
State of Alaska during 2018.
About SAExploration Holdings, Inc.
SAE is an internationally-focused oilfield services company offering a full range of vertically-integrated
seismic data acquisition and logistical support services in remote and complex environments throughout Alaska, Canada, South
America, Southeast Asia and West Africa. In addition to the acquisition of 2D, 3D, time-lapse 4D and multi-component seismic data
on land, in transition zones and offshore in depths reaching 3,000 meters, SAE offers a full suite of logistical support and
in-field data processing services, such as program design, planning and permitting, camp services and infrastructure, surveying,
drilling, environmental assessment and reclamation and community relations. SAE operates crews around the world, performing major
projects for its blue-chip customer base, which includes major integrated oil companies, national oil companies and large
independent oil and gas exploration companies. Operations are supported through a multi-national presence in Houston, Alaska,
Canada, Peru, Colombia, Bolivia, Brazil and New Zealand. 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 Securities and Exchange Commission.
Forward Looking Statements
This press release contains certain "forward-looking statements" within the meaning of the U.S. federal
securities laws with respect to SAE. These statements can be identified by the use of words or phrases such as “expects,”
“estimates,” “projects,” “budgets,” “forecasts,” “anticipates,” “intends,” “plans,” “may,” “will,” “could,” “should,” “believes,”
“predicts,” “potential,” “continue,” and similar expressions. These forward-looking statements include statements regarding SAE's
financial condition, results of operations and business and SAE's expectations or beliefs concerning future periods and possible
future events. These statements are subject to significant known and unknown risks and uncertainties that could cause actual
results to differ materially from those stated in, and implied by, this press release. Risks and uncertainties that could cause
actual results to vary materially from SAE’s expectations are described under “Risk Factors” and “Cautionary Note Regarding
Forward-Looking Statements” in SAE’s filings with the Securities and Exchange Commission. 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.
Contact SAExploration Holdings, Inc. Ryan Abney Vice President, Finance (281) 258-4400 rabney@saexploration.com
