CALGARY, Alberta, May 14, 2021 (GLOBE NEWSWIRE) -- DIVERGENT Energy Services Corp . ( “ Divergent ”, the “ Company ”, or “ DVG ” ) is pleased to announce the appointment of Ken Olson as Interim Chief Financial Officer of the Company, effective May 17, 2021, replacing Lance Mierendorf who has chosen to leave the Company to pursue another opportunity, effective May 15, 2021.
Mr. Olson has over 28 years of finance and accounting experience, including 12 years in executive leadership positions within the oilfield services sector. In these roles he provided executive leadership with equity financing, acquisitions & divestitures, corporate restructurings, corporate governance, and building global finance teams. Prior thereto, Ken spent 6 years with a technology company in numerous positions and 12 years with PricewaterhouseCoopers.
Ken Berg, President and CEO, commented, “On behalf of the Divergent team, I want thank Lance for his substantial contributions to the Company during both his time in an advisory role and as our Interim CFO. We wish Lance all the best in his new role. I also want to welcome Ken to the team and look forward to leveraging his considerable experience as the Company continues to execute on its growth strategies.”
For Further Information:
Ken Berg, President and Chief Executive Officer, kberg@divergentenergyservices.com
ABOUT DIVERGENT ENERGY SERVICES CORP.
Headquartered in Calgary, Alberta, Divergent provides Artificial Lift products and services for the water, gas and oil industries through its wholly owned subsidiary Extreme Pump Solutions LLC. Product lines including Electric Submersible Pumps and the future development of an Electromagnetic Pump technology.
DIVERGENT Energy Services Corp., 2020, 715 – 5 th Ave SW, Calgary, AB T2P 2X6, (403) 543-0060, (403) 543-0069 (fax), www.divergentenergyservices.com
FORWARD LOOKING STATEMENTS
This press release contains forward-looking statements, including, without limitation, statements pertaining to anticipated future operational activity levels of Divergent and of a majority of its customers, and statements pertaining to interest payments on the Company’s debentures. All statements included herein, other than statements of historical fact, are forward-looking information and such information involves various risks and uncertainties, including: the risk that the anticipated slowdown in sales and service of submersible pumps by Divergent’s customers lasts longer than expected or impacts Divergent’s revenues more severely than expected, the risk that the COVID-19 pandemic and the low oil and gas price environment cause additional negative effects on Divergent’s business, the risk that the suspension of trading of the Company’s common shares by the TSXV cannot be lifted in a timely manner or at all, and the risk that the Company cannot remedy the outstanding interest payments under the terms of its debenture indenture in a timely manner or at all . There can be no assurance that such information will prove to be accurate, and actual results and future events could differ materially from those anticipated in such information. A description of assumptions used to develop such forward-looking information and a description of risk factors that may cause actual results to differ materially from forward-looking information can be found in the Company's disclosure documents on the SEDAR website at www.sedar.com. Forward-looking statements are based on estimates and opinions of management of the Company at the time the information is presented, including expectations provided to Divergent by its customers. The Company may, as considered necessary in the circumstances, update or revise such forward-looking statements, whether as a result of new information, future events or otherwise, but the Company undertakes no obligation to update or revise any forward-looking statements, except as required by applicable securities laws.
This press release contains financial outlook information ("FOFI") about prospective revenue reductions, which are subject to the same assumptions, risk factors, limitations, and qualifications as set forth in the above paragraphs. FOFI contained in this press release was made as of the date hereof and was provided for the purpose of providing an update regarding an anticipated material reduction in near-term revenue. Divergent disclaims any intention or obligation to update or revise any FOFI contained in this press release, whether as a result of new information, future events or otherwise, unless required pursuant to applicable law. Readers are cautioned that the FOFI contained in this press release should not be used for purposes other than for which it is disclosed herein.
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(Not for dissemination in the United States of America)
