Production Enhancement Group announces additional common shares for Wireline acquisition
HOUSTON, TX, March 17 /PRNewswire-FirstCall/ -- Production Enhancement Group, Inc. (TSX: WIS) ("PEG" or the "Company") today announced that the Toronto Stock Exchange ("TSX") has conditionally approved for listing an additional 4,321,507 PEG common shares (the "Common Shares") to be issued (the "Issuance") in accordance with a post-closing adjustment of the purchase price in connection with the acquisition of Wireline Specialists of Louisiana, Inc. ("Wireline").
On March 5, 2008, the Common Shares issuable pursuant to the acquisition of Wireline were to be adjusted per the Wireline Agreement. The repricing of Common Shares was based on the value of the volume weighted average closing price during the 20 consecutive trading days immediately preceding the first anniversary of the closing date of March 5, 2007. The issuance of the additional 4,321,507 Common Shares is based on the repricing of the original 1,234,739 Common Shares from USD 1.72 (CAD 2.00) to USD 0.3828 (CAD 0.3828) per share. Following the Issuance, an aggregate of 5,556,246 Common Shares will have been issued pursuant to the Wireline acquisition. For further information on the Wireline acquisition, refer to the PEG press release dated March 5, 2007.
About Production Enhancement Group, Inc. Production Enhancement Group, Inc., a Houston-based energy services company incorporated in Alberta, Canada, trades on the TSX under the symbol WIS. PEG's wholly owned subsidiary, WISE(R) Well Intervention Services, Inc., has developed patented WISE multifunction coiled tubing technologies and markets a full range of coiled tubing, pressure pumping, nitrogen, and wireline services. WISE(R) is a registered trademark of Production Enhancement Group, Inc. Disclaimers The TSX does not accept responsibility for the adequacy or accuracy of This release and PEG's website referenced in this release may contain forward-looking information, including expectations of future components of revenue, cash flow and earnings. By their very nature, the preparation of such forward-looking information requires the Company to make assumptions, and involves inherent risks and uncertainties, both general and specific. There is significant risk that express or implied projections contained in such forward-looking information will not materialize or will be inaccurate. A number of factors could cause actual future results, conditions, actions or event to differ materially from the targets, expectations, estimates or intentions expressed in the forward-looking information. Such differences may be caused by factors, many of which are beyond PEG's control, which include, but are not limited to, the level of operations carried on by PEG's customers, oil and gas prices, weather conditions in offshore and land markets including natural disasters, availability of capital, access to current or future financing arrangements, manufacturing cycles of new equipment, the effects of competition in the markets in which PEG operates, difficulty in continuing to develop, produce and commercialize technologically advanced services, availability of human resources and PEG's success in anticipating and managing the foregoing risks. The preceding list is not comprehensive, and as such, investors and others who rely on these statements should consider the above factors as well as the uncertainties they represent and the risk they entail. The risks outlined above should not be construed as exhaustive. Investors are cautioned not to place undue reliance on any forward-looking information. PEG undertakes no obligation to update or revise any forward-looking information.
CONTACT: visit www.productionenhancement.com or contact: Douglas Parker,
2008-03-17 19:01:46 0314420 PRNEWSWIRE
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