CALGARY, May 27, 2019 /CNW/ - Matrrix Energy Technologies
Inc. ("Matrrix") is pleased to announce that it has sold all of the
assets related to its directional drilling division for
approximately $1.5 million cash to a
private directional drilling provider (the "Sale").
With the previously announced discontinuation of directional
drilling operations and the Sale, Matrrix intends to focus
management's resources on driving growth and profitability in the
drilling rig division. The cash proceeds from the Sale will be used
to pay down debt. Management believes Matrrix's strong
balance sheet will allow it flexibility to execute on strategic
acquisitions, specific customer related upgrades and other
opportunities that may arise and align with its growth plan.
FORWARD-LOOKING INFORMATION
Certain statements contained in this press release constitute
forward-looking statements or forward-looking information
(collectively, "forward-looking information"). Forward-looking
information relates to future events or the Corporation's future
performance. All information other than statements of historical
fact is forward-looking information. The use of any of the words
"anticipate", "plan", "contemplate", "continue", "estimate",
"expect", "intend", "propose", "might", "may", "will", "could",
"believe", "predict", and "forecast" are intended to identify
forward-looking information.
This press release contains forward-looking information
pertaining to, among other things, the use of proceeds from the
Sale, management's intended focus and management's expectations of
a strong balance sheet and the flexibility it provides.
This forward-looking information involves material assumptions
and known and unknown risks and uncertainties, certain of which are
beyond Matrrix's control. Actual results, performance or
achievements could differ materially from those expressed in, or
implied by, this forward-looking information and, accordingly, no
assurance can be given that any of the events anticipated by the
forward-looking information will transpire or occur, of if any of
them do so, what benefits Matrrix will derive therefrom.
Statements, including forward-looking information, are made as
of the date of this press release and the Corporation does not
undertake any obligation to update or revise any forward-looking
information, whether as a result of new information, future events
or otherwise, except as may be required by applicable securities
laws. The forward-looking information contained in this press
release is expressly qualified by this cautionary statement.
Neither the TSX Venture Exchange nor its Regulation Services
Provider (as that term is defined in the policies of the TSX
Venture Exchange) accepts responsibility for the adequacy or
accuracy of this release.
SOURCE MATRRIX Energy Technologies Inc.