Landdrill Announces Delay in Filing Financial Statements and Reclassification as Tier 2 reporting issuer

    




 MONCTON, NB, Sept. 6, 2012 /CNW/ - Landdrill International Inc.  (the "Company" or "Landdrill"), announces that it will further delay filing its Q2 financial  statements.  The Company also announces that the TSX Venture Exchange  ("TSXV") has reclassified the Company to Tier 2 effective Thursday, September  6, 2012. 

 On August 29, 2012, the Company announced that the filing of its interim  financial statements for the period ended June 30, 2012, management  discussion and analysis and related CEO and CFO certifications  (collectively, the "Financial Statements") would not be completed by the filing deadline set by Canadian  securities laws.  In this announcement, the Company stated that it  expected to file the Financial Statements on or about September 6,  2012. 

 On August 31, 2012, Landdrill announced it obtained an Initial Order  from the Court of Queen's Bench of New Brunswick under the Companies' Creditors Arrangement Act (Canada). 

 As a result of the Initial Order, the Company announces that the filing  of the Financial Statements will be further delayed for an indefinite  period.  The purpose of the delay is to permit the Company and its  external advisors sufficient time to continue with the strategic review  process disclosed August 29, 2012. 

 Until the Financial Statements are filed, the Company intends to  continue to satisfy the provisions of the Alternative Information  Guidelines specified by NP 12-203 by issuing bi-weekly Default Status  Reports in the form of news releases. The Company intends to file, if  required, its next Default Status Report on or about September 14,  2012. 

 The Company further announces as a result of the Initial Order, the  Company no longer meets the Tier 1 Continued Listing Requirements of  the TSXV and the TSXV has issued a bulletin reclassifying the Company  to Tier 2 effective Thursday, September 6, 2012. 

 Further, as previously disclosed, the Company currently has one director  but requires three directors to comply with its statutory obligations  and TSXV listing requirements.  Consequentially, the TSXV has halted  trading in the Company's shares effective September 6, 2012.  IIROC had  previously halted trading in Landdrill's shares effective September 4,  2012.  The trading halts are for an indefinite term. 

 The objective of the Initial Order is to grant Landdrill time to conduct  a going concern sales process.  This process is currently underway.   The Comeback Hearing is scheduled for September 17, 2012. 

 Landdrill operations continue during this process. 

 Forward-looking information 

 This press release may contain forward-looking statements (within the  meaning of applicable securities laws) relating to business of  Landdrill International Inc. (the "Company") and the environment in  which it operates. Forward-looking statements are identified by words  such as "believe", "anticipate", "expect", "intend", "plan", "will",  "may" and other similar expressions. These statements are based on the  Company's expectations, estimates, forecasts and projections. Although  the Company believes the expectations expressed in such forward-looking  statements are based on reasonable assumptions, including, without  limitation that all terms of the contracts will be fulfilled in their  entirety, such statements are not guarantees of future performance and  actual results may differ materially from those in forward looking  statements. Factors that could cause the actual results to differ  materially from those in forward-looking statements include commodity  prices, availability of personnel, materials and equipment, actual  performance of equipment and processes relative to specifications and  expectations, unanticipated environmental impacts and continued  availability of capital and financing and general economic, market or  business conditions. These risks and uncertainties are discussed in the  Company's regulatory filings available at www.sedar.com. 

 There can be no assurance that forward-looking statements will prove to  be accurate as actual outcomes and results may differ materially from  those expressed in these forward-looking statements. Readers,  therefore, should not place undue reliance on any such forward-looking  statements. Further, a forward-looking statement speaks only as of the  date on which such statement is made. The Company undertakes no  obligation to publicly update any such statement or to reflect new  information or the occurrence of future events or circumstances, except  as required by law. 

 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. 

LANDDRILL INTERNATIONAL INC.


CONTACT:  Ronald J. GoguenPresident and Chief Executive OfficerLanddrill International Inc.Phone:   [phone] 


    

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