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SEW Seaway Energy Services Inc. (delisted)

0.165
0.00 (0.00%)
Last Updated: 01:00:00
Delayed by 15 minutes
Share Name Share Symbol Market Type
Seaway Energy Services Inc. (delisted) TSXV:SEW TSX Venture Common Stock
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  0.00 0.00% 0.165 0.16 0.195 0 01:00:00

Seaway Energy Announces Board Changes

03/05/2013 12:00am

Marketwired Canada


Seaway Energy Services Inc. ("Seaway" or "the Company") (TSX VENTURE:SEW) today
announced that Mr. David Burroughs and Elias Foscolos have each resigned from
the Seaway board of directors (the "Board"), effective today. Both Messrs.
Burroughs and Foscolos were independent directors of the Company and members of
the Company's audit committee. The Company would like to thank each of Mr.
Burroughs and Foscolos for the important contributions each has made to the
Company during their tenure, and wishes each well in their future endeavours.


The Company is pleased to announce that Mr. Kyle Stevenson, of Stevenson IR, has
been appointed as a Board and audit committee member of the Company, subject to
TSX Venture Exchange acceptance. Mr. Stevenson specializes in the marketing and
financing of early stage resource and technology companies.


Seaway shareholders previously approved the liquidation and dissolution of the
Company pursuant to the Business Corporations Act (Alberta), and the
distribution of the net cash assets to the shareholders (the "Dissolution"), at
the annual and special meeting of shareholders held on February 28, 2013.
Shareholders also empowered and authorized the Board with the discretion not to
proceed with the Dissolution if it determines that it is no longer in the best
interests of the Company and its shareholders. The changes to the composition of
the Board are in conjunction with the Company's efforts to evaluate other
opportunities that have the potential of providing a superior return to its
shareholders.


Reader Advisory

This news release contains forward-looking statements and information
("forward-looking statements") within the meaning of applicable securities laws
including statements regarding the dissolution of the Company and the
distribution of funds to shareholders. Although The Company believes that the
expectations reflected in its forward-looking statements are reasonable, such
statements have been based upon currently available information to the Company.
Such statements are subject to known and unknown risks, uncertainties and other
factors that could influence actual results or events and cause actual results
or events to differ materially from those stated, anticipated or implied in
forward-looking statements. Risks include, but are not limited to: the ability
of the Board to find business opportunities that offer an superior return to
shareholders as an alternative to Dissolution, receipt of all required
regulatory approvals, changes in tax laws, the ability to collect outstanding
receivables in a timely manner, the ability of the Company to effect an orderly
wind-up of its operations, the possible delay in implementation of the
liquidation and dissolution, the timing and amount of payments to shareholders,
unknown liabilities which may be asserted in connection with the liquidation,
and the risks associated with the oil and gas service industry. The risks,
uncertainties, material assumptions and other factors that could affect actual
results are discussed in more detail in the Company's management's discussion
and analysis and other documents available at www.sedar.com. Readers are
cautioned to not place undue reliance on forward-looking statements. The
statements in this press release are made as of the date of this release, and,
except as required by applicable law, The Company does not undertake any
obligation to publicly update or to revise any of the included forward-looking
statements, whether as a result of new information, future events or otherwise.


FOR FURTHER INFORMATION PLEASE CONTACT: 
Seaway Energy Services Inc.
Jerry J. Budziak
President and CEO
(403) 235-4486


Seaway Energy Services Inc.
Michal Holub
CFO
(403) 262-5256

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