CALGARY, Alberta, June 25, 2019 (GLOBE NEWSWIRE) -- Essential Energy Services Ltd. (TSX: ESN) (“Essential” or the “Company”) provides an update with regards to the patent litigation.
As previously disclosed, on April 25, 2019, the Federal Court of Appeal released its decision (the “Appeal Decision”) dismissing the appeal filed by Packers Plus Energy Services Inc. (“Packers Plus”) in January 2018. On June 24, 2019, Packers Plus filed an application seeking leave from the Supreme Court of Canada (the “Supreme Court”) to hear an appeal of the Appeal Decision. Filing an application for leave to appeal to the Supreme Court does not guarantee the Supreme Court will agree to hear the matter. In recent years the Supreme Court has agreed to hear only approximately 10% of the appeals where leave to appeal was sought.
The Supreme Court’s ruling on whether it will grant leave to hear the appeal may not be known until late 2019 or early 2020.
Based on the strength of both the initial decision by the trial judge in late 2017 and the Appeal Decision, Essential continues to believe this litigation is without merit.
FORWARD LOOKING STATEMENTS AND INFORMATION
This news release contains certain “forward-looking statements” or “forward-looking information” (collectively referred to herein as “forward-looking statements”) within the meaning of applicable securities legislation. Such forward-looking statements include, without limitation, forecasts, estimates, expectations and objectives for future operations that are subject to a number of assumptions, risks and uncertainties, many of which are beyond the control of the Company. Forward-looking statements are statements that are not historical facts and are generally, but not always, identified by the words “expects”, “plans”, “anticipates”, “believes”, “intends”, “estimates”, “projects”, “potential” and similar expressions, or are events or conditions that “will”, “would”, “may”, “could” or “should” occur or be achieved. This news release contains forward-looking statements, pertaining to, among other things, the following: Essential’s belief that the litigation is without merit and possible timing for the Supreme Court’s ruling on whether it will grant leave to hear the appeal.
Although Essential believes that the material factors, expectations and assumptions informing such forward-looking statements are reasonable based on information available to it on the date such statements were made, no assurances can be given as to future results and such statements are not guarantees of future performance. Essential’s actual results may differ materially from those expressed or implied in forward-looking statements and readers should not place undue importance or reliance on the forward-looking statements.
Such forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause actual results or events to differ materially from those anticipated in such forward-looking statements including, without limitation: the Supreme Court granting the appeal, the timing and results of such appeal and certain other risks detailed from time to time in Essential's public disclosure documents including, without limitation, those risks identified in this news release, and in Essential's annual information form, copies of which are available on Essential's SEDAR profile at www.sedar.com. Readers are cautioned that the foregoing list of factors is not exhaustive.
Statements including forward-looking statements are made as of the date they are given and, except as required by applicable securities laws, Essential disclaims any intention or obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. The forward-looking statements contained in this news release are expressly qualified by this cautionary statement.
ABOUT ESSENTIAL
Essential provides oilfield services to oil and natural gas producers, primarily in western Canada. Essential offers completion, production and abandonment services to a diverse customer base. Services are offered with coil tubing, fluid and nitrogen pumping and the sale and rental of downhole tools and equipment. Essential offers one of the largest coil tubing fleets in Canada. Further information can be found at www.essentialenergy.ca.
The TSX has neither approved nor disapproved the contents of this news release.
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