CALGARY, ALBERTA -- (Marketwired) -- 04/09/13 -- Calmena Energy Services Ltd. (TSX: CEZ) ("Calmena") is pleased to announce that it has entered into a binding definitive agreement (the "Agreement") to sell its Wireline Technologies division to Keane Group Holdings, LLC ("Keane") for a purchase price of $12.0 million. The purchase price is comprised of all cash and is not subject to Keane obtaining financing. The closing is subject to certain conditions and is expected to close before the end of April, 2013. The proceeds from the sale of the Wireline Technologies division will be used to reduce corporate indebtedness.
The sale of the Wireline Technologies division is being undertaken in conjunction with Calmena's previously announced process to explore strategic alternatives. This strategic alternatives process is ongoing and it remains Calmena's intention not to disclose developments with respect to the process unless and until the Board of Directors has approved a specific transaction or otherwise determines that disclosure is necessary or appropriate.
ABOUT CALMENA ENERGY SERVICES INC.
Calmena is a diversified energy services company that provides well construction services to its customers operating in Canada, the United States, Latin America and the Middle East and North Africa. The common shares of Calmena trade on the Toronto Stock Exchange under the symbol "CEZ".
FORWARD LOOKING STATEMENTS
This news release contains certain forward-looking statements relating to Calmena's plans, strategies, objectives, expectations and intentions. Expressions such as "may", "anticipate", "expect", "believe", "intend", "will", and similar expressions and statements are intended to identify forward-looking statements. Such statements represent Calmena's beliefs concerning, among other things, the timing of, and conditions to, the closing of the sale of the Corporation's Wireline Technologies division and the Corporation's plans to identify, examine and consider strategic alternatives available to the Corporation, or other expectations, beliefs, plans, objectives, assumptions, intentions or statements about future events or performance. These statements are only predictions and actual events or results may differ materially. Although Calmena believes that the expectations reflected in the forward-looking statements are reasonable, it cannot guarantee future results, levels of activity, performance or achievement since such expectations are inherently subject to significant business, economic, competitive, political and social uncertainties and contingencies. Many factors could cause Calmena's actual results to differ materially from those expressed or implied in any forward-looking statements made by, or on behalf of, Calmena.
In particular, forward-looking statements included in this news release include, but are not limited to, statements with respect to the timing of, and conditions to, the closing of the sale of the Corporation's Wireline Technologies division; the types of strategic alternatives available to the Corporation; and the Corporation's plans to identify, examine and consider strategic alternatives and the anticipated effect on shareholder value.
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