Total is a growth oriented energy services corporation involved in contract drilling services, drilling and production rentals and natural gas compression and process equipment fabrication, sales, rental and service. The common shares of Total are listed and trade on the TSX under the symbol "TOT".
Cautionary Statement Respecting Non-IFRS Financial Measures
Estimated revenue and EBITDA for the Purchased Business (for the 12 months ending December 31, 2012) are financial measures that have been included in this news release to enable readers to assess, at a high-level, the pro forma financial effect of the Acquisition on certain key financial accounts of Total. Revenue means the estimated revenue generated by the Purchased Business for the applicable period. EBITDA means earnings before interest, taxes, depreciation and amortization and has been estimated in a manner consistent with the manner in which Total calculates EBITDA. Estimated revenue and EBITDA for the Purchased Business are not audited and are not recognized measures under International Financial Reporting Standards ("IFRS").
Management of Total regularly provides information concerning Total's EBITDA for various periods, as Management believes that EBITDA is a useful supplemental measure, which provides an indication of the results generated by Total's primary business activities prior to consideration of how those activities are financed, amortized or how the results are taxed in various jurisdictions. Investors are cautioned, however, that EBITDA should not be construed as an alternative to net earnings determined in accordance with IFRS as an indicator of the Purchased Business' financial performance. Total's method of calculating the Purchased Business' revenue and EBITDA may differ from other organizations and, accordingly, the estimates of the Purchased Business' revenue and EBITDA contained in this news release may not be comparable to measures used by other organizations.
Cautionary Statement Respecting Forward-Looking Information
Certain information set out in this News Release constitutes forward-looking information. Such forward-looking statements are often, but not always, identified by the use of words such as "seek", "anticipate", "plan", "continue", "estimate", "expect", "may", "will", "intend", "could", "might", "should", "believe" and similar expressions. Forward-looking statements are based upon the opinions and expectations of management of the Company, as at the effective date of such statements and information provided or disseminated by third parties (including the Vendor). Although the Corporation believes that the expectations reflected in such forward-looking statements are based upon reasonable assumptions, and that information obtained from third party sources is reliable, it can give no assurance that those expectations will prove to have been correct. Forward-looking statements are subject to certain risks and uncertainties (known and unknown) that could cause actual outcomes to differ materially from those anticipated or implied by such forward-looking statements, including, but not limited to a failure to complete the Acquisition (due to a failure to satisfy one or more of the conditions set out in the Letter Agreement, or otherwise). Accordingly, readers should not place undue reliance upon the forward-looking statements contained in this News Release and such forward-looking statements should not be interpreted or regarded as guarantees of future outcomes.
The Toronto Stock Exchange has neither approved nor disapproved of the information contained herein.
Total Energy Services Inc.
President & CEO
Total Energy Services Inc.
VP Finance and CFO
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